Eicher Motors share price NSE, Eicher Motors Q4 results: Shares of Royal Enfield-maker Eicher Motors opened 2.5 percent higher on Friday, a day after the auto major announced robust March quarter results and most brokerages raising target price on the stock. Eicher Motors shares opened at Rs 3,520 apiece on NSE. At 10:12 AM, Eicher Motors shares zoomed around 6 per cent or Rs 198.9 to Rs 3,604.2 on NSE. Eicher Motors consolidated net profit or profit after tax (PAT) came in at Rs 906 crore in Q4FY23, rising 49 per cent year-on-year (YoY), from Rs 610 crore the company had posted a year ago in the same quarter. Zee Business research had estimated Eicher Motors PAT to come in at Rs 800 crore. Eicher Motors revenue rose 19.1 per cent YoY to Rs 3,804 crore, beating Zee Business estimate of Rs 3,700 crore.
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The Royal Enfield maker had posted Rs 3,193 crore revenue in the March quarter a year ago. Eicher Motor’s margin in Q4FY23 improved to 24.5 per cent YoY, beating estimate of 24.3 per cent. Its margin in Q4FY22 was at 23.7 per cent. Eicher Motors also declared a final dividend of Rs 37 per share along with its results.
The board of Eicher Motors also approved a Rs 1,000 crore capex plan for FY24 that also includes the investment towards an electric vehicle (EV) manufacturing facility. Eicher Motor’s flagship motorcycle brand Royal Enfield sales volume came in at 214, 685 units, down a percent sequentially but rising 18 per cent YoY.
Eicher Motors share price target: Should you buy, sell or hold?
Most brokerages have raised target on Eicher Motors stock price and maintaining ‘buy’ rating on Royal Enfield-maker’s share price. Morgan Stanley has set a target price of Rs 3,553, while Goldman Sachs has raised it to Rs 3,990 from a previous target of Rs 3,660. Citi has raised the target to Rs 4,800 suggesting an upside potential of 41 per cent. CLSA has raised its target to Rs 4,266 from the previous Rs 4,034, raising it by 6 percent and 18 percent from today’s price levels.
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