Eicher Motors results out! Share price target 2024
Eicher Motors Limited is the listed company of the Eicher Group in India and a leading player in the Indian automobile industry and the global leader. It is the owner of the iconic Royal Enfield brand which is focused on mid-sized motorcycles (250-750 cc). Classic, Bullet, Himalayan are some of the brands that come under its Royal Enfield brand.
Eicher Motors Financials :
Either Motors posted a good for the whole the whole quarter & its Financial data improved from the FY22-23 to FY23-24.
The Quarterly results were: (Amount in crores)
| Mar 2023 | Dec 2023 | Mar 2024 | |
|---|---|---|---|
| Sales | 3,804 | 4,179 | 4,256 |
| Operating Profit | 934 | 1,090 | 1,129 |
| OPM % | 25% | 26% | 27% |
| Net Profit | 906 | 996 | 1,070 |
The quarter data showed that Sales , Operating Profit , Net Profit of the March 2024 quarter increased in comparison to the March quarter of the FY23 by 11.8%, 20.87%, 18.11% subsequently.
| % Increase (Mar ’23 to Mar ’24) | % Increase ( from Dec ’23 to Mar ’24) | |
|---|---|---|
| Sales | ≈11.88% | ≈1.84% |
| Operating Profit | ≈20.87% | ≈3.58% |
| Net Profit | ≈18.11% | ≈7.43% |
The Annualised Profit & Loss datas are:
Here’s the provided data framed in a table: (Amount in crores)
| Mar 2022 | Mar 2023 | Mar 2024 | |
|---|---|---|---|
| Sales | 10,123 | 14,067 | 16,078 |
| Operating Profit | 2,118 | 3,394 | 4,380 |
| OPM % | 21% | 24% | 27% |
| Net Profit | 1,586 | 2,623 | 3,749 |
In recent filings by the entity, it stated that in the May, Eicher Motors witnessed a remarkable 9.7% surge in sales, attributed to robust performance both in the domestic and international sectors. Despite the volatility experienced in the domestic market, Eicher Motors’ international segment exhibited resilience, achieving a notable 12% growth. International sales reached 7,479 units, marking a substantial increase from the previous year’s 6,666 units.
Eicher Motors Share Price Target 2024 :
In May, Eicher Motors witnessed a remarkable 9.7% surge in sales, attributed to robust performance both in the domestic and international sectors. Despite the volatility experienced in the domestic market, Eicher Motors’ international segment exhibited resilience, achieving a notable 12% growth. International sales reached 7,479 units, marking a substantial increase from the previous year’s 6,666 units.
This news can positively impact the share price.
Currently, the shares of Eicher Motors are trading at Rs 4,680 /sh & as per the Technical Analysis, the share is trading in a zone ranging from 4,900 to 4,650. However the stock may become bearish if it breaks the support zone of 4,650 ,then the shares can further fall to the levels of 4,538 .
The chart looks sideways to bearish in the current state as if it breaks the Resistance level of 4,918 , then then level of 5,000 can act as another resistance zone.
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Disclaimer
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