Eicher Motors Share Price Declines Over 3% Post Q3 Results

Eicher Motors Share Price Declines Over 3% Post Q3 Results

VoM News Desk | February 14, 2024 | 11:46 AM IST | Breaking News | Follow on Google News

Eicher Motors Share Price Declines Over 3% Post Q3 Results

Eicher Motors Share Price Declines Over 3% Post Q3 Results

Eicher Motors share price witnessed a decline of over 3% in early trade after the company reported its Q3 results. The stock reached ₹3,729.05 apiece on the BSE. Eicher Motors posted a consolidated net profit of ₹995.97 crore for Q3, showing a growth of 34.43% from the year-ago period. The revenue from operations rose by 12.28% to ₹4,179 crore.

Analyst Outlook and Target Price

1. Kotak Institutional Equities

• Expects Royal Enfield’s domestic demand trajectory to remain subdued.
• Scale-up of Bajaj-Triumph and Hero-Harley may moderate volume growth.
• Maintains a ‘Sell’ rating with a target price raised to ₹3,000 from ₹2,900.

1. Emkay Global Financial Services

• Highlights a slowdown in the over-250 cc category.
• Downgrades Eicher Motors to ‘Sell’ from ‘Add’ with a target price of ₹3,250.

1. Motilal Oswal Financial Services

• Expects credible competitive pressure on Royal Enfield.
• Maintains a ‘Neutral’ rating with a target price of ₹3,930.

1. Antique Stock Broking

• Foresees export growth as the share of higher cc models increases.
• Reiterates ‘Buy’ with a target price of ₹4,764, anticipating 12% volume growth.

At 11:15 am, Eicher Motors shares traded 0.83% lower at ₹3,825.00 apiece on the BSE.

VoM News Desk

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