Eicher Motors Ltd

Eicher Motors is engaged in the global leader in middleweight motorcycles and it has been making its distinctive motorcycles since 1901.(Source : 201903 Annual Report Page No: 04)

Pros:
Company is virtually debt free.
Company has a good return on equity (ROE) track record: 3 Years ROE 31.25%
Cons:

Peer Comparison Sector: Automobile // Industry: Automobiles - Motorcycles / Mopeds

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Quarterly Results Consolidated Figures in Rs. Crores / View Standalone

Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
1,755 1,835 1,888 2,001 2,167 2,269 2,528 2,548 2,408 2,341 2,500 2,382
1,213 1,258 1,313 1,391 1,496 1,572 1,918 1,738 1,696 1,662 1,815 1,767
Operating Profit 542 577 575 610 671 697 610 810 712 680 685 614
OPM % 31% 31% 30% 30% 31% 31% 24% 32% 30% 29% 27% 26%
Other Income 92 78 118 114 122 120 181 124 171 189 218 141
Interest 1 1 1 1 1 2 1 2 2 2 2 5
Depreciation 36 36 43 45 49 65 64 70 72 77 81 88
Profit before tax 597 618 648 677 742 750 726 862 809 789 820 663
Tax % 31% 32% 29% 32% 30% 31% 36% 33% 32% 32% 34% 32%
Net Profit 413 418 459 460 518 520 462 576 549 533 545 452
EPS in Rs 151.97 153.74 168.86 168.87 190.29 191.15 169.38 211.35 201.25 195.42 199.73 165.57
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Dec 2008 Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
2,258 1,717 2,939 4,397 5,684 6,390 6,810 8,738 6,173 7,033 8,965 9,797 9,631
2,153 1,723 2,800 4,050 5,095 5,841 6,097 7,624 4,484 4,859 6,157 6,893 6,941
Operating Profit 105 -6 139 347 589 549 713 1,115 1,690 2,174 2,808 2,904 2,690
OPM % 5% -0% 5% 8% 10% 9% 10% 13% 27% 31% 31% 30% 28%
Other Income 41 111 111 137 142 137 95 107 326 417 536 701 719
Interest 19 10 9 10 8 4 8 10 2 4 5 7 10
Depreciation 51 37 54 57 64 82 130 220 137 154 223 300 318
Profit before tax 76 59 187 418 660 600 671 993 1,877 2,433 3,116 3,297 3,081
Tax % 28% -15% 31% 27% 25% 21% 22% 29% 29% 30% 30% 33%
Net Profit 55 63 83 189 309 324 394 615 1,338 1,667 1,960 2,203 2,078
EPS in Rs 18.64 28.58 63.36 68.30 111.80 116.85 140.58 217.07 394.12 612.67 718.88 807.45 761.97
Dividend Payout % 26% 22% 11% 16% 14% 17% 21% 22% 20% 16% 15% 15%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:19.03%
5 Years:7.55%
3 Years:16.64%
TTM:1.25%
Compounded Profit Growth
10 Years:47.39%
5 Years:42.52%
3 Years:18.09%
TTM:0.10%
Return on Equity
10 Years:28.80%
5 Years:32.23%
3 Years:31.25%
Last Year:27.63%

Balance Sheet Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Dec 2008 Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014 Mar 2016 Mar 2017 Mar 2018 Mar 2019
28 28 27 27 27 27 27 27 27 27 27 27
Reserves 408 1,076 1,042 1,205 1,466 1,728 2,028 2,489 3,626 5,318 7,003 8,891
Borrowings 220 166 126 96 43 23 84 58 23 112 151 187
483 1,067 1,316 1,647 2,283 2,729 3,264 3,914 1,279 1,565 2,363 2,305
Total Liabilities 1,138 2,336 2,497 2,974 3,819 4,507 5,403 6,488 4,954 7,022 9,543 11,410
315 329 364 384 504 992 1,656 2,309 790 873 1,502 1,875
CWIP 19 52 12 70 352 504 464 419 94 374 333 450
Investments 261 6 294 459 513 638 825 1,078 3,388 4,987 5,581 4,923
543 1,949 1,828 2,061 2,450 2,372 2,458 2,682 682 789 2,128 4,163
Total Assets 1,138 2,336 2,497 2,974 3,819 4,507 5,403 6,488 4,954 7,022 9,543 11,410

Cash Flows Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Dec 2008 Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014 Mar 2016 Mar 2017 Mar 2018 Mar 2019
85 -89 368 336 405 496 716 1,047 1,463 1,708 2,482 1,573
-64 265 -266 -192 -338 -773 -790 -1,214 -1,001 -1,744 -2,145 -657
-16 1,003 -164 -69 -114 -111 -47 -162 -466 25 -262 -292
Net Cash Flow 4 1,180 -61 75 -47 -388 -121 -329 -4 -10 75 623

Ratios Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Dec 2008 Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 15% 3% 16% 32% 45% 35% 33% 40% 60% 53% 49% 41%
Debtor Days 24 38 29 22 22 25 27 23 2 3 3 3
Inventory Turnover 11.91 6.77 10.55 16.12 15.07 13.94 13.41 14.91 12.94 21.83 24.54 19.06