Eicher Motors Ltd

About [ edit ]

Eicher Motors Limited, incorporated in 1982, is the listed company of the Eicher Group in India and a leading player in the Indian automobile industry and the global leader in middleweight motorcycles.
Eicher has a joint venture with Sweden’s AB Volvo to create Volvo Eicher Commercial Vehicles Limited (VECV). VECV is engaged in truck and bus operations, auto components business, and technical consulting services business #

Key Points [ edit ]
  • Market Cap 68,298 Cr.
  • Current Price 2,499
  • High / Low 3,037 / 1,245
  • Stock P/E 60.7
  • Book Value 378
  • Dividend Yield 0.50 %
  • ROCE 24.6 %
  • ROE 19.4 %
  • Face Value 1.00

Pros

  • Company is almost debt free.
  • Company has a good return on equity (ROE) track record: 3 Years ROE 25.38%

Cons

  • The company has delivered a poor sales growth of 0.93% over past five years.
  • Earnings include an other income of Rs.513.75 Cr.
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
2,528 2,548 2,408 2,341 2,500 2,382 2,192 2,371 2,208 818 2,134 2,828
1,918 1,738 1,696 1,662 1,815 1,767 1,651 1,779 1,790 880 1,666 2,156
Operating Profit 610 810 712 680 685 614 541 592 418 -62 467 672
OPM % 24% 32% 30% 29% 27% 26% 25% 25% 19% -8% 22% 24%
Other Income 181 124 171 189 218 141 153 151 143 114 100 156
Interest 1 2 2 2 2 5 4 4 6 5 4 4
Depreciation 64 70 72 77 81 88 90 95 109 98 105 123
Profit before tax 726 862 809 789 820 663 601 644 447 -51 459 702
Tax % 36% 33% 32% 32% 34% 32% 5% 23% 32% -9% 25% 24%
Net Profit 462 576 549 533 545 452 573 499 304 -55 343 533
EPS in Rs 16.93 21.13 20.12 19.54 19.97 16.55 20.99 18.27 11.14 -2.02 12.57 19.49
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Dec 2008 Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
1,717 2,939 4,397 5,684 6,390 6,810 8,738 6,173 7,033 8,965 9,797 9,154 7,988
1,723 2,800 4,050 5,095 5,841 6,097 7,624 4,484 4,859 6,157 6,893 6,971 6,492
Operating Profit -6 139 347 589 549 713 1,115 1,690 2,174 2,808 2,904 2,183 1,496
OPM % -0% 5% 8% 10% 9% 10% 13% 27% 31% 31% 30% 24% 19%
Other Income 111 111 137 142 137 95 107 326 417 536 701 573 514
Interest 10 9 10 8 4 8 10 2 4 5 7 19 18
Depreciation 37 54 57 64 82 130 220 137 154 223 300 382 435
Profit before tax 59 187 418 660 600 671 993 1,877 2,433 3,116 3,297 2,355 1,557
Tax % -15% 31% 27% 25% 21% 22% 29% 29% 30% 30% 33% 22%
Net Profit 63 83 189 309 324 394 615 1,338 1,667 1,960 2,203 1,827 1,125
EPS in Rs 2.23 3.12 7.01 11.44 12.01 14.57 22.71 49.27 61.27 71.89 80.75 66.91 41.18
Dividend Payout % 22% 11% 16% 14% 17% 21% 22% 20% 16% 15% 15% 19%
Compounded Sales Growth
10 Years:12%
5 Years:1%
3 Years:9%
TTM:-15%
Compounded Profit Growth
10 Years:36%
5 Years:26%
3 Years:3%
TTM:-46%
Stock Price CAGR
10 Years:37%
5 Years:6%
3 Years:-3%
1 Year:51%
Return on Equity
10 Years:27%
5 Years:29%
3 Years:25%
Last Year:19%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Dec 2008 Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
28 27 27 27 27 27 27 27 27 27 27 27 27
Reserves 1,076 1,042 1,205 1,466 1,728 2,028 2,489 3,626 5,318 7,003 8,891 9,954 10,292
Borrowings 166 126 96 43 23 84 58 23 112 151 187 249 255
1,034 1,301 1,636 2,257 2,694 3,197 3,829 1,263 1,552 2,341 2,281 2,220 2,361
Total Liabilities 2,303 2,482 2,963 3,793 4,471 5,337 6,403 4,939 7,009 9,522 11,387 12,450 12,936
329 364 384 504 992 1,656 2,309 790 873 1,502 1,875 2,378 2,635
CWIP 52 12 70 352 504 464 419 94 374 333 450 312 40
Investments 6 294 459 513 638 825 1,078 3,388 4,987 5,581 4,923 5,749 3,377
1,916 1,812 2,050 2,424 2,337 2,391 2,597 667 775 2,106 4,140 4,011 6,884
Total Assets 2,303 2,482 2,963 3,793 4,471 5,337 6,403 4,939 7,009 9,522 11,387 12,450 12,936

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Dec 2008 Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
-89 368 336 405 496 716 1,047 1,463 1,708 2,482 1,575 1,694
265 -266 -192 -338 -773 -790 -1,214 -1,001 -1,744 -2,145 -660 -1,508
1,003 -164 -69 -114 -111 -47 -162 -466 25 -262 -292 -858
Net Cash Flow 1,180 -61 75 -47 -388 -121 -329 -4 -10 75 623 -673

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Dec 2008 Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 16% 32% 45% 35% 33% 40% 60% 53% 49% 41% 25%
Debtor Days 38 29 22 22 25 27 23 2 3 3 3 3
Inventory Turnover 7.99 12.30 11.01 10.11 9.26 9.97 7.30 11.65 12.86 9.97 8.40

Shareholding Pattern

Numbers in percentages

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
50.49 50.47 49.35 49.33 49.32 49.31 49.31 49.28 49.28 49.28 49.25 49.24
30.97 31.10 31.46 30.79 32.49 33.15 31.86 31.19 27.71 26.95 28.16 28.89
5.90 5.81 5.64 6.18 4.55 4.69 7.22 8.21 11.12 11.94 9.94 9.35
0.03 0.03 0.04 0.06 0.11 0.11 0.11 0.11 0.15 0.15 0.15 0.15
12.61 12.59 13.51 13.64 13.53 12.74 11.50 11.21 11.75 11.68 12.50 12.37

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