Eicher Motors Ltd

Eicher Motors (EML) is the flagship company of the Eicher Group, engaged in manufacturing automobile products and related components.

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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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Detailed Comparison with:

	Jun 2016	Sep 2016	Dec 2016	Mar 2017	Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019
	1,556	1,755	1,835	1,888	2,001	2,167	2,269	2,528	2,548	2,408	2,341	2,500
	1,086	1,213	1,258	1,313	1,391	1,496	1,572	1,918	1,738	1,696	1,662	1,815
Operating Profit	470	542	577	575	610	671	697	610	810	712	680	685
OPM %	30%	31%	31%	30%	30%	31%	31%	24%	32%	30%	29%	27%
Other Income	94	92	78	118	114	122	120	181	124	171	189	218
Interest	1	1	1	1	1	1	2	1	2	2	2	2
Depreciation	39	36	36	43	45	49	65	64	70	72	77	81
Profit before tax	524	597	618	648	677	742	750	726	862	809	789	820
Tax %	28%	31%	32%	29%	32%	30%	31%	36%	33%	32%	32%	34%
Net Profit	376	413	418	459	460	518	520	462	576	549	533	545
	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes

	Mar 2008	Dec 2008	Dec 2009	Dec 2010	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Mar 2016	Mar 2017	Mar 2018	Mar 2019
	2,258	1,717	2,939	4,397	5,684	6,390	6,810	8,738	6,173	7,033	8,965	9,797
	2,153	1,723	2,800	4,050	5,095	5,841	6,097	7,624	4,484	4,859	6,157	6,893
Operating Profit	105	-6	139	347	589	549	713	1,115	1,690	2,174	2,808	2,904
OPM %	5%	-0%	5%	8%	10%	9%	10%	13%	27%	31%	31%	30%
Other Income	41	111	111	137	142	137	95	107	326	417	536	701
Interest	19	10	9	10	8	4	8	10	2	4	5	7
Depreciation	51	37	54	57	64	82	130	220	137	154	223	300
Profit before tax	76	59	187	418	660	600	671	993	1,877	2,433	3,116	3,297
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
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
Dividend Payout %	26%	22%	11%	16%	14%	17%	21%	22%	20%	16%	15%	15%

* Sales is net of excise duty and discounts

	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

	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

	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