Eicher Motors share price target: Jefferies sees 30% upside potential in Royal Enfield maker stock post-Q4 results

Eicher Motors share price: Eicher Motors shares advanced on Monday, May 13 after the Royal Enfield maker released its overall good Q4 results with a slight miss in estimated margins. Eicher Motors shares gained as much as 1.6 per cent to the day's high of Rs 4,733.8 on NSE in morning deals. The Eicher Motors stock closed at Rs 4,667.35, up 0.2 per cet on NSE.

Eicher Motors Q4 Results

On Saturday, Eicher Motors reported an 18 per cent increase in consolidated profit after tax to Rs 1,070 crore for the fourth quarter ended March 2024, driven by higher sales.

The company posted a profit after tax of Rs 906 crore in the same period last year.

Its total revenue rose 12 per cent to Rs 4,256 crore in the January-March quarter of FY24 compared to Rs 3,804 crore in the corresponding quarter of 2022-23, Eicher Motors said in a statement.

Royal Enfield, the two-wheeler division of the company, recorded sales of 2,27,925 motorcycles in the fourth quarter, up 6 per cent from 2,14,685 units in the year-ago period.

For fiscal 2024, the company reported a 37 per cent rise in PAT to Rs 4,001 crore against Rs 2,914 crore for FY23.

The company's revenue from operations grew 14.5 per cent to Rs 16,536 crore from Rs 14,442 crore recorded in FY23.

During the last fiscal, Royal Enfield's registered sales rose 9 per cent to 9,12,732 units from 8,34,895 units in 2022-23.

Eicher Motors dividend

The company has announced a final dividend aggregating to Rs 1,396.41 crore at Rs 51 per share for the financial year ended March 31, 2024.

Eicher Motors share price target: Should you buy sell or hold?

Jefferies has maintained a buy call on Eicher Motors. The brokerage has raised the target on the auto stock by Rs 1,100 apiece to Rs 6,000 apiece. Read more on Eicher Motors share price target

(With PTI inputs)

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