Sector: Automobile Industry: Automobiles - Motorcycles / Mopeds

INR 4219
52 Week High 4219 & 52 Week Low 2926

About the Company

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).

Financial Summary

Revenue (INR Cr) Net Profit (INR Cr) Average Total Asset
283649 64062.04 3280313

45997.11 2326683
170754 38052.75 1961220
135936 31833.21 1690169
122189 128552 27253.95 1436818

2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024

Return on Equity (in %) Return on Asset (in %) Financial Leverage

2.0% 8.80x
17.1% 17.2%
2.0% 8.75x
1.9%
8.71x
8.67x
16.6% 1.9%
16.5% 16.5% 1.9% 8.58x

2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024

Key Highlights
(1) Enquiry rate has gone up 14-15% YoY, booking has increased 10-11% in Jan-24. RE is cautious about building
inventory and thus is not pushing volumes. It noted that they will focus more on already existing products as bulk of
the core launches are already done. (2) RE is facing volatility in export markets however, it has maintained its
market shares in key regions like APAC, Europe, North America, and America. It sees exports to remain impacted for
the next 6 months and YoY growth to begin after that. New products like the Super Meteor and Roadster 650 will
start getting sold in the United States and it has partnered with AW Rostamani Group for distribution in the UAE. RE
plans to scale up international volumes on the back of newly launched Himalayan 450. RE market share was ~8% in
Americas and 9% in APAC and ~20% in UK. (3) Management sees the increased competition leading to market
growth, which could benefit RE even if it loses some market share.(4) RE’s margins benefited from material cost
savings, portfolio mix partially offset by higher expenses on model launches. (5) In CVs, VECV continued to gain
market share in 3Q across. Fundamental drivers are healthy given growth in GDP, infrastructure spending,
replacement demand, etc.
DuPont Analysis- Return on Equity & Return on Asset
Return on Equity (ROE)
Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Net Profit 27253.95 31833.21 38052.75 45997.11 64062.04
Average Shareholder Equity 165016 193084 228568 268382 372916
Return on Equity (ROE) 16.5% 16.5% 16.6% 17.1% 17.2%

ROE-Dupont Equation
Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Net Profit 27253.95 31833.21 38052.75 45997.11 64062.04
Revenue 122189 128552 135936 170754 283649
Net Profit Margin (A) 22.3% 24.8% 28.0% 26.9% 22.6%

Revenue 122189 128552 135936 170754 283649

Average Total Asset 1436818 1690169 1961220 2326683 3280313
Asset Turnover Ratio (B) 0.09x 0.08x 0.07x 0.07x 0.09x

Average Total Asset 1436818 1690169 1961220 2326683 3280313

Average Shareholder Equity 165016 193084 228568 268382 372916
Equity Multiplier (C) 8.71x 8.75x 8.58x 8.67x 8.80x

Return on Equity (A*B*C) 16.5% 16.5% 16.6% 17.1% 17.2%

Return on Asset (ROA)

Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Net Profit 27253.95 31833.21 38052.75 45997.11 64062.04
Average Total Asset 1436818 1690169 1961220 2326683 3280313
Return on Asset (ROA) 1.9% 1.9% 1.9% 2.0% 2.0%

ROA-Dupont Equation
Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Net Profit 27253.95 31833.21 38052.75 45997.11 64062.04
Revenue 122189 128552 135936 170754 283649
Net Profit Margin (A) 22.3% 24.8% 28.0% 26.9% 22.6%

Revenue 122189 128552 135936 170754 283649

Average Total Asset 1436818 1690169 1961220 2326683 3280313
Asset Turnover Ratio (B) 0.09x 0.08x 0.07x 0.07x 0.09x

Return on Asset (A*B) 1.9% 1.9% 1.9% 2.0% 2.0%

Dupont Summary
• Rico Auto Return on Equity was 1.8% in 2020 later decreased during the covid phase in 2021. The company saw a rise
in ROE from 2.6% to 5% from 2022 to 2023 due to increase in Profit Margin and Asset Turnover Ratio.
• The company's Asset Turnover Ratio surpassed March '19s ratio i.e 1.17x in March '23 1.24x.
• Return on Asset Decreased during the Covid period in March '2020 and March '2021 but tend to increase rapidly
in March '22 and March '23 on average of 2%.
Disclaimer
This Analysis is prepared by Ayush Jadia .This report and information herein is solely for informational purpose and may not be used or considered as an offer
document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments.
COMPANY NAME HDFC BANK LTD
LATEST VERSION 2.10 PLEAS
CURRENT VERSION 2.10

META
Number of shares 760.81
Face Value 1.00
Current Price 1,618.15
Market Capitalization 1,231,108.31

PROFIT & LOSS

Report Date Mar-15 Mar-16 Mar-17 Mar-18
Sales 50,666.49 63,161.56 73,271.35 85,287.84
Raw Material Cost
Change in Inventory
Power and Fuel
Other Mfr. Exp 860.21 1,041.79 1,271.80 1,314.97
Employee Cost 5,163.77 6,309.03 8,508.22 9,197.15
Selling and admin 2,602.47 3,043.15 3,328.39 3,658.43
Other Expenses 7,537.36 9,660.65 10,747.28 15,361.71
Other Income 9,545.68 11,211.65 12,905.08 16,056.60
Depreciation 680.45 738.03 886.19 966.78
Interest 27,288.46 34,069.57 38,041.58 42,381.48
Profit before tax 16,079.45 19,510.99 23,392.97 28,463.92
Tax 5,379.40 6,693.66 8,078.12 9,903.08
Net profit 10,688.89 12,801.33 15,280.48 18,510.02
Dividend Amount 2,005.20 2,401.79 2,818.80 3,373.63

Quarters
Report Date Mar-22 Jun-22 Sep-22 Dec-22
Sales 35,574.19 37,273.81 40,929.79 45,002.11
Expenses 15,044.07 15,020.76 15,914.91 16,681.98
Other Income 8,386.26 6,928.51 8,252.31 9,120.73
Depreciation
Interest 15,226.53 16,358.26 18,310.79 20,504.86
Profit before tax 13,689.85 12,823.30 14,956.40 16,936.00
Tax 3,214.96 3,206.63 3,793.81 4,200.57
Net profit 10,443.01 9,579.11 11,125.21 12,698.32
Operating Profit 20,530.12 22,253.05 25,014.88 28,320.13
BALANCE SHEET
Report Date Mar-15 Mar-16 Mar-17 Mar-18
Equity Share Capital 501.30 505.64 512.51 519.02
Reserves 62,652.77 73,798.49 91,281.44 109,080.11
Borrowings 509,761.90 649,587.25 741,549.89 944,817.22
Other Liabilities 34,180.55 38,320.95 59,000.32 48,769.82
Total 607,096.52 762,212.33 892,344.16 1,103,186.17
Net Block 3,224.94 3,666.86 3,999.70 4,008.13
Capital Work in Progress
Investments 149,454.42 193,633.85 210,777.11 238,460.92
Other Assets 454,417.16 564,911.62 677,567.35 860,717.12
Total 607,096.52 762,212.33 892,344.16 1,103,186.17
Receivables
Inventory
Cash & Bank 36,526.42 39,068.88 49,311.12 123,061.56
No. of Equity Shares ### ### ### ###
New Bonus Shares
Face value 2.00 2.00 2.00 2.00

CASH FLOW:
Report Date Mar-15 Mar-16 Mar-17 Mar-18
Cash from Operating Activity -21,280.98 -34,435.37 17,281.59 17,214.38
Cash from Investing Activity -799.90 -837.31 -1,146.38 -841.60
Cash from Financing Activity 18,693.87 37,815.13 -5,892.97 57,377.66
Net Cash Flow -3,387.01 2,542.46 10,242.24 73,750.44

PRICE: 511.35 535.58 721.28 943.05

DERIVED:
Adjusted Equity Shares in Cr 501.30 505.64 512.51 519.02
 PLEASE DO NOT MAKE ANY CHANGES TO THIS SHEET

Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

105,160.74 122,189.29 128,552.40 135,936.41 170,754.05 283,649.02

1,283.53 1,293.44 1,649.11 1,772.27 2,176.50 3,255.75

10,454.75 12,924.10 13,682.35 15,904.81 20,031.36 31,050.07
3,900.17 4,192.15 4,780.54 5,406.79 6,580.00 87,580.05
19,217.82 27,049.52 32,344.53 33,473.09 34,254.44 52,309.67
18,947.05 24,878.97 27,332.88 31,758.99 33,912.05 124,345.75
1,220.67 1,276.77 1,385.01 1,680.73 2,345.47 3,092.08
53,712.69 62,137.42 59,247.59 58,584.33 77,779.94 154,138.55
34,318.16 38,194.86 42,796.15 50,873.38 61,498.39 76,568.60
11,872.55 10,898.59 10,939.38 12,722.48 15,349.69 11,122.10
22,332.43 27,253.95 31,833.21 38,052.75 45,997.11 64,062.04
4,084.95 1,370.82 3,583.32 8,595.52 10,601.43 14,813.96

Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24

47,548.34 51,168.14 75,039.10 78,008.17 79,433.61 81,546.20
17,770.12 18,469.81 45,349.33 50,530.03 62,938.45 49,689.62
9,610.50 9,853.15 32,527.52 37,007.34 44,957.74 35,450.29

22,606.03 25,954.76 41,249.91 43,242.37 43,691.51 44,579.50

16,782.69 16,596.72 20,967.38 21,243.11 17,761.39 22,727.37
4,148.68 4,193.47 3,655.00 3,525.11 -251.48 5,539.32
12,594.47 12,370.38 16,811.41 17,257.87 17,622.38 16,474.85
29,778.22 32,698.33 29,689.77 27,478.14 16,495.16 31,856.58
 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
544.66 548.33 551.28 554.55 557.97 759.69
153,128.00 175,810.38 209,258.90 246,771.62 288,879.53 455,635.56
1,080,235.46 1,333,041.45 1,511,417.62 1,784,969.53 2,139,211.91 3,107,502.74
58,897.59 71,430.27 78,278.83 90,638.60 101,783.03 466,296.27
1,292,805.71 1,580,830.43 1,799,506.63 2,122,934.30 2,530,432.44 4,030,194.26
4,368.63 4,775.65 5,248.35 6,432.07 8,431.35 12,603.76

289,445.87 389,304.95 438,823.11 449,263.86 511,581.71 1,005,681.63

998,991.21 1,186,749.83 1,355,435.17 1,667,238.37 2,010,419.38 3,011,908.87
1,292,805.71 1,580,830.43 1,799,506.63 2,122,934.30 2,530,432.44 4,030,194.26

81,817.64 87,940.11 121,272.51 155,385.73 197,147.81 228,834.51

### ### ### ### ### ###

2.00 1.00 1.00 1.00 1.00 1.00

Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

-62,871.54 -16,869.09 42,476.45 -11,959.57 20,813.70 19,069.34
-1,503.06 -1,402.94 -1,822.70 -2,051.23 -2,992.18 16,600.42
23,130.69 24,394.50 -7,321.35 48,124.02 23,940.56 -3,983.06
-41,243.91 6,122.47 33,332.40 34,113.22 41,762.08 31,686.70

1,159.45 861.90 1,493.65 1,470.35 1,609.55 1,447.90

544.66 548.33 551.28 554.55 557.97 759.69