12 August 2014
2QCY14 Results Update | Sector:
Automobiles
Eicher Motors
BSE SENSEX
25,881
Bloomberg
Equity Shares (m)
S&P CNX
7,727
EIM IN
27.1
CMP: INR9,281
TP: INR11,401
Buy
Another strong quarter for RE; multiple triggers ahead
Consolidated revenues grew 34.5% YoY to INR22.5b (est INR21.7b) with EBITDA
M.Cap. (INR b) / (USD b)
251.5/4.1
margins improved by 270bp YoY/110bp QoQ to 12.7% (est 12. 5%) driven by robust
52-Week Range (INR)
9,350/2,975
operational performance at Royal Enfield (RE). Adjusted PAT (after minority) grew
1, 6, 12 Rel. Per (%)
9/83/144
71% YoY (13% QoQ) to INR1.57b (est INR1.58b).
Earnings call highlights
Financials & Valuation (INR Million)
Y/E Dec
Net Sales
EBITDA
Adj PAT
EPS (INR)
Gr. (%)
BV/Sh.(INR)
RoE (%)
RoCE (%)
P/E (x)
P/BV (x)
2014E
2015E
2016E
87,508 119,969 160,917
11,075 17,698 26,257
6,328
234.0
60.4
28.2
28.3
39.7
10.3
9,858 14,663
364.6
55.8
34.6
37.8
25.5
7.7
542.3
48.7
37.5
43.5
17.1
898.8 1,206.6 1,686.4
Royal Enfield:
a) Outlook remains strong with robust order book growth. b)
Guidance increased to 300k units for CY14 (v/s 280k), CY15 guidance at over
400k units. c) Further capacity expansion plans underway as current capacity
expected to be utilized by CY16.
VECV:
a) Demand outlook remains tough, though improvement signs visible and
expect to gather pace, b) Engine supplies to Volvo Group at ~3,200 units (v/s
2,638 units in 1Q and 2,534 in 4Q). c) Price hike of 1% undertaken in Apr-14.
JV with Polaris on track,
expect product launch in CY15.
Valuation and view: Upgrade EPS; Maintain Buy
We upgrade our CY14E/15E EPS by 5.4%/10.2% respectively driven primarily by
5.5
strong operating performance in RE. EIM trades at 39.7x/25.5x CY14E/15E EPS of
INR234/364.6 respectively. Maintain
Buy
with a target price of INR11,401 (CY16
SOTP based, discounted rate assumed at 12%).
Jinesh Gandhi
(Jinesh@MotilalOswal.com); +91 22 3982 5416
Chirag Jain
(Chirag.Jain@MotilalOswal.com); +91 22 3982 5418
Investors are advised to refer through disclosures made at the end of the Research Report.

Eicher Motors
Standalone performance (Royal Enfield): Strong operating performance
continues
EBITDA margins at 24.9%
(est 23%) were highest ever
Royal Enfield continued with its strong operating performance driven by robust
85% (up 15% QoQ) volume growth to 74,131 units, helped by ramp-up in
production at the new plant and continued growth in order book.
Realizations improved by 1.6% QoQ (6.7% YoY) to INR100,165/unit driven
primarily by product mix changes.
As a result, revenues grew 95% YoY (+17% QoQ) to INR7.5b (vs est INR7.34b).
EBITDA margins at 24.9% (est 23%, +190bp QoQ, +710bp YoY) were highest
ever, driven by operating leverage benefits and mix improvement.
RM cost declined 180bp QoQ (down 470bp YoY) to 59.4%. Staff cost and Other
expenditure were largely stable QoQ to 5.4% and 10.2% respectively.
Other income grew 75% YoY to INR135m. 1Q included an amount of INR408m
dividend income from VECV, hence the sharp decline QoQ.
PAT grew by 153% YoY to INR1.3b (INR1.25b).
Yet again record margins at Royal Enfield
Royal Enfield EBITDA margins %
24.9
13.0
13.3
12.8
15.3
9.2
13.9
15.1
17.8
11.5
17.7
19.3
18.6
23.1
Strong volume growth driven by production ramp-up
Royal Enfield volumes (units)
56.6
Growth YoY %
85.0 85.1
72.4
68.2
60.6
48.1 49.7
45.3 45.5
40.8
48.6
36.2
28.4
Source: Company, MOSL
Source: Company, MOSL
12 August 2014
2

Eicher Motors
Multiple growth levers ahead for RE
Product actions, improved distribution coupled with sharp increase in
production have helped RE to deliver strong volumes.
While waiting period has come down on sharp increase in production from the
new plant, the order book continues to grow. Current average waiting is at 5
months. Currently, over 60% of volumes comes from the new plant.
Other expenses may increase in the coming quarters led by higher R&D spends,
marketing, brand building, foray into international markets and exports
RE has achieved significant cost savings through consolidation of engine
platforms to one in 2010 (UCE engine) v/s three earlier.
Consolidation would continue as there would be multiple platforms going
forward. All future products would be global in nature in terms of appeal etc.
RE would shortly launch a new range of clothing and accessories. This will
further help in building viability of dealerships as well as improve brand appeal
and aspiration
Bangalore, Mumbai, Delhi are top 3 markets for RE, followed by Chennai,
Hyderabad, Pune, Kolkata. Top 10 cities contribute ~50% of sales.
RE is adding 5-6 dealers every month. It added ~80 dealers in CY13 and will add
70-80 dealers in CY14. Half of these are added in smaller towns/cities. It
currently has 340 dealers.
Royal Enfield is embarking on a significantly high capex of INR6b over CY14-15,
largely into building up further capacity and new products/platforms.
Given its leadership position, cult brand equity and minimal competition, Royal
Enfield is well positioned to benefit from increasing trend of lifestyle biking.
Production ramp-up, recent/new launches and network expansion to drive
46%/50%/65% volume/revenue/EBTIDA CAGR over CY13-16E.
Based on economic interest, RE contributed ~60% to consolidated EBITDA in
CY14 (79% expected for CY14) v/s 40% in CY12 and 23% in CY11.
VECV (CV business): Operating performance improving
Volumes grew 4.2% YoY (+19% QoQ) driven primarily by strong growth in buses.
While underlying market remains weak, improvement signs are visible.
Revenues improved 16% YoY (+16% QoQ) to INR14.9b (v/s est INR15.8b).
Realizations improved 11.7% YoY to INR1.29m/unit driven but declined 2% QoQ
on product mix changes.
EBITDA margins improved 70bp QoQ (down 110bp YoY) to 6.6%, however was
below our expectation of 7.6% on higher RM and Staff cost.
Engine supplies to Volvo Group at ~3,200 units (v/s 2,638 units in 1Q and 2,534
in 4Q). The engine supplied has been well accepted and confirms the stringent
requirements of AB Volvo. The capacity under Phase 1 is 25,000 units.
Higher depreciation (as per new Companies Act) and lower other income
coupled with lower-than-expected operational performance led to PAT decline
of 38% YoY to INR453m (est INR764m).
VECV is better placed among new entrants, given the marriage of Volvo's
technological strength with Eicher's local market expertise. It is taking initiatives
to gain share in HCVs and initial signs of success are visible. Volvo intends to use
Eicher as a mass market brand and VECV as its low cost manufacturing hub over
3
12 August 2014

Eicher Motors
the long term; this presents a sizable export opportunity. We estimate VECV to
register a CAGR of 25.2%/41.2% in revenues/EBITDA over CY13-15.
Volume growth of 4.2% post several quarters of decline
VECV volumes (units)
28.5
25.7 23.5
21.6
13.0
Growth YoY %
11.5
9.0
4.2
-25.4-23.0
-8.2
-8.5
-12.6
-14.1
-12.7
10.1 9.7
9.2
10.1
7.6
5.8
6.2
8.0
7.6
5.6
5.9
6.6
5.8
Margins improved QoQ but was lower than expected
VECV EBITDA margins %
Source: Company, MOSL
Source: Company, MOSL
Consolidated performance: Operationally above estimate driven by RE
Eicher Motors consolidated revenues grew 34.5% YoY (16.7% QoQ) to INR22.5b
(est INR21.7b) with EBITDA margins improved by 270bp YoY/110bp QoQ to
12.7% (est 12. 5%) driven by better than expected operational performance at
Royal Enfield (RE) with EBITDA margins of 24.9% (est 23%), while VECV’s
operational performance improved but was lower than our expectation with
80bp QoQ EBITDA margin improvement to 6.6% (est 7.6%).
Adjusted PAT (after minority) grew 71% YoY (13% QoQ) to INR1.57b (est
INR1.58b).
Valuation and view
With several projects coming on stream in CY14-15, expect robust 32.6% sales
and 52.7% EBITDA CAGR over CY13-16E. RE continues to benefit from capacity
expansion, product actions and network expansion. VECV will benefit from
MDEP ramp-up, recent launch of new range of CVs supported with economic
recovery.
4
12 August 2014

Eicher Motors
We upgrade our CY14E/15E EPS by 5.4%/10.2% respectively driven primarily by
strong operating performance in RE.
EIM trades at 39.7x/25.5x CY14E/15E EPS of INR234/364.6 respectively.
Maintain Buy with a target price of INR11,401 (CY16 SOTP based, discounted
rate assumed at 12%).
Revised forecast
(INR M)
Rev
Standalone (RE)
Volumes (units)
Net Sales
EBITDA
EBITDA (%)
Core Profit
Net Profit
EPS (INR)
VECV
Volumes (units)
Net Sales
EBITDA
EBITDA (%)
Core Profit
EPS (INR)
Consolidated
Net Sales
EBITDA (%)
Net Profit
EPS (INR)
307,088
30,887
7,472
24.2
4,890
5,744
212.4
43,510
58,019
3,744
6.5
1,336
41.9
88,764
12.5
6,328
234.0
CY14E
Old
296,656
29,382
6,719
22.9
4,556
5,376
198.8
39,246
53,870
3,572
6.6
1,407
43.3
83,119
12.2
6,005
222.1
Chg (%)
3.5
5.1
11.2
130bp
7.3
6.9
6.9
10.9
7.7
4.8
-20bp
(5.0)
(3.3)
6.8
30bp
5.4
5.4
Rev
414,225
42,707
10,635
24.9
7,024
8,050
297.7
57,770
79,050
7,260
9.2
3,362
89.2
121,560
14.6
9,858
364.6
CY15E
Old
385,653
38,313
9,040
23.6
6,087
7,073
261.6
51,875
72,661
6,847
9.4
3,427
90.9
Chg (%)
7.4
11.5
17.6
130bp
15.4
13.8
13.8
11.4
8.8
6.0
-20bp
(1.9)
(1.8)
110,795
9.7
14.2
40bp
8,942
10.2
330.7
10.2
Source: MOSL
CY15E
7,024
175,604
-19,359
194,963
3,950
35,547
-4,802
40,349
235,312
8,702
CY16E
9,933
248,335
-32,483
280,817
6,342
57,078
-7,388
64,466
345,283
11,401
SOTP Valuations
(INR Million)
Royal Enfield
Core PAT (ex div & fin income)
Core Equity Value
@ 25x PE
Net Debt
Equity Value
VECV (@ 54.4% Economic interest)
EBITDA
EV
@ 9x EV/EBITDA
Net Debt
Equity Value
Total Equity Value
Target Price (INR)
Note: CY16 SOTP discounted with 12% rate
CY14E
4,890
122,239
-12,693
134,932
2,037
18,329
-3,797
22,125
157,057
5,808
12 August 2014
5

Eicher Motors
Eicher Motors| Story in charts: Multiple growth drivers
Capacity addition and healthy demand to drive RE volumes…
Volumes (units)
57.0
34.9
10.3
12.1
13.9
Growth (%)
72.4
…together with efficiencies of new plant to drive RE margins
EBITDA
EBITDA Margins (%)
24.2
19.0
24.9
41.9
52.0
1.2
CY10
CY11
CY12
CY13
CY14E
CY15E
CY10
CY11
CY12
CY13
CY14E
CY15E
Source: Company, MOSL
Source: Company, MOSL
VECV recovery expected in CY15
VECV (units)
48,337
47,544
26.6
Growth YoY %
56,588
40,817
42,633
32.7
Improved demand, lower discounts to drive VECV margins
EBITDA (INR m)
10.1
7.5
7.7
6.5
EBITDA (%)
9.2
(1.6)
(14.1)
CY11
CY12
CY13
4.4
CY14E
CY15E
CY11
CY12
CY13
CY14E
CY15E
Source: Company, MOSL
Source: Company, MOSL
Robust earnings growth over CY13-15E
Volumes (units)
57.0
34.9
Growth (%)
72.4
Royal Enfield contributed ~60% of CY13 EBITDA
EBITDA contribution based on economic interest (%)
Royal Enfield
VECV - CV business
43.5
VECV - Engine project
1.3
20.1
3.5
23.5
41.9
52.0
77.3
59.9
1.2
CY10
CY11
CY12
CY13
CY14E
CY15E
22.7
CY11
40.1
CY12
60.1
-3.6
CY13
78.6
72.9
CY14E
CY15E
Source: Company, MOSL
Source: Company, MOSL
12 August 2014
6

Eicher Motors
Eicher Motors: an investment profile
Company description
Promoted by the Delhi-based Vikram Lal Group, Eicher
Motors (Bloomberg: EIM) is a diversified engineering
company. It is engaged in the business of high end
motorcycles (350cc & above) under the brand 'Royal
Enfield', and commercial vehicles (CVs), automotive
gears and components, and engineering solutions
through its subsidiary, Volvo Eicher Commercial
Vehicles (VECV).
To become a full-fledged CV player, EIM entered into a
50:50 joint venture with AB Volvo, Sweden in July 2008
and formed Volvo Eicher Commercial Vehicles (VECV).
Key investments risks
Sustained weakness in the CV Industry
Increasing competition in the CV industry could
impact ramp-up of HCV segment.
Recent developments
Demand outlook for RE remains strong with
bookings exceeding sales
Valuation and view
Key investment arguments
EIM trades at 39.7x/25.5x CY14E/15E EPS of
INR234/364.6 respectively.
Maintain
Buy
with a target price of INR11,401
(CY16 SOTP based, discounted rate assumed at
12%).
With several projects coming on stream in CY14-15,
expect robust 32.6% sales and 52.7% EBITDA CAGR
over CY13-16E.
RE continues to benefit from capacity expansion,
product actions and network expansion.
CV subsidiary, Volvo Eicher Commercial Vehicles
(VECV), will benefit from the commencement of the
Medium Duty Engine Project (MDEP) and ramp-up
in HCVs.
Sector view
Demand drivers for Royal Enfield are in place,
driven by increasing trend of lifestyle biking and
minimal competition.
The Indian CV industry is likely to evolve giving new
players opportunity to challenge the incumbents.
VECV is better placed among new entrants, given
the marriage of Volvo's technological strength with
Eicher's local market expertise.
Comparative valuations
P/E (x)
EPS Gr (%)
RoE (%)
EV/EBITDA (x)
CY14E
CY15E
CY14E
CY15E
CY14E
CY15E
CY14E
CY15E
EIM
39.7
25.5
60.4
55.8
28.3
34.6
22.7
15.6
AL
76.5
13.1
NA
484.2
2.6
13.5
13.9
7.6
BJAUT
17.4
14.8
10.9
17.4
34.3
34.1
11.4
9.3
EPS: MOSL forecast v/s consensus (INR)
MOSL
Forecast
234.0
364.6
Consensus
Forecast
236.1
341.7
Variation
(%)
-0.9
8.4
CY14
CY15
Target price and recommendation
Current
Price (INR)
9,281
Target
Price (INR)
11,401
Upside
(%)
22.8
Reco
Buy
Shareholding pattern (%)
June-14
Promoter
DII
FII
55.0
4.9
19.9
Mar-14
55.1
5.3
19.6
20.0
June-13
55.2
8.9
16.0
20.0
Stock performance (1-year)
10,500
8,500
6,500
4,500
2,500
Aug-13
Nov-13
Feb-14
May-14
Aug-14
Eicher Motors
Sensex - Rebased
Others
20.2
Notes: FII includes depository receipts
12 August 2014
7

Eicher Motors
Financials and valuations
Income statement
Y/E December
Net Sales
Change (%)
EBITDA
EBITDA Margin (%)
Depreciation
EBIT
Interest
Other Income
Extraordinary items
PBT
Tax
Tax Rate (%)
Reported PAT
Adjusted PAT
Change (%)
Min. Int. & Assoc. Share
Adj Cons PAT
2013
66,858
5.6
7,137
10.5
1,300
5,837
79
953
0
6,711
1,452
21.6
5,259
5,259
10.8
-1,314
3,945
(INR Million)
2014E
2015E
2016E
87,508 119,969 160,917
30.9
37.1
34.1
11,075 17,698 26,257
12.5
14.6
16.1
2,234
3,063
3,685
8,841 14,636 22,572
143
148
148
1,366
1,925
2,423
0
0
0
10,064 16,412 24,846
2,787
4,532
6,784
27.7
27.6
27.3
7,277 11,880 18,063
7,277 11,880 18,063
38.4
63.3
52.0
-949
-2,022
-3,400
6,328
9,858 14,663
Ratios
Y/E December
Basic (INR)
EPS
Cash EPS
Book Value
DPS
Payout (incl. Div. Tax.)
Valuation(x)
P/E
Cash P/E
Price / Book Value
EV/Sales
EV/EBITDA
Dividend Yield (%)
Profitability Ratios (%)
RoE
RoCE
Turnover Ratios (%)
Asset Turnover (x)
Debtors (No. of Days)
Inventory (No. of Days)
Creditors (No. of Days)
Leverage Ratios (%)
Net Debt/Equity (x)
2013
145.9
194.0
760.1
30.0
24.1
63.6
47.8
12.2
3.6
34.3
0.3
20.7
21.8
2.2
27.5
28.2
105.5
0.0
2014E
234.0
316.6
898.8
35.0
18.0
39.7
29.3
10.3
2.7
21.6
0.4
28.2
28.3
2.5
16.9
26.7
75.2
0.0
2015E
364.6
477.8
1206.6
40.0
13.2
25.5
19.4
7.7
1.9
13.1
0.4
34.6
37.8
2.8
16.8
26.7
77.0
0.0
2016E
542.3
678.5
1686.4
45.0
10.0
17.1
13.7
5.5
1.3
8.1
0.5
37.5
43.5
2.8
16.6
26.6
78.5
0.0
Balance sheet
Y/E December
Share Capital
Reserves
Net Worth
Debt
Deferred Tax
Total Capital Employed
Gross Fixed Assets
Less: Acc Depreciation
Net Fixed Assets
Capital WIP
Investments
Current Assets
Inventory
Debtors
Cash & Bank
Loans & Adv, Others
Curr Liabs & Provns
Curr. Liabilities
Provisions
Net Current Assets
Total Assets
2013
270
20,284
20,554
839
1,805
33,595
22,993
6,431
16,561
4,636
8,255
23,914
5,268
5,125
6,826
6,695
19,771
17,612
2,159
4,143
33,595
2014E
270
24,033
24,304
842
1,963
38,455
29,319
8,665
20,654
2,750
8,254
28,539
6,487
4,106
12,259
5,687
21,742
19,027
2,715
6,797
38,455
(INR Million)
2015E
2016E
270
270
32,355 45,330
32,625 45,600
842
842
2,252
2,706
49,087 65,917
37,819 42,919
11,728 15,413
26,092 27,507
1,250
1,250
8,254
8,254
42,926 68,080
8,881 11,895
5,599
7,409
20,774 38,652
7,672 10,124
29,434 39,174
26,094 35,122
3,340
4,052
13,492 28,906
49,087 65,917
E: MOSL Estimates
Cash flow statement
Y/E December
OP/(Loss) before Tax
Depreciation
Others
Interest
Direct Taxes Paid
(Inc)/Dec in Wkg Cap
CF from Op. Activity
(Inc)/Dec in FA & CWIP
(Pur)/Sale of Invt
Others
CF from Inv. Activity
Inc/(Dec) in Net Worth
Inc / (Dec) in Debt
Interest Paid
Divd Paid (incl Tax)
CF from Fin. Activity
Inc/(Dec) in Cash
Add: Opening Balance
Closing Balance
2013
6,706
1,300
0
1,023
-1,504
1,491
8,197
-7,054
-1,879
0
-8,933
17
610
-80
-1,020
-474
-1,209
8,035
6,826
2014E
10,064
2,234
0
1,366
-2,628
-1,810
12,592
-4,441
1
0
-4,440
-1,438
3
-143
-1,140
-2,718
5,434
6,826
12,259
(INR Million)
2015E
16,412
3,063
0
1,925
-4,243
2,028
17,200
-7,000
0
0
-7,000
-233
0
-148
-1,303
-1,685
8,515
12,259
20,774
2016E
24,846
3,685
0
2,423
-6,329
2,649
24,814
-5,100
0
0
-5,100
-221
0
-148
-1,466
-1,836
17,878
20,774
38,652
12 August 2014
8

Eicher Motors
NOTES
12 August 2014
9

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Eicher Motors
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