5 May 2017
4QFY17 Results Update | Sector: Automobiles
Eicher Motors
Buy
BSE SENSEX
29,859
Bloomberg
Equity Shares (m)
M.Cap.(INRb)/(USDb)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
Avg Val, INRm
Free float (%)
S&P CNX
9,285
EIM IN
In-line; RE margin stable, VECV performance a big positive surprise
27
EIM reported in-line 4QFY17 results. Consol. PAT grew by ~34% YoY to
701.7 / 10.5
~INR4.59b (est. of ~INR4.63b) in 4Q and by 56% YoY to ~INR16.7b in FY17.
26700 / 18006
The company declared a dividend of ~INR100/share for FY17 (similar to
2/-2/13
1257
FY16, which, however, was a 15-month period).
49.4
Royal Enfield (RE) EBITDA margin at 31.8%:
Net realization increased 1.5%
CMP: INR25,837
TP: INR30,402(+18%)
Financials & Valuations (INR b)
Y/E Mar
2017
2018E
Net Sales
70.0
91.1
EBITDA
21.7
29.7
PAT
18.0
24.2
EPS (INR)
661.3
892.0
Gr. (%)
34.2
34.9
BV/Sh (INR)
1,816.5 2,532.0
RoE (%)
42.8
41.0
RoCE (%)
29.1
30.7
P/E (x)
39.1
29.0
P/BV (x)
14.2
10.2
2019E
109.0
36.4
30.8
1,135.1
27.3
3,463.8
37.9
30.1
22.8
7.5
Estimate change
TP change
Rating change
YoY (flat QoQ) to ~INR105.7k (est. of ~INR106.1k). EBITDA margin expanded
~180bp YoY (-40bp QoQ) to 31.4% (est. of ~32%), led by higher other
expenses. Further, lower other income restricted adj. PAT growth to 8.5%
YoY (to INR4.1b v/s est. of ~INR5.5b). FY17 PAT grew 49% YoY to INR15.6b.
VECV’s margin expands on positive operating leverage:
Realization
increased ~11% YoY to ~INR1.48m (est. of ~INR1.5m) due to price hikes and
an improved product mix. EBITDA margin expanded 370bp YoY (+130bp
QoQ) to 8.2% (est. of 6.4%) led by positive operating leverage. Adj. PAT was
~INR1.16b (est. of ~INR674m). FY17 PAT grew ~12% YoY to ~INR3.4b.
Earnings call highlights:
a) Waiting period stable at ~2 months for Classic
350. b) Order booking in Top-20 cities (~50% of volumes) growing at over
15%. c) Added ~150 dealerships in FY17 to ~675; would be adding ~150
dealers/year in next two years; d) Producible capacity at ~825k for FY18 and
~960k for FY19, can further expand at third plant; e) Price increase of ~3% in
RE in 4QFY17; f) MDEP volumes at 7,217 units (+21% YoY, +23% QoQ).
Valuation and view:
We upgrade consol. EPS for FY18E/19E by 4%/8% to
factor in better-than-estimated VECV performance. EIM trades at 29x/22.8x
FY18E/19E EPS. Maintain
Buy
with a TP of INR30,402 (FY19 SOTP-based).
Quarterly Performance (Consolidated)
Y/E March
Net Operating income
Growth (%)
EBITDA
Recurring PAT
Growth (%)
Standalone (RE)
Royal Enfield (units)
Growth (%)
Net Realn (INR/unit)
Change - YoY (%)
EBITDA Margins (%)
Recurring PAT
Growth (%)
VECV
Total CV Volumes
Growth (%)
Net Realn (INR '000/unit)
Change - YoY (%)
EBITDA Margins (%)
Recurring PAT
Growth (%)
1Q
25,680
33.5
3,660
1,953
40.3
FY16 (15m)
FY17
FY16
FY17 FY17E
2Q
3Q
4Q
5Q
1Q
2Q
3Q
4Q (15m)
4QE VAR (%)
10,959 12,997 12,843 15,322 15,557 17,549 18,348 18,881 61,735 70,334 18,992
-1
-51.2
-42.9
-44.0
-40.3
42.0
35.0
42.9
23.2
NA
42.4
24.0
2,857 3,507 3,577 4,468 4,700 5,422 5,770 5,848 16,891 21,740 6,312
-7
2,372 2,846 2,787 3,431 3,763 4,132 4,182 4,594 13,380 16,671 4,638
-0.9
50.7
72.4
81.3
75.7
58.6
45.2
50.0
33.9
74.0
55.7
28.9
92,021 106,613 127,611 125,744 148,186 147,483 166,941 173,838 178,228 600,175 666,490 178,228
44.4
43.8
55.7
52.9
61.0
38.3
30.8
38.2
20.3
58.7
38.8
20.3
104,450 102,791 101,852 102,139 104,140 105,603 105,576 105,477 105,731 103,073 105,598 106,100
4.7
2.1
1.7
1.4
-0.3
2.7
3.7
3.3
1.5
2.9
2.4
1.8
26.1
26.1
27.2
28.3
29.6
30.8
31.3
31.8
31.4
27.6
31.3
32.0
2,135 1,988 2,569 2,524 3,792 3,371 3,962 4,152 4,116 13,100 15,600 5,467
32.9
49.2
82.2 103.4
77.7
69.6
54.2
64.5
8.5 288.7
48.9
37.5
11,020 12,128 11,657 12,687 15,553 16,071 13,408 11,784 17,230 63,045 58,493 17,230
10.4
6.3
20.8
30.1
41.1
32.5
15.0
-7.1
10.8
23.7
16.0
10.8
1,458.1 1,472.0 1,529.1 1,569.3 1,333.5 1,331.3 1,470.5 1,599.6 1,482.3 1,526.5 1,461.5 1,497.8
13.0
12.0
1.5
4.4
-8.5
-9.6
-3.8
1.9
11.2
8.1
-4.3
4.9
7.1
8.2
8.0
8.5
4.5
9.1
7.2
6.9
8.2
7.9
7.9
6.4
436
768
677
890
60 1,082
698
570 1,160 3,817 3,428
674
20.0
69.5
50.3
56.4
-86.1
40.9
3.1
-36.0 1,820.6
-40.6
12.3
-18.7
0
-14
-70bp
-24.7
0.0
-1.0
180bp
72.0
Investors are advised to refer through important disclosures made at the last page of the Research Report.
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
Jinesh Gandhi
(Jinesh@MotilalOswal.com); +91 22 6129 1524
Deep Shah
(Deep.S@MotilalOswal.com);
Jigar Shah
(Jigar.Shah@MotilalOswal.com)

Eicher Motors
RE: Revenues at record high; 3
rd
consecutive quarter of realization growth
Royal Enfield volumes grew by ~20% YoY (+2.5% QoQ), with domestic segment
(which accounts for ~97% of sales volumes) increasing ~20% YoY, while exports
growth surging to ~41% (export volumes at ~4809 units) on a lower base.
Net realization grew 1.5% YoY (flat QoQ) due to price hike of ~3% in 4QFY17 to
pass on the impact of BS-4 compliance cost.
As a result, operating revenues were at a record high of ~INR18.7b (in-line),
growing ~22% YoY (+2.5% QoQ).
Exhibit 1: Standalone Quarterly Performance (Royal Enfield)
(INR Million)
FY16 (15m)
Y/E March
1Q
2Q
3Q
4Q
Royal Enfield (units)
92,021 106,613 127,611 125,744
Growth (%)
44.4
43.8
55.7
52.9
Net Realn (INR/unit) 104,450 102,791 101,852 102,139
Change - YoY (%)
4.7
2.1
1.7
1.4
Net operating income 9,612 10,959 12,997 12,843
Growth (%)
51.2
46.9
58.3
55.1
RM Cost (%)
57.1
57.2
56.5
53.9
Staff Cost (%)
5.3
5.9
5.5
6.1
Other Exp (%)
11.5
10.8
10.8
11.7
Total Cost
7,100 8,102 9,463 9,213
EBITDA
2,512 2,857 3,535 3,630
EBITDA Margins (%)
26.1
26.1
27.2
28.3
Depreciation
191
224
263
321
Other income
649
262
420
345
Interest cost
6
3
4
4
Effective tax rate(%)
28.0
31.3
30.3
30.9
Recurring PAT
2,135 1,988 2,569 2,524
Growth (%)
32.9
49.2
82.2 103.4
5Q
148,186
61.0
104,140
-0.3
15,432
60.6
54.6
4.8
11.1
10,869
4,563
29.6
374
1,099
6
28.2
3,792
77.7
1Q
147,483
38.3
105,603
2.7
15,575
42.1
53.3
5.6
10.3
10,779
4,796
30.8
391
468
7
30.7
3,371
69.6
FY17
2Q
3QE
166,941 173,838
30.8
38.2
105,576 105,477
3.7
3.3
17,625 18,336
35.6
42.8
52.0
52.8
5.4
5.5
11.3
9.8
12,101 12,508
5,524 5,828
31.3
31.8
358
355
665
590
8
7
32.0
31.4
3,962 4,152
54.2
64.5
FY16
4Q
178,228
20.3
105,731
1.5
18,844
22.1
52.6
5.4
10.7
12,934
5,910
31.4
430
550
7
31.7
4,116
8.5
600,175
58.7
103,073
2.9
61,862
63.3
55.7
5.5
11.2
44,764
17,098
27.6
1,373
2,835
21
29.3
13,100
288.7
FY17
666,490
38.8
105,598
2.4
70,380
42.2
52.7
5.5
10.5
48,322
22,058
31.3
1,533
2,273
28
31.5
15,600
48.9
4QE VAR (%)
178,228
0.0
20.3
106,100
1.8
18,910
0
22.4
20bp
52.3
6.0 -60bp
9.7 100bp
12,854
6,056
-2.4
32.0
377
14.1
1,627
-66.2
7
-1.4
25.1 660bp
5,467
-24.7
37.5
Source: Company, MOSL
Exhibit 2: Strong volume growth of 20% YoY
Royal Enfield volumes (units)
Growth YoY %
85
84
72
70
68
61 38
61
50
49 44 44 56 53
45
48
45
31 38
Exhibit 3: RE’s realizations improve by ~1.5 % YoY
Royal Enfield Realizations (INR)
20
Source: Company, MOSL
Source: Company, MOSL
EBITDA margins miss estimates on higher other expenses
EBITDA margin expanded ~80bp YoY (-40bp QoQ) to 31.4% (v/s est. of ~32%),
driven by higher other expenses (+18% YoY; +11.7 QoQ). EBITDA grew 29.5%
YoY to ~INR5.9b (est. of ~INR6.05b).
Further, lower other income at ~INR0.6b (est. of ~INR1.6b, as we had assumed
total dividend of ~INR1.2b) dragged adjusted PAT lower than expected to
~INR4.1b (v/s ~INR5.5b).
2
5 May 2017

Eicher Motors
Exhibit 4: Margins stays at an elevated level
Royal Enfield EBITDA margins %
25.0
24.9
18.6
26.1
23.6 26.1
27.2
28.3
29.6
30.8
31.8 31.4
31.3
23.1
15.3
15.1
17.7
19.3
17.8
11.5
Source: Company, MOSL
VECV: Above estimates as lower-than-estimated discounts boost margins
VECV volumes declined ~11% YoY to ~17.2k units, with domestic segment
(which accounted for ~87% of volumes) declining ~10% YoY, while exports
growth coming in better at ~14% YoY.
Domestic trucks growth was ~7% YoY, as both LMD and HD trucks volumes
surged by 3% and 15%, respectively, on account of pre-buying.
Realizations increased ~11% YoY (-7% QoQ) to ~INR1.5m on account of an
improvement in product mix. Discounts continued to remain at a high level, but
lower-than-estimated due lower BS-3 inventory with VECV.
Consequently, net revenues grew ~23% to ~INR25.5b (est. of ~INR25.8b).
EBITDA margins were at 8.2% (est. of ~6.4%), implying expansion of 370bp YoY (-
30bp QoQ).
PAT came in at a record-high of ~INR1,160m (est. of ~INR674m).
Exhibit 6: Margins moderate to 6.9% on account of negative
operating leverage
VECV EBITDA margins %
11
-7
Exhibit 5: Volumes decline 7% on demonetization impact
VECV volumes (units)
10
5 5
9 -14 -9 -13
8
-23 -20
6
-9 -14
Growth YoY %
41
33
30
21
15
Source: Company, MOSL
Source: Company, MOSL
5 May 2017
3

Eicher Motors
Exhibit 7: VECV: Quarterly Performance
(INR Million)
Y/E March
Total CV Volumes
Growth (%)
Net Realn (INR '000/unit)
Change - YoY (%)
Net Op. Income
Growth (%)
EBITDA
EBITDA Margins (%)
EBITDA (INR '000/unit)
Change (%)
Reported PAT
Recurring PAT
Growth (%)
E: MOSL Estimates
1Q
11,020
10.4
1,458
13.0
16,069
24.7
1,148
7.1
104
53
436
436
20.0
FY16 (15m)
FY17
FY16
FY17
2Q
3Q *
4Q *
5Q
1Q
2Q
3Q
4Q
4QE VAR (%)
12,128 11,657 12,687 15,553 16,071 13,408 11,784 17,230 63,045 58,493 17,230
0.0
6.3
20.8
30.1
41.1
32.5
15.0
-7.1
10.8
23.7
16.0
10.8
1,472 1,529 1,569 1,334 1,331 1,470 1,600 1,482 1,527 1,462 1,498
-1.0
12.0
1.5
4.4
-8.5
-9.6
-3.8
1.9
11.2
8.1
-4.3
4.9
17,852 17,825 19,910 20,740 21,395 19,716 18,850 25,540 96,239 85,490 25,807
-1.0
19.1
22.6
35.8
29.1
19.8
10.6
-5.3
23.1
33.7
11.0
16.3
1,460 1,418 1,700
930 1,940 1,428 1,300 2,090 7,620 6,750 1,655
26.3
8.2
8.0
8.5
4.5
9.1
7.2
6.9
8.2
7.9
7.9
6.4 180bp
120
122
134
60
121
107
110
121
121
115 96,060
48
42
58
-19
33
1
-24
125
8
-11.4
-7
768
677
890
60 1,082
698
570 1,160 3,817 3,428
674
768
677
890
60 1,082
698
570 1,160 3,817 3,428
674
72.0
69.5
50.3
56.4 -86.1
40.9
3.1 -36.0 1,821 -40.6
12.3 -18.7
Source: Company, MOSL
Exhibit 8: Product mix
L&MD - Trucks (Dom)
% of total CV volumes
HD - Trucks (Dom)
% of total CV volumes
Total Dom. Trucks
% of total CV volumes
Buses (Dom)
% of total CV volumes
Total Domestic
% of total CV volumes
Total Exports
% of total CV volumes
Total ETB
% of total CV volumes
Volvo Truck India (units)
% of total CV volumes
Total CV Volumes
4QFY17
7,509
44
3,643
21
11,152
65
3,771
22
14,923
87
1,882
11
16,805
98
425
2
17,230
5QFY16
7,269
47
3,163
20
10,432
67
3,191
21
13,623
88
1,653
11
15,276
98
277
2
15,553
YoY (%)
3.3
15.2
6.9
18.2
9.5
13.9
10.0
53.4
10.8
3QFY17
5,853
50
1,960
17
7,813
66
1,695
14
9,508
81
1,954
17
11,462
97
322
3
11,784
QoQ (%)
28.3
85.9
42.7
122.5
57.0
-3.7
46.6
32.0
46.2
Source: Company, MOSL
Exhibit 9: MDEP volumes grew ~21% YoY
MDEP volumes (Units)
4,353 4,800 4,728
3,900
2,600
5,975
4,622
6,048 5,848
7,217
3,200
3,800
Source: Company, MOSL
5 May 2017
4

Eicher Motors
Key takeaways from Concall
Royal Enfield
Waiting period
for best seller Classic 350 model continues remains stable at ~2
months. It is witnessing 15% same store sales growth in top-20 cities (~50% of
its volumes).
Network expansion:
RE strengthened its retail foot print in India with the
addition of 150 new dealerships in FY17 taking dealer count to 675+ dealers Pan
India. It maintains its guidance of 150 dealer additions/ year for next couple of
years. Considering large part of expansion is happening in smaller towns and
cities, RE might have to look at smaller format to ensure viability of dealership.
Capacity expansion update:
Capacity expansion is on track, with Vallam
Vadagal plant likely to be commissioned in August 2017. With the
commencement of third plant in phased manner, the aggregate capacity of RE
to increase to 825,000 motorcycles in 2017-18.
Buyer profile:
RE’s majority of customers are upgraders from mass market
segment (100-150cc). The share of first time buyers with the decline in average
age of first time buyers.
th
Export market:
RE has entered Brazil market (4 largest motorcycle market)
with direct distribution subsidiary and opened its first exclusive store in Sao
Paulo taking total exclusive store count to 25 globally. The management has
guided additional 20-25 exclusive stores in FY18 in key exports markets such as
Columbia, Indonesia, Thailand and Brazil. RE’s only showroom at Bangkok
(Thailand) has crossed monthly sales of ~100 units in first full year of operations,
far exceeding the internal target.
The management has guided combined Capex
of INR8bn in FY18 to be spent on
third plant at Vallam Vadagal, product development, two technical centres (UK
and Chennai) and market expansion.
RE expects to launch a new product by end FY18, which would be in a new
segment.
VECV
Minimal BS-3 transition impact:
The management indicated minimum impact of
fuel emission transition as it had limited BS-3 inventory, which it was able to
liquidate without increasing discounts.
FY18 capex at INR4.5b at VECV.
MDEP engine volumes at 7,217 units – a growth of ~21% YoY (~24% QoQ)
Valuation and view
RE volume momentum to further strengthen as focus shifts from production to
products:
With confidence in managing capacities, management’s focus has
shifted to products and marketing process. It is now focusing on expanding
addressable market through a) improving product quality, b) new product
launches, c) expanding dealership (in sync with capacity expansion) and d)
driving paradigm change in retail identity, in turn improving visibility of
sustenance of strong growth. Further, it has expanded managerial bandwidth
and plugged gaps in skill sets by hiring best in the business.
5 May 2017
5

Eicher Motors
Export market huge opportunity, but to fully play out over next few years:
RE
is focused on creating an affordable leisure biking segment in 250-650cc and in
price range of USD3-7,000. Globally, size of 250cc-650cc segment is ~1m
annually, dominated by sports/street biking segment. Exports from India for
premium segment (Ex RE, >150cc) is over 0.5m annually. However, RE’s exports
are just ~9,000 units, restricted due to capacity constraints and limited relevant
product portfolio for export markets. EIM has recently started executing its
export strategy, based on experiential marketing like they have done it in India,
and is opening exclusive stores in markets like LatAm, Indonesia, London, Paris,
Madrid etc. We believe that export market can be a meaningful contributor to
volumes in next 5 years given the huge opportunity size and differentiated
positioning of Royal Enfield.
New product launches and capacity addition to drive strong volume growth,
margins:
After no meaningful launch over last few years, RE is planning to
launch several new products over next 5 years, with Himalayan motorcycle
launched in Feb-16 and another new product in 2HFY18. Further, its 3rd plant
would come on-stream in Aug-17, taking total capacity of ~960k by FY19. We
expect RE volumes to grow 19.5% over FY17-19E. We expect margins to expand
200 bps over FY17-19E to 33.3%, on back of higher operating leverage and
consolidation of its vendor base near its 3 plants in Tamil Nadu.
VECV well prepared for CV cycle recovery:
While Pro series launch of LMD and
HD range (big upgrade of existing platform) is largely done, we believe
acceptance of new range would happen gradually. Pro series will help to ramp-
up exports over next 2 years, with focus on Africa and Asia. MDEP ramp-up
continues with ~23,735 units in FY17E. We estimate VECV’s sales/PAT to post
20%/31.8% CAGR (FY17-20E).
Consol. EPS to grow at 36% CAGR; Maintain Buy:
We upgrade consol. EPS for
FY18/19 by 4%/8%, as we upgrade our volume and profitability assumption for
VECV. EIM trades at 29x/22.8x FY18E/19E EPS. Maintain
Buy
with a TP of
INR30,402 (FY19 SOTP based).We value RE at 27.5x PE and VECV at 9x
EV/EBITDA.
5 May 2017
6

Eicher Motors
Exhibit 10: 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)
Consol EPS (INR)
827,197
91,449
29,700
32.5
19,936
22,760
836.5
64,598
107,665
8,567
8.0
3,690
86.0
892.0
FY18E
Old
833,113
90,481
29,583
32.7
19,872
22,717
836.4
58,818
86,113
6,392
7.4
2,566
60.8
855.7
Chg (%)
(0.7)
1.1
0.4
-20bp
0.3
0.2
0.0
9.8
25.0
34.0
50bp
43.8
41.5
4.2
Rev
951,322
109,521
36,449
33.3
24,555
28,809
1,059
71,971
123,577
11,162
9.0
5,237
119.3
1135.1
FY19E
Old
960,005
107,332
35,841
33.4
23,952
27,775
1,023
Chg (%)
(0.9)
2.0
1.7
-10bp
2.5
3.7
3.5
63,007
14.2
97,980
26.1
6,711
66.3
6.8
220bp
2,298
127.8
58.1
105.1
1049.0
8.2
Source: Company, MOSL
FY19E
27.5
27,840
765,593
6,072
54,649
-5,479
60,128
825,721
30,402
17.7
Exhibit 11: SOTP Valuations
INR M
Royal Enfield
PAT (ex VECV div)
Equity Value
VECV (@ 54.4% Economic interest)
EBITDA
EV
Net Debt
Equity Value
Total Equity Value
Target Price (INR/Sh)
Upside (%)
PE (x)
PE based
FY18E
30
22,240
667,203
4,660
41,944
-4,610
46,554
713,757
26,280
1.7
@ 9x EV/EBITDA
Source: Company, MOSL
Exhibit 12: Valuations trading above historical average, reflecting improving fundamentals
45
36
27
18
9
0
14.8
24.9
18.4
28.5
P/E (x)
5 Yrs Avg(x)
15 Yrs Avg(x)
10 Yrs Avg(x)
16.0
12.0
8.0
4.0
0.0
P/B (x)
5 Yrs Avg(x)
15 Yrs Avg(x)
10 Yrs Avg(x)
10.0
8.0
4.7
3.7
Source: MOSL
Source: MOSL
5 May 2017
7

Eicher Motors
Exhibit 13: Comparative valuation
Auto OEM's
Bajaj Auto
Hero MotoCorp
TVS Motor
M&M
Maruti Suzuki
Tata Motors
Ashok Leyland
Eicher Motors
Auto Ancillaries
Bharat Forge
Exide Industries
Amara Raja Batteries
BOSCH
Endurance Tech
CMP
(INR)*
2,890
3,363
493
1,321
6,648
420
83
25,837
1,098
241
874
23,265
794
Rating
Buy
Neutral
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Neutral
Buy
TP
(INR)
3,282
3,390
581
1,570
7,319
619
98
30,402
1,266
274
1,084
22,924
841
P/E (x)
EV/EBITDA (x)
FY18E FY19E FY18E FY19E
18.7
16.6
13.2
11.2
18.2
17.9
11.9
11.7
29.5
18.4
19.6
12.6
17.5
14.8
14.3
12.1
22.2
17.9
13.3
11.0
14.3
6.8
4.0
2.3
16.1
12.6
8.6
6.7
29.0
22.8
24.3
19.8
29.5
25.5
23.4
34.8
27.0
21.7
20.5
20.1
30.4
21.2
16.1
16.3
13.8
25.5
13.0
12.4
13.3
11.8
21.2
10.7
RoE (%)
FY18E FY19E
30.2
30.0
36.2
31.9
29.2
35.9
13.9
14.7
21.2
22.3
11.0
19.7
22.3
24.9
41.9
38.5
20.5
14.5
22.9
24.5
21.6
23.7
15.8
22.0
23.4
22.9
Div Yield (%) EPS CAGR (%)
FY18E FY19E
FY17-19E
2.6
3.1
14.1
2.7
2.7
4.6
0.6
0.9
50.9
1.5
1.5
20.5
1.3
1.5
22.1
0.1
0.1
131.9
2.4
2.7
24.9
0.6
0.7
36.0
0.9
0.9
0.6
0.6
0.4
0.9
0.9
0.7
0.7
0.8
41.6
20.2
21.7
27.2
29.6
Source: Company, MOSL
5 May 2017
8

Eicher Motors
Operating metrics
Exhibit 14: Snapshot of Revenue Model
000 units
ROYAL ENFIELD (S/A)
Total 2W (units)
Growth (%)
Net realn (INR'000/unit)
Growth (%)
RE Revenues (INR b)
Growth (%)
VECV
Dom - LMD
Growth (%)
% of CV Vols
Dom - HCV
Growth (%)
% of CV Vols
Total Dom.
Growth (%)
% of CV Vols
Exports
Growth (%)
% of CV Vols
Total CV vols
Growth (%)
MDEP Vols (Ex captive)
Net realn (INR'000/unit)
Growth (%)
VECV Revenues (INR b)
Growth (%)
Net Consol sales (INR b)
Growth (%)
CY12
113
52.0
92
3.0
10
56.3
36
-3.9
75.3
9
14.8
19.2
45
-0.6
94.5
3
-16.3
5.5
48
-1.6
1,111
8
53
5.9
64
11.6
CY13
178
57.0
95
2.7
17
63.3
31
-13.3
76.1
7
-27.4
16.3
38
-16.1
92.3
3
20.1
7.7
41
-14.1
3
1,236
11
51
-4.1
68
6.6
CY14
303
69.9
100
5.4
30
76.9
28
-9.9
70.1
6
-8.2
15.3
34
-9.6
85.4
6
86.5
14.6
40
-2.3
12
1,412
14
58
12.3
87
28.3
FY16 (15m)
600
98.3
103
3.1
62
104.2
42
50.0
68.1
12
98.2
19.7
54
58.6
87.8
8
29.0
12.2
62
54.3
24
1,526
8
96
67.1
62
-29.4
FY17E
666
38.8
105
2.4
70
42.1
37
10.0
64.4
12
28.0
21.6
49
14.0
86.0
8
33.7
14.0
57
16.4
24
1,462
20
85
11.0
70
42.4
FY18E
827
24.1
110
4.7
91
29.9
41
10.0
64.2
14
10.0
21.6
54
10.0
85.8
9
11.7
14.2
63
10.2
27
1,667
14
108
25.9
91
30.0
FY19E
951
15.0
115
4.1
110
19.8
45
10.0
63.5
15
11.8
21.7
60
10.5
85.1
10
16.7
14.9
70
11.3
31
1,717
3
124
14.8
110
19.8
Source: Company, MOSL
5 May 2017
9

Eicher Motors
Eicher Motors| Story in charts: Multiple growth drivers
Exhibit 15: Capacity addition and healthy demand to drive
RE volumes…
Volumes (units)
69.9
58.7
38.8
19.0
24.1
CY13
CY14
FY16E
(15m)
FY17E
FY18E
Growth (%)
Exhibit 16: …together with efficiencies of new plant to drive
RE margins
EBITDA
27.7
24.2
EBITDA Margins (%)
31.3
32.5
33.3
57.0
15.0
FY19E
CY13
CY14
FY16E
(15m)
FY17E
FY18E
FY19E
Source: Company, MOSL
Source: Company, MOSL
Exhibit 17: VECV recovery expected to get stronger in FY18
VECV (units)
54.3
16.4
10.2
11.3
Growth YoY %
Exhibit 18: Improved demand, lower discounts
favorable product mix to drive VECV margins
EBITDA (INR m)
7.7
6.7
7.9
7.9
EBITDA (%)
8.0
9.0
and
(1.6)
(14.1)
40,817
CY13
(2.3)
47,544
CY12
39,892
CY14
61,549
FY16E
(15m)
57,330
FY17E
63,202
FY18E
70,366
FY19E
CY13
CY14
FY16E
(15m)
FY17E
FY18E
FY19E
Source: Company, MOSL
Source: Company, MOSL
Exhibit 19: Royal Enfield to contribute ~86% of FY19 EBITDA
Royal Enfield
44
0
22
2
18
VECV (ex-MDEP)
2
12
MDEP
2
12
2
12
Exhibit 20: Robust growth to drive RoE and RoCE (%)
RoE
60
40
37
36 38
40
RoIC
52
27
42
61
38
62
60
(4)
CY13
78
81
86
86
86
20
21
2012
CY13
CY14
CY14
FY16E
(15m)
FY17E
FY18E
FY19E
FY16E
(15m)
FY17E
FY18E
FY19E
Source: Company, MOSL
Source: Company, MOSL
5 May 2017
10

Eicher Motors
Financials and Valuations
Y/E Mar
Net Sales
Change (%)
EBITDA
EBITDA Margin (%)
Depreciation
EBIT
Interest
Other Income
Extraordinary items
PBT
Tax
Tax Rate (%)
Min. Int. & Assoc. Share
Reported PAT
Adjusted PAT
Change (%)
Y/E Mar
Share Capital
Reserves
Net Worth
Minority Interest
Debt
Deferred Tax
Total Capital Employed
Gross Fixed Assets
Less: Acc Depreciation
Net Fixed Assets
Goodwill on consolidation
Capital WIP
Investments
Current Assets
Inventory
Debtors
Cash & Bank
Loans & Adv, Others
Curr Liabs & Provns
Net Current Assets
Total Assets
Income Statement
2011
56,775
29.1
6,037
10.6
640
5,398
77
1,281
0
6,602
1,628
24.7
1,886
3,088
3,088
63.4
2011
270
14,661
14,931
8,377
504
645
24,456
9,664
4,843
4,821
223
4,128
5,126
23,501
4,280
3,434
11,973
3,814
13,343
10,157
24,456
2012
63,299
11.5
5,490
8.7
822
4,669
38
1,366
0
5,997
1,249
20.8
1,506
3,243
3,243
5.0
2012
270
17,279
17,549
9,485
384
1,232
28,649
15,037
5,342
9,695
223
5,044
6,385
23,368
4,888
4,459
8,035
5,986
16,066
7,302
28,649
2013
66,858
5.6
7,137
10.7
1,300
5,837
79
953
0
6,711
1,452
21.6
1,314
3,945
3,945
21.7
2013
270
20,284
20,554
10,397
839
1,805
33,595
22,770
6,431
16,339
223
4,636
8,255
23,914
5,268
5,125
6,826
6,695
19,771
4,143
33,595
2014
85,987
28.6
11,147
13.0
2,198
8,949
98
1,074
0
9,926
2,909
29.3
864
6,153
6,153
56.0
2014
271
24,888
25,159
10,851
584
2,394
38,986
31,151
8,280
22,871
223
4,188
10,777
25,974
6,455
5,622
3,533
10,364
25,046
928
38,987
2016
61,469
-28.5
16,891
27.5
1,366
15,525
21
1,781
0
17,285
5,390
31.2
-1,486
13,380
13,380
117.5
2016
272
34,371
34,643
11,569
859
3,382
50,452
38,412
9,646
28,766
223
4,147
16,383
35,269
10,143
8,336
5,914
10,875
34,193
1,076
50,595
2017
70,030
13.9
21,748
31.1
1,538
20,210
36
3,556
0
23,730
7,203
30.4
-1,435
17,962
17,962
34.2
2017
272
49,066
49,337
10,134
633
3,382
63,486
47,533
11,184
36,349
223
4,738
33,255
25,542
9,666
8,102
3,707
11,482
36,620
11,078
63,486
2018E
91,055
30.0
29,700
32.6
1,919
27,781
(INR Million)
2019E
109,010
19.7
36,449
33.4
2,589
33,860
15
3,325
0
31,091
8,851
28.5
-1,986
24,226
24,226
34.9
2018E
272
68,497
68,768
8,148
633
3,698
81,247
61,367
13,103
48,264
223
1,250
33,255
49,704
14,375
8,001
13,460
13,868
51,449
1,744
81,247
15
4,650
0
38,495
10,655
27.7
-2,989
30,829
30,829
27.3
2019E
272
93,805
94,076
5,158
633
4,093
103,960
72,963
15,693
57,271
223
1,250
33,255
72,281
16,812
9,214
29,831
16,424
60,319
11,962
103,960
Balance Sheet
(INR Million)
5 May 2017
11

Eicher Motors
Financials and Valuations
Y/E Mar
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
RoIC
Turnover Ratios (%)
Asset Turnover (x)
Debtors (No. of Days)
Inventory (No. of Days)
Leverage Ratios (%)
Net Debt/Equity (x)
Y/E Mar
Adjusted EBITDA
Non cash opr. exp (inc)
(Inc)/Dec in Wkg. Cap.
Tax Paid
Other operating activities
CF from Op. Activity
(Inc)/Dec in FA & CWIP
Free cash flows
(Pur)/Sale of Invt
Others
CF from Inv. Activity
Inc/(Dec) in Net Worth
Inc / (Dec) in Debt
Interest Paid
Divd Paid (incl Tax) & Others
CF from Fin. Activity
Inc/(Dec) in Cash
Add: Opening Balance
Closing Balance
Ratios
2011
114.4
138.1
553.2
16.0
16.3
225.8
187.1
46.7
20.1
191.3
0.1
22.7
22.5
140.6
2.3
22
27
-0.5
2011
6,037
-101
-234
-1,668
1,316
5,351
-4,173
1,178
0
-540
-4,713
24
-453
-84
-609
-1,122
-484
12,457
11,973
2012
120.1
150.5
650.0
20.0
17.3
215.1
171.6
39.8
17.4
189.3
0.1
20.0
18.0
59.6
2.2
25
28
-0.3
2012
5,490
21
391
-1,077
1,351
6,177
-7,820
-1,644
0
-1,263
-9,083
4
-43
-40
-895
-974
-3,880
11,915
8,035
2013
145.9
194.0
760.1
30.0
22.3
177.1
133.2
34.0
15.3
127.0
0.1
20.7
17.1
39.7
2.0
27
28
-0.2
2013
7,137
50
1,491
-1,504
1,023
8,197
-7,054
1,143
0
-1,879
-8,933
17
610
-80
-1,020
-474
-1,209
8,035
6,826
2014
227.1
308.2
928.4
35.0
25.1
113.8
83.8
27.8
11.2
73.1
0.1
26.9
19.5
36.8
2.2
23
27
-0.1
2014
11,147
-832
2,020
-2,810
950
10,475
-9,682
793
0
-1,190
-10,872
79
-255
-98
-1,348
-1,622
-2,020
6,826
4,806
2016
492.7
542.9
1275.5
100.0
23.4
52.4
47.6
20.3
6.0
32.0
0.4
35.8
21.3
38.4
1.2
62
75
-0.1
2016
16,891
-1,188
3,564
-4,345
1,781
16,704
-7,221
9,483
0
-5,606
-12,826
-759
275
-21
-3,138
-3,642
235
4,806
5,041
2017
661.3
718.0
1816.5
100.0
18.2
39.1
36.0
14.2
5.7
25.9
0.4
42.8
29.1
52.9
1.1
42
50
0.1
2017
21,748
2,056
334
-7,203
3,556
20,491
-9,712
10,779
0
-16,872
-26,584
0
-226
-36
-3,267
-3,529
-9,621
5,041
4,580
2018E
892.0
962.6
2532.0
150.0
19.8
29.0
26.8
10.2
4.3
18.6
0.6
41.0
30.7
63.6
1.1
32
57
-0.2
2018E
29,700
2,729
5,104
-8,535
3,325
32,324
-10,346
21,978
0
0
-10,346
0
0
-15
-4,795
-4,810
17,167
-4,580
12,587
2019E
1135.1
1230.4
3463.8
175.0
17.9
22.8
21.0
7.5
3.5
14.5
0.7
37.9
30.1
67.2
1.0
31
56
-0.3
2019E
36,449
540
2,124
-10,261
4,650
33,503
-11,596
21,907
0
0
-11,596
0
0
-15
-5,521
-5,536
16,371
12,587
28,958
Cash Flow Statement
(INR Million)
5 May 2017
12

Eicher Motors
Corporate profile
Company description
Promoted by the Delhi-based Vikram Lal Group,
Eicher Motors (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).
Source: MOSL/Bloomberg
Exhibit 1: Sensex rebased
Exhibit 2: Shareholding pattern (%)
Mar-17
Promoter
DII
FII
Others
50.6
4.0
32.5
12.9
Dec-16
50.6
3.8
32.5
13.1
Mar-16
54.9
3.2
28.9
13.1
Source: Capitaline
Exhibit 3: Top holders
Holder Name
EUROPACIFIC GROWTH FUND
% Holding
4.0
Note: FII Includes depository receipts
Source: Capitaline
Exhibit 4: Top management
Name
S Sandilya
Siddhartha Lal
Manhar Kapoor
Designation
Chairman
Managing Director &
CEO
Company Secretary
Exhibit 5: Directors
Name
M J Subbaiah
Priya Brat
Name
Prateek Jalan
Manvi Sinha
Source: Capitaline
*Independent
Exhibit 6: Auditors
Name
Deloitte Haskins & Sells
V Kalyanaraman
Type
Statutory
Cost Auditor
Exhibit 7: MOSL forecast v/s consensus
EPS
(INR)
FY17
FY18
FY19
MOSL
forecast
661.3
892.0
1135.1
Consensus
forecast
619.8
784.9
972.6
Variation (%)
6.7
13.7
16.7
Source: Bloomberg
Source: Capitaline
5 May 2017
13

Disclosures
This document has been prepared by Motilal Oswal Securities Limited (hereinafter referred to as Most) to provide information about the company (ies) and/sector(s), if any, covered in the report and may be distributed by it
and/or its affiliated company(ies). This report is for personal information of the selected recipient/s and does not construe to be any investment, legal or taxation advice to you. This research report does not constitute an
offer, invitation or inducement to invest in securities or other investments and Motilal Oswal Securities Limited (hereinafter referred as MOSt) is not soliciting any action based upon it. This report is not for public distribution
and has been furnished to you solely for your general information and should not be reproduced or redistributed to any other person in any form. This report does not constitute a personal recommendation or take into
account the particular investment objectives, financial situations, or needs of individual clients. Before acting on any advice or recommendation in this material, investors should consider whether it is suitable for their
particular circumstances and, if necessary, seek professional advice. The price and value of the investments referred to in this material and the income from them may go down as well as up, and investors may realize losses
on any investments. Past performance is not a guide for future performance, future returns are not guaranteed and a loss of original capital may occur.
MOSt and its affiliates are a full-service, integrated investment banking, investment management, brokerage and financing group. We and our affiliates have investment banking and other business relationships with a some
companies covered by our Research Department. Our research professionals may provide input into our investment banking and other business selection processes. Investors should assume that MOSt and/or its affiliates are
seeking or will seek investment banking or other business from the company or companies that are the subject of this material and that the research professionals who were involved in preparing this material may educate
investors on investments in such business . The research professionals responsible for the preparation of this document may interact with trading desk personnel, sales personnel and other parties for the purpose of
gathering, applying and interpreting information. Our research professionals are paid on twin parameters of performance & profitability of MOSt.
MOSt generally prohibits its analysts, persons reporting to analysts, and members of their households from maintaining a financial interest in the securities or derivatives of any companies that the analysts cover.
Additionally, MOSt generally prohibits its analysts and persons reporting to analysts from serving as an officer, director, or advisory board member of any companies that the analysts cover. Our salespeople, traders, and
other professionals or affiliates may provide oral or written market commentary or trading strategies to our clients that reflect opinions that are contrary to the opinions expressed herein, and our proprietary trading and
investing businesses may make investment decisions that are inconsistent with the recommendations expressed herein. In reviewing these materials, you should be aware that any or all of the foregoing among other things,
may give rise to real or potential conflicts of interest. MOSt and its affiliated company(ies), their directors and employees and their relatives may; (a) from time to time, have a long or short position in, act as principal in, and
buy or sell the securities or derivatives thereof of companies mentioned herein. (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the
financial instruments of the company(ies) discussed herein or act as an advisor or lender/borrower to such company(ies) or may have any other potential conflict of interests with respect to any recommendation and other
related information and opinions.; however the same shall have no bearing whatsoever on the specific recommendations made by the analyst(s), as the recommendations made by the analyst(s) are completely independent
of the views of the affiliates of MOSt even though there might exist an inherent conflict of interest in some of the stocks mentioned in the research report
Reports based on technical and derivative analysis center on studying charts company's price movement, outstanding positions and trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a
company's fundamental analysis. In addition MOST has different business segments / Divisions with independent research separated by Chinese walls catering to different set of customers having various objectives, risk profiles, investment horizon,
etc, and therefore may at times have different contrary views on stocks sectors and markets.
Unauthorized disclosure, use, dissemination or copying (either whole or partial) of this information, is prohibited. The person accessing this information specifically agrees to exempt MOSt or any of its affiliates or employees
from, any and all responsibility/liability arising from such misuse and agrees not to hold MOSt or any of its affiliates or employees responsible for any such misuse and further agrees to hold MOSt or any of its affiliates or
employees free and harmless from all losses, costs, damages, expenses that may be suffered by the person accessing this information due to any errors and delays. The information contained herein is based on publicly
available data or other sources believed to be reliable. Any statements contained in this report attributed to a third party represent MOSt’s interpretation of the data, information and/or opinions provided by that third party
either publicly or through a subscription service, and such use and interpretation have not been reviewed by the third party. This Report is not intended to be a complete statement or summary of the securities, markets or
developments referred to in the document. While we would endeavor to update the information herein on reasonable basis, MOSt and/or its affiliates are under no obligation to update the information. Also there may be
regulatory, compliance, or other reasons that may prevent MOSt and/or its affiliates from doing so. MOSt or any of its affiliates or employees shall not be in any way responsible and liable for any loss or damage that may
arise to any person from any inadvertent error in the information contained in this report. MOSt or any of its affiliates or employees do not provide, at any time, any express or implied warranty of any kind, regarding any
matter pertaining to this report, including without limitation the implied warranties of merchantability, fitness for a particular purpose, and non-infringement. The recipients of this report should rely on their own
investigations.
This report is intended for distribution to institutional investors. Recipients who are not institutional investors should seek advice of their independent financial advisor prior to taking any investment decision based on this
report or for any necessary explanation of its contents.
Most and it’s associates may have managed or co-managed public offering of securities, may have received compensation for investment banking or merchant banking or brokerage services, may have received any
compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past 12 months.
Most and it’s associates have not received any compensation or other benefits from the subject company or third party in connection with the research report.
Subject Company may have been a client of Most or its associates during twelve months preceding the date of distribution of the research report
MOSt and/or its affiliates and/or employees may have interests/positions, financial or otherwise of over 1 % at the end of the month immediately preceding the date of publication of the research in the securities mentioned
in this report. To enhance transparency, MOSt has incorporated a Disclosure of Interest Statement in this document. This should, however, not be treated as endorsement of the views expressed in the report.
Motilal Oswal Securities Limited is registered as a Research Analyst under SEBI (Research Analyst) Regulations, 2014. SEBI Reg. No. INH000000412
Pending Regulatory inspections against Motilal Oswal Securities Limited:
SEBI pursuant to a complaint from client Shri C.R. Mohanraj alleging unauthorized trading, issued a letter dated 29th April 2014 to MOSL notifying appointment of an Adjudicating Officer as per SEBI regulations to hold inquiry
and adjudge violation of SEBI Regulations; MOSL replied to the Show Cause Notice whereby SEBI granted us an opportunity of Inspection of Documents. Since all the documents requested by us were not covered we have
requested to SEBI vide our letter dated June 23, 2015 to provide pending list of documents for inspection.
List of associate companies of Motilal Oswal Securities Limited -Click
here to access detailed report
Analyst Certification
The views expressed in this research report accurately reflect the personal views of the analyst(s) about the subject securities or issues, and no part of the compensation of the research analyst(s) was, is, or will be directly or
indirectly related to the specific recommendations and views expressed by research analyst(s) in this report. The research analysts, strategists, or research associates principally responsible for preparation of MOSt research
receive compensation based upon various factors, including quality of research, investor client feedback, stock picking, competitive factors and firm revenues
Eicher Motors
Disclosure of Interest Statement
Analyst ownership of the stock
No
Served as an officer, director or employee -
No
A graph of daily closing prices of securities is available at www.nseindia.com and http://economictimes.indiatimes.com/markets/stocks/stock-quotes
Regional Disclosures (outside India)
This report is not directed or intended for distribution to or use by any person or entity resident in a state, country or any jurisdiction, where such distribution, publication, availability or use would be contrary to law,
regulation or which would subject MOSt & its group companies to registration or licensing requirements within such jurisdictions.
For Hong Kong:
This report is distributed in Hong Kong by Motilal Oswal capital Markets (Hong Kong) Private Limited, a licensed corporation (CE AYY-301) licensed and regulated by the Hong Kong Securities and Futures
Commission (SFC) pursuant to the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) “SFO”. As per SEBI (Research Analyst Regulations) 2014 Motilal Oswal Securities (SEBI Reg No. INH000000412) has
an agreement with Motilal Oswal capital Markets (Hong Kong) Private Limited for distribution of research report in Kong Kong. This report is intended for distribution only to “Professional Investors” as defined in Part I of
Schedule 1 to SFO. Any investment or investment activity to which this document relates is only available to professional investor and will be engaged only with professional investors.” Nothing here is an offer or solicitation
of these securities, products and services in any jurisdiction where their offer or sale is not qualified or exempt from registration. The Indian Analyst(s) who compile this report is/are not located in Hong Kong & are not
conducting Research Analysis in Hong Kong.
For U.S.
Motilal Oswal Securities Limited (MOSL) is not a registered broker - dealer under the U.S. Securities Exchange Act of 1934, as amended (the"1934 act") and under applicable state laws in the United States. In addition MOSL is
not a registered investment adviser under the U.S. Investment Advisers Act of 1940, as amended (the "Advisers Act" and together with the 1934 Act, the "Acts), and under applicable state laws in the United States.
Accordingly, in the absence of specific exemption under the Acts, any brokerage and investment services provided by MOSL, including the products and services described herein are not available to or intended for U.S.
persons.
This report is intended for distribution only to "Major Institutional Investors" as defined by Rule 15a-6(b)(4) of the Exchange Act and interpretations thereof by SEC (henceforth referred to as "major institutional investors").
This document must not be acted on or relied on by persons who are not major institutional investors. Any investment or investment activity to which this document relates is only available to major institutional investors
and will be engaged in only with major institutional investors. In reliance on the exemption from registration provided by Rule 15a-6 of the U.S. Securities Exchange Act of 1934, as amended (the "Exchange Act") and
interpretations thereof by the U.S. Securities and Exchange Commission ("SEC") in order to conduct business with Institutional Investors based in the U.S., MOSL has entered into a chaperoning agreement with a U.S.
registered broker-dealer, Motilal Oswal Securities International Private Limited. ("MOSIPL"). Any business interaction pursuant to this report will have to be executed within the provisions of this chaperoning agreement.
The Research Analysts contributing to the report may not be registered /qualified as research analyst with FINRA. Such research analyst may not be associated persons of the U.S. registered broker-dealer, MOSIPL, and
therefore, may not be subject to NASD rule 2711 and NYSE Rule 472 restrictions on communication with a subject company, public appearances and trading securities held by a research analyst account.
For Singapore
Motilal Oswal Capital Markets Singapore Pte Limited is acting as an exempt financial advisor under section 23(1)(f) of the Financial Advisers Act(FAA) read with regulation 17(1)(d) of the Financial Advisors Regulations and is a
subsidiary of Motilal Oswal Securities Limited in India. This research is distributed in Singapore by Motilal Oswal Capital Markets Singapore Pte Limited and it is only directed in Singapore to accredited investors, as defined in
the Financial Advisers Regulations and the Securities and Futures Act (Chapter 289), as amended from time to time.
In respect of any matter arising from or in connection with the research you could contact the following representatives of Motilal Oswal Capital Markets Singapore Pte Limited:
Varun Kumar
Varun.kumar@motilaloswal.com
Contact : (+65) 68189232
Office Address:21 (Suite 31),16 Collyer Quay,Singapore 04931
EICHER MOTORS
5 May 2017
Motilal Oswal Tower, Level 9, Sayani Road, Prabhadevi, Mumbai 400 025
Phone: +91 22 3982 5500 E-mail: reports@motilaloswal.com
Motilal Oswal Securities Ltd
14