RESULTS REVIEW 3QFY17 02 FEB 2017

Eicher Motors
BUY
INDUSTRY AUTOS Whethering the storm
CMP(as on 02 Feb 2017) Rs 23,650 Eicher Motors (EIM) 3QFY17 reported in-line Highlights of the quarter
numbers with consolidated APAT at Rs 4.2bn (+50% RE on a strong footing: Demand for RE bikes continues
Target Price Rs 28,603
YoY, +1% QoQ). REs operating performance to be strong with dealerships standing at 640+ vs 500 a
Nifty 8,734 surprised positively, with highest-ever margins at year ago. ~100 RE dealers are being added every year -
Sensex 28,227 31.8% (+321bps YoY, +97bps QoQ) led by gross 640 by Dec'16 end. New dealers, mainly in smaller
KEY STOCK DATA margin expansion and operating leverage. towns, are not cannibalising sales at old dealers. With
production at its peak, we believe commissioning of
Bloomberg EIM IN We believe RE is well placed to gain in the near and the third plant at Vallam Vadagal by 3QFY18 will boost
No. of Shares (mn) 27 long term. In the near term, low inventory, customer growth by end of FY18.
MCap (Rsbn) / ($ mn) 647/9,600 exposure and robust order book augurs well for the VECV- ahead of the industry: VECV outperformed the
6m avg traded value (Rsmn) 1,325 company. On the other hand, the flavour for the 2W industry on 9MFY17 basis by growing at 12.2% YoY
STOCK PERFORMANCE (%) industry in the long term is premiumisation, which is while the domestic CV industry degrew by 0.6%. The
the key focus for RE. VECV has outperformed the CV management hinted at improving market conditions
52 Week high / low Rs 26,641 / 16,617
industry over the last 9 months (+12% vs -0.6%), after demonetisation. Significant efforts are being
3M 6M 12M made towards cost reduction to deal with pressure on
thereby grabbing market share from incumbents.
Absolute (%) (4.0) 8.8 38.3 margins.
Relative (%) (6.6) 8.0 23.2 Given the strong in-line performance, we maintain Near-term outlook: Expect strong earnings momentum
SHAREHOLDING PATTERN (%)
BUY and roll-forward our SOTP-based TP to Rs 28,603 at RE and VECV given the strong demand for 2W and
(RE at 28x core Dec-18E EPS, VECV 9x EV/EBITDA on anticipation of pre-buying ahead of BS-IV norms
Promoters 50.60
Dec-18E and 1.5x BV for Eicher-Polaris). implementation in CVs.
FIs & Local MFs 3.84
FIIs 32.52 Financial Summary (Consolidated)
Public & Others 13.05 (Rs mn) 3QFY17 4QFY16 YoY (%) 2QFY17 QoQ (%) CY14 FY16 FY17E FY18E FY19E
Source : BSE Net Sales 18,348 12,843 42.9 17,549 4.6 87,382 160,046 71,672 85,769 103,036
EBITDA 5,770 3,577 61.3 5,422 6.4 11,108 27,632 22,277 27,875 34,002
PAT 4,182 2,787 50.0 4,132 1.2 6,114 15,939 16,951 21,853 27,423
Sneha Prashant
Diluted EPS (Rs) 147.1 91.0 61.6 142.9 3.0 225.6 587.1 624.3 804.9 1,010.0
[Link]@[Link]
P/E (x) 104.8 50.4 37.9 29.4 23.4
+91-22-6171-7336
EV / EBITDA (x) 56.5 22.7 27.9 22.0 17.8
Abhishek Jain RoE (%) 26.7 41.0 39.4 38.9 39.3
[Link]@[Link] Source: Company, HDFC sec Inst Research * FY16P is 15M ending Mar-16, earnings are annualised.
+91-22-6171-7320 Our estimates are based on Indian GAAP, not Ind AS

HDFC securities Institutional Research is also available on Bloomberg HSLB <GO>& Thomson Reuters
 EICHER MOTORS : RESULTS REVIEW 3QFY17

Quarterly Financials Snapshot (Consolidated)

(Rs mn) 3QFY17 4QFY16 YoY (%) 2QFY17 QoQ (%)
Sales volumes (in units)
2W 173,838 125,744 38.2 147,483 17.9
43% YoY growth in topline
CV 13,001 12,785 1.7 13,547 (4.0)
is mainly led by strong
Total volumes 186,839 138,529 34.9 161,030 16.0
results from REs stable
Net sales (incl OOI) 18,348 12,843 42.9 17,549 4.6
Material Expenses 9,691 6,925 39.9 9,116 6.3
Employee Expenses 1,058 817 29.5 1,000 5.8
Other Operating Expenses 1,829 1,524 20.0 2,011 (9.1)
EBITDA 5,770 3,577 61.3 5,422 6.4
Consol APAT was
Depreciation 356 321 10.9 358 (0.5)
marginally below our est
EBIT 5,414 3,256 66.3 5,064 6.9
owing to weaker VECV
Other Income 590 345 70.8 665 (11.2)
facing margin pressure
Interest Cost 10 4 152.6 8 17.1
PBT 5,995 3,598 66.6 5,721 4.8
Tax 2,000 1,127 77.5 1,840 8.7
RPAT 3,995 2,471 61.7 3,880 3.0
Share Of Profit/(Loss) Of Joint Ventures 187 316 (40.8) 252 (25.8)
APAT 4,182 2,787 50.0 4,132 1.2
Adj EPS 147.1 91.0 61.6 142.9 3.0
Source: Company, HDFC sec Inst Research. All quarterly data has been restated as per Ind AS by Eicher

Margin Analysis (Consolidated)

3QFY17 4QFY16 YoY (bps) 2QFY17 QoQ (bps)
Material Expenses % Net Sales 52.8 53.9 (110) 51.9 87
Employee Expenses % Net Sales 5.8 6.4 (59) 5.7 7
Other Operating Expenses % Net Sales 10.0 11.9 (190) 11.5 (149)
EBITDA Margin (%) 31.4 27.9 360 30.9 55
Tax Rate (%) 33.4 31.3 204 32.2 119
APAT Margin (%) 22.8 21.7 109 23.5 (76)
Source: Company, HDFC sec Inst Research

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 EICHER MOTORS : RESULTS REVIEW 3QFY17

Quarterly Financials Snapshot (Standalone)

Net sales growth came in
(Rs mn) 3QFY17 4QFY16 YoY (%) 2QFY17 QoQ (%)
line at 43% YoY on the back
Sales Volume (units) 173,838 125,744 38.2 147,483 17.9
of 38% YoY rise in volumes
Net sales (incl OOI) 18,336 12,839 42.8 15,575 17.7
and modest increase in net
Material Expenses 9,690 6,925 39.9 8,306 16.7
ASP (+4% YoY)
Employee Expenses 1,015 742 36.8 865 17.4
Other Operating Expenses 1,802 1,503 19.9 1,605 12.3
EBITDA 5,828 3,668 58.9 4,799 21.4
EBIDTA margins rose to the
Depreciation 355 323 9.8 394 (9.8)
highest-ever level at 31.8%
EBIT 5,473 3,345 63.6 4,405 24.2
(+321bps YoY) aided by
Other Income 590 209 181.8 468 26.0
operating leverage
Interest Cost 7 2 343.8 7 9.2
PBT 6,056 3,553 70.4 4,867 24.4
Tax 1,904 1,103 72.6 1,495 27.4
Launch of new colour
APAT 4,150 2,448 69.5 3,371 23.1
options in the refreshed
Adj EPS 152.9 90.2 69.4 124.2 23.1
range of Classic 350 Source: Company, HDFC sec Inst Research, All quarterly data has been restated as per Ind AS by Eicher
(dedicated to the retro look
of British motorcycles) is Margin Analysis (Standalone)
creating more interest and 3QFY17 4QFY16 YoY (bps) 2QFY17 QoQ (bps)
walk-ins into their Material Expenses % Net Sales 52.8 53.9 (109) 53.3 (48)
showrooms Employee Expenses % Net Sales 5.5 5.8 (24) 5.6 (2)
Other Operating Expenses % Net Sales 9.8 11.7 (188) 10.3 (48)
EBITDA Margin (%) 31.8 28.6 321 30.8 97
Himalayan has been Tax Rate (%) 31.4 31.0 40 30.7 73
launched in Australia, its APAT Margin (%) 22.6 19.1 356 21.6 99
first overseas market Source: Company, HDFC sec Inst Research

Management indicated that

the third plant at Vallam
Vadagal will be
commissioned by 3QFY18
(earlier 2Q), taking total
capacity to 900k

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 EICHER MOTORS : RESULTS REVIEW 3QFY17

Quarterly Financials Snapshot VECV

VECVs performance was
(Rs mn) 3QFY17 4QFY16 YoY (%) 2QFY17 QoQ (%)
impacted by
Sales volumes (in units) 13,001 12,785 1.7 13,547 (4.0)
demonetisation, revenue
Net Sales 18,850 19,910 (5.3) 19,716 (4.4)
de-grew by 5% YoY, despite
EBITDA 1,300 1,700 (23.5) 1,428 (9.0)
2% volume growth owing to
APAT 570 890 (36.0) 657 (13.2)
high discounting
Source: Company, HDFC sec Inst Research

BITDA margin contracted Margin Analysis VECV

35bps QoQ owing to higher 3QFY17 4QFY16 YoY (bps) 2QFY17 QoQ (bps)
discounting in the HD EBITDA Margin (%) 6.9 8.5 (164) 7.2 (35)
segment APAT Margin (%) 3.0 4.5 (145) 3.3 (31)
Source: Company, HDFC sec Inst Research
However, the 9MFY17
performance has been
ahead of expectations and
VECV has outperformed the
industry

The management indicated

no price hike in 3Q, but
could hike prices in 4Q to
account for higher BS-IV
related costs

MDEP engine volumes at

~5,848 units (+24% YoY)

Page | 4
 EICHER MOTORS : RESULTS REVIEW 3QFY17

SOTP Valuation
We increase our TP as we Stake held Valuation methodology Multiple (x) Attributable value (Rs mn) Per share (Rs)
roll forward to Dec-18E. We VECV 54.4% EV/EBIDTA on Dec-18E 9.0 44,733 1,647
Standalone (RE) 100% P/E on Dec-18E Core EPS 28.0 959 26,845
value RE at 28x on Dec-18E
Eicher Polaris JV 50% BV in CY16E 1.5 3,000 110
EPS vs 30x earlier given the
Target price (Rs) 48,692 28,603
growth moderation (~15% Source: HDFC sec Inst Research. * Note Core EPS excludes dividend from VECV
CAGR over FY17-19E vs +60%
in the past) Key Assumptions
CY14 FY16* FY17E FY18E FY19E
Volumes (in units)
RE 302,601 601,000 655,090 733,571 841,807
% YoY 69.9 58.9 9.0 12.0 14.8
REs unique positioning,
VECV 40,783 63,157 59,162 65,670 73,878
higher growth rates % YoY (1.1) 23.9 (6.3) 11.0 12.5
compared to other 2W
players, scope of margin Net ASP (Rs/vehicle)
expansion (led by higher RE 100,172 107,455 109,408 116,920 122,399
operating leverage and % YoY 4.8 (14.2) 1.8 6.9 4.7
consolidation of its vendor VECV 1,411,867 1,511,560 1,581,673 1,696,546 1,736,674
base near its 3 plants in % YoY 13.5 (14.4) 4.6 7.3 2.4
Tamil Nadu) Revenue (Rs mn)
RE 30,312 64,580 71,672 85,769 103,036
% YoY 78.0 70.4 11.0 19.7 20.1
VECV 57,580 95,466 85,929 102,252 123,065
VECVs robust volume % YoY 12.2 32.6 (10.0) 19.0 20.4
growth traction and
improving HD market share EBITDA (Rs mn)
RE 7,336 20,005 22,277 27,875 34,002
over the past few months EBITDA Margin (%) 24.2 118.2 31.1 32.5 33.0
indicate increasing VECV 3,830 6,846 4,726 7,158 8,738
acceptability of its PRO EBITDA Margin (%) 6.7 43.0 5.5 7.0 7.1
series range Source: HDFC sec Inst Research, * FY16 is 15M ending Mar-16, % YoY annualised for FY16

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 EICHER MOTORS : RESULTS REVIEW 3QFY17

Peer Valuation
MCap CMP Adj EPS (Rs/sh) P/E (x) EV/EBITDA (x) RoE (%)
Reco TP
(Rs bn) (Rs/sh) FY17E FY18E FY19E FY17E FY18E FY19E FY17E FY18E FY19E FY17E FY18E FY19E
Maruti Suzuki 1,853 6,135 BUY 6,428 188.8 242.3 312.2 32.5 25.3 19.6 19.4 15.7 11.6 18.3 19.6 21.8
Tata Motors 1,151 339 BUY 573 37.7 54.8 55.5 9.0 6.2 6.1 4.9 3.9 2.2 20.1 14.8 18.4
Bajaj Auto 812 2,805 BUY 3,400 135.2 159.8 176.2 20.7 17.6 15.9 15.1 12.4 10.8 31.8 28.9 30.7
M&M 748 1,266 BUY 1,450 62.0 75.8 86.4 20.4 16.7 14.6 12.2 10.4 8.2 15.6 15.7 17.3
Hero Motocorp 644 3,227 BUY 3,443 150.2 192.6 212.6 21.5 16.8 15.2 14.0 10.7 9.3 43.1 34.9 38.8
Eicher Motors 647 23,650 BUY 28,603 589.7 743.9 937.3 40.1 31.8 25.2 28.6 22.0 17.5 35.1 36.4 34.2
Force Motors 57 4,337 BUY 4,952 136.5 193.3 256.6 31.8 22.4 16.9 20.1 13.3 10.0 12.8 10.7 14.4
SML Isuzu 18 1,259 BUY 1,432 45.6 61.2 82.0 27.6 20.6 15.3 17.0 12.7 9.6 15.9 18.2 21.3
Atul Auto 10 435 BUY 510 19.2 26.2 31.1 22.7 16.6 14.0 12.9 9.7 8.0 34.4 24.8 28.2
Source: Companies, Bloomberg, HDFC sec Inst Research

Page | 6
 EICHER MOTORS : RESULTS REVIEW 3QFY17

Strong QoQ Volumes, Margins Sharply Higher RE's Mix Favours C-350 With Launch Of New Variants
Volume (in '000) EBITDA Margin - RHS C-350 TB 350 Bullet Elec
RE volumes continue to Bullet 350 C-500 TB 500
200 35%
ramp-up even during tough Bullet 500 Cont GT
180
times. Classic 350s order 160
30% 100%
5% 5% 4%
6% 6% 6% 5% 5%
book stands stable at 3 140 25% 13% 13% 13% 14% 15% 16% 14% 13%
80%
months 120 20% 15% 15% 13% 13% 12% 8% 9% 7%
7%
100 60% 9% 8% 7% 7%
10% 10%
15% 10%
80
60 40%
10%
Management reiterated 40 55% 57% 57% 60% 61% 65%
51% 52%
commissioning of a new 20
5% 20%
plant by 3QFY18 and also - 0% 0%
maintained that sales
1QFY16

2QFY16

3QFY16

4QFY16

5QFY16

1QFY17

2QFY17

3QFY17

1QFY16

2QFY16

3QFY16

4QFY16

5QFY16

1QFY17

2QFY17

3QFY17
volumes would sustain at
~60,000 units as indicated
starting April17 Source: Company, HDFC sec Inst Research Source: Company, HDFC sec Inst Research

VECVs volumes were VECV: Volumes Impacted By Liquidity Crunch VECV: Heavy Discounting Aided HD Market Share Gain
impacted by
Volumes ('000) Volume Growth (% YoY) - RHS LMD HD Buses
demonetisation. However, 40.0
16 45%
heavy discounting by the 35.0
company aided in market 30.0
14
share gains for the HD 30% 25.0
segment. Favourable
12 20.0
demand for Pro Series and
15.0
launch of a full truck range 15%
seems to have helped in 10 10.0
gaining market share in a 5.0
tough market 8 0% -
1QFY16

2QFY16

3QFY16

4QFY16

5QFY16

1QFY17

2QFY17

3QFY17

1QFY16

2QFY16

3QFY16

4QFY16

5QFY16

1QFY17

2QFY17

3QFY17
Source: Company, HDFC sec Inst Research Source: SIAM, HDFC sec Inst Research

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 EICHER MOTORS : RESULTS REVIEW 3QFY17

Income Statement (Consolidated) Balance Sheet (Consolidated)

(Rs mn) CY14 FY16* FY17E FY18E FY19E (Rs mn) CY13 CY14 FY16P* FY17E FY18E
Volumes (in units) SOURCES OF FUNDS
2W 302,601 601,000 655,090 733,571 841,807 Share Capital - Equity 271 272 272 272 272
CV 40,783 63,157 59,162 65,670 73,878 Reserves 24,888 36,705 48,810 62,939 76,162
Total volumes 343,384 664,157 714,252 799,241 915,685 Total Shareholders Funds 25,159 36,977 49,081 63,210 76,433
Net Revenues 87,382 160,046 71,672 85,769 103,036 Minority Interest 10,851 11,569 12,326 13,675 15,373
Growth (%) 28.3 83.2 (55.2) 19.7 20.1 Long-term Debt 584 859 859 859 859
Material Expenses 57,699 101,212 38,201 46,058 54,815 Short-term Debt - - - - -
Employee Expenses 6,596 10,575 3,458 3,431 4,121 Total Debt 584 859 859 859 859
Other Operating Expenses 11,979 20,627 7,736 8,405 10,098 Net Deferred Taxes 2,394 3,382 3,497 3,641 3,822
EBITDA 11,108 27,632 22,277 27,875 34,002 Long-term Provisions & Others 1,695 - 4,131 5,400 6,035
EBITDA Margin (%) 12.7 17.3 31.1 32.5 33.0 TOTAL SOURCES OF FUNDS 40,681 52,786 69,893 86,785 102,523
EBITDA Growth (%) 51.4 38.1 (19.4) 25.1 22.0 APPLICATION OF FUNDS
Depreciation 2,198 4,516 1,515 1,953 2,006 Net Block 23,093 30,671 36,279 41,018 44,207
EBIT 8,910 23,115 20,762 25,922 31,996 CWIP 5,867 2,518 2,518 2,518 2,518
Other Income (Including EO Investments 106 125 4,307 6,307 8,308
1,074 1,120 2,224 2,979 4,262
Items) LT Loans & Advances 6,976 9,886 11,259 13,411 16,112
Interest 98 90 15 20 25 Total Non-current Assets 36,042 43,200 54,364 63,254 71,145
PBT 9,886 24,145 22,971 28,881 36,233 Inventories 6,455 10,143 10,362 12,824 15,424
Tax (Incl Deferred) 2,909 6,465 6,776 8,375 10,508 Debtors 5,622 8,336 8,868 10,555 12,702
RPAT 6,978 17,679 16,194 20,505 25,726 Other Current Assets 480 990 1,368 1,428 1,488
Share of Profit/Loss in JVs 864 1,741 757 1,348 1,697 Cash & Equivalents 15,477 24,452 31,126 40,631 50,801
APAT 6,114 15,939 16,951 21,853 27,423 Total Current Assets 28,034 43,921 51,724 65,439 80,416
APAT Growth (%) 55.2 160.7 6.3 28.9 25.5 Creditors 21,876 32,141 33,877 39,232 45,929
Adjusted EPS (Rs) 226 587 624 805 1,010 Other Current Liabilities & Provns 1,518 2,195 2,318 2,676 3,109
EPS Growth (%) 54.8 160.3 6.3 28.9 25.5 Total Current Liabilities 23,395 34,336 36,194 41,908 49,038
Source: Company, HDFC sec Inst Research * FY16 is 15M ending Mar-16 Net Current Assets 4,639 9,585 15,530 23,531 31,378
Growth (%) annualised for FY16
TOTAL APPLICATION OF FUNDS 40,681 52,786 69,893 86,785 102,523
Source: Company, HDFC sec Inst Research * FY16 is 15M ending Mar-16

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 EICHER MOTORS : RESULTS REVIEW 3QFY17

Cash Flow (Consolidated) Key Ratios (Consolidated)

(Rs mn) CY14 FY16* FY17E FY18E FY19E CY14 FY16* FY17E FY18E FY19E
Reported PBT 9,886 24,145 22,971 28,881 36,233 PROFITABILITY (%)
Non-operating & EO items - - - - - GPM 34.0 36.8 46.7 46.3 46.8
Interest expenses 98 90 15 20 25 EBITDA Margin 12.7 17.3 31.1 32.5 33.0
Depreciation 2,198 4,516 1,515 1,953 2,006 APAT Margin 7.0 10.0 23.7 25.5 26.6
Working Capital Change 2,020 (575) 3,487 622 258 RoE 26.7 41.0 39.4 38.9 39.3
Tax Paid (2,320) (5,477) (7,945) (10,646) (12,988) RoIC (or Core RoCE) 18.6 38.0 32.0 30.2 27.8
OPERATING CASH FLOW ( a ) 11,883 22,699 20,043 20,830 25,533 RoCE 17.0 27.9 28.6 29.7 30.9
Capex (9,046) (8,746) (10,000) (10,000) (8,977) EFFICIENCY
Free cash flow (FCF) 2,837 13,953 10,043 10,830 16,556 Tax Rate (%) 29.4 26.8 29.5 29.0 29.0
Investments (106) (19) (4,182) (2,000) (2,001) Fixed Asset Turnover (x) 2.8 3.7 1.3 1.4 1.4
Non-operating Income (53) 3,814 (8,243) (9,652) (13,803) Inventory (days) 27.0 23.1 52.8 54.6 54.6
INVESTING CASH FLOW ( b ) (9,204) (4,951) (22,425) (21,652) (24,781) Debtors (days) 23.5 19.0 45.2 44.9 45.0
Debt Issuance/(Repaid) (255) 275 - - - Other Current Assets (days) 2.0 2.3 7.0 6.1 5.3
Interest Expenses (98) (90) (15) (20) (25) Payables (days) 91.4 73.3 172.5 167.0 162.7
FCFE 2,484 14,138 10,028 10,810 16,531 Other Current Liab & Provns (days) 6.3 5.0 11.8 11.4 11.0
Share Capital Issuance 79 0 0 0 0 Cash Conversion Cycle (days) (45.3) (33.9) (79.4) (72.8) (68.8)
Dividend (1,999) (5,144) (5,310) (7,128) (5,645) Debt/EBITDA (x) 0.1 0.0 0.0 0.0 0.0
FINANCING CASH FLOW ( c ) (2,273) (4,959) (5,325) (7,148) (5,670) Net D/E (x) (0.5) (0.4) (0.4) (0.5) (0.5)
NET CASH FLOW (a+b+c) 405 12,789 (7,708) (7,970) (4,917) Interest Coverage (x) 91.1 255.7 1,384.1 1,296.1 1,279.8
EO Items, Others - - - - - PER SHARE DATA (Rs)
Closing Cash & Equivalents 15,477 24,452 31,126 40,632 50,801 EPS 225.6 587.1 624.3 804.9 1,010.0
Source: Company, HDFC sec Inst Research * FY16 is 15M ending Mar-16 CEPS 306.7 753.4 680.2 876.9 1,083.9
Dividend 50.0 100.0 130.0 170.0 190.0
Book Value 928.2 1,361.9 1,807.8 2,328.2 2,815.2
VALUATION
P/E (x) 104.8 50.4 37.9 29.4 23.4
P/BV (x) 25.5 17.4 13.1 10.2 8.4
EV/EBITDA (x) 56.5 22.7 27.9 22.0 17.8
EV/Revenues (x) 7.2 3.9 8.7 7.1 5.9
OCF/EV (%) 1.9 3.6 3.2 3.4 4.2
FCF/EV (%) 0.5 2.2 1.6 1.8 2.7
FCFE/Mkt Cap (%) 0.4 2.2 1.6 1.7 2.6
Dividend Yield (%) 0.2 0.4 0.5 0.7 0.8
Source: Company, HDFC sec Inst Research * FY16 is 15M ending Mar-16

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 EICHER MOTORS : RESULTS REVIEW 3QFY17

RECOMMENDATION HISTORY
Date CMP Reco Target
Eicher TP 8-Feb-16 18,128 BUY 20,143
29,000
6-May-16 19,687 NEU 19,633
27,000 1-Aug-16 22,461 BUY 24,736
25,000 5-Oct-16 25,842 BUY 28,463
31-Oct-16 24,020 BUY 26,657
23,000
5-Dec-16 22,678 BUY 25,800
21,000 2-Feb-17 23,650 BUY 28,603
19,000
17,000
15,000 Rating Definitions
BUY : Where the stock is expected to deliver more than 10% returns over the next 12 month period

Dec-16
Oct-16
Aug-16
Apr-16

Nov-16

Jan-17
Feb-16

Sep-16

Feb-17
May-16

Jun-16

Jul-16
Mar-16

NEUTRAL : Where the stock is expected to deliver (-)10% to 10% returns over the next 12 month period
SELL : Where the stock is expected to deliver less than (-)10% returns over the next 12 month
d

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 EICHER MOTORS : RESULTS REVIEW 3QFY17

Disclosure:
We, Sneha Prashant, MBA & Abhishek Jain, MBA authors and the names subscribed to this report, hereby certify that all of the views expressed in this research report accurately reflect our
views about the subject issuer(s) or securities. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in
this report.
Research Analyst or his/her relative or HDFC Securities Ltd. does not have any financial interest in the subject company. Also Research Analyst or his relative or HDFC Securities Ltd. or its
Associate may have beneficial ownership of 1% or more in the subject company at the end of the month immediately preceding the date of publication of the Research Report. Further
Research Analyst or his relative or HDFC Securities Ltd. or its associate does not have any material conflict of interest.
Any holding in stock No

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