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					                                                                                            Regd off: Eicher House, 12, Commercial Complex, Greater Kailash, New Delhi - 48
EICHER MOTORS LIMITED                                                                       E-Mail:    saggarwal@eicher.in
                                                                                            Web site: www.eicherworld.com
                                                                                            Telephone: (011) 4143 7600 Fax: (011) 4143 7700
AUTOMOBILES/VEHICLES                                               MISCELLANEOUS            Tr agent: MCS, Sri Venkatesh Bhawan, W-40, Okhla Indl. Area, New Delhi - 20
Chairman: S. Sandilya                                                          SEC: Shaila Aggarwal                                    AUD: Deloitte Haskins & Sells
Yr of Inc   B. Code       BL. Code    F.V.         Price        % ch 1-m       % ch 12-m      P/E       P/CF           Yield          Mkt cap                Vol.             ISIN
 1982   505200             EIM:IN     10           445.7          21.6            56.8        20.0         12.6         1.1           12,518.3               2.3         INE066A01013
SHAREHOLDING                                                     FX Transaction (CY08)                             ADJUSTED DAILY SHARE PRICE DATA
Indian Promoters           : 50.1%               Exports (fob)           Rs m     508               (Rs)
Foreign collaborators      :  3.6%               Imports (cif)           Rs m      95
Indian inst/Mut Fund       :  0.0%               Fx inflow               Rs m     521         600
FIIs/GDR                   :  0.1%               Fx outflow              Rs m     154                                                                         DAILY
Free float                 : 46.3%               Net fx                  Rs m     367
Shareholders               : 25,180                                                                                                                           100 DMA

                           No. of months                  12            12             9      400
                             Year ending            31/03/07      31/03/08      31/12/08
EQUITY SHARE DATA
High                                  Rs                 416            599          461
Low                                   Rs                 203            222          135
Sales per share                       Rs               705.6          805.5        611.6      200
Earnings per share                    Rs                18.8           19.5         22.3
Cash flow per share                   Rs                34.8           37.5         35.5
Dividends per share                   Rs               29.00           5.00         5.00
Dividend yield (eoy)                  %                  9.4            1.2           1.7
                                                                                                 0
Book value per share                  Rs               142.3          155.1        392.9
Shares outstanding (eoy)              m                28.09          28.09        28.09         Aug-06            Jun-07             Feb-08               Nov-08             Aug-09
Bonus/Rights/Conversions                                    -              -            -
Price / Sales ratio                   x                   0.4            0.5          0.5                               No. of months                  12            12              9
Avg P/E ratio                         x                 16.5           21.1         13.4                                  Year ending            31/03/07      31/03/08       31/12/08
                                                                                             CASH FLOW
P/CF ratio (eoy)                      x                   8.9          10.9           8.4
Price / Book Value ratio              x                   2.2            2.6          0.8    From Operations                          Rs   m       1,337               848        -890
Dividend payout                       %                154.6           25.7         22.4     From Investments                         Rs   m        -233              -670       2,937
Avg Mkt Cap                           Rs m             8,694         11,531        8,371     From Financial Activity                  Rs   m        -898              -165      10,034
No. of employees                      `000                  3              3            1    Net Cashflow                             Rs   m         205                13      12,081
Total wages/salary                    Rs m             1,346          1,835        1,561
Avg. sales/employee                   Rs Th          7,564.9        8,159.4     27,754.4                                       INTERIM RESULTS
Avg. wages/employee                   Rs Th            513.7          661.7      2,521.8                                          3QCY08 4QCY08                 1QCY09         2QCY09
Avg. net profit/employee              Rs Th            201.1          197.3      1,012.9     Net sales                    Rs   m      720      795                 899            910
                                                                                             Gross profit                 Rs   m       -68       -7                 116             97
INCOME DATA                                                                                  Gross profit margin          %           -9.4     -0.9                12.9           10.7
Net Sales                             Rs     m        19,820        22,626        17,180     Net profit                   Rs   m         0      117                 152             76
Other income                          Rs     m           266           303           658     Net profit margin            %            0.0     14.7                16.9            8.4
Total revenues                        Rs     m        20,086        22,929        17,838
Gross profit                          Rs     m         1,102         1,152              4                                          KEY DATA
Depreciation                          Rs     m           451           507           369     Parameters                          Unit               FY07             FY08        CY08
Interest                              Rs     m           148           190            99     Capacity                            THNOS                  77               90         NA
Profit before tax                     Rs     m           769           758           194     Units sold                          THNOS                  61               69          48
Minority Interest                     Rs     m              0             0          -47     Capex/sales                         %                     1.7              2.8         5.8
Prior Period Items                    Rs     m           -10              0            13    EBIT/Vehicle sold                   Rs                12,374           10,714      -7,585
Extraordinary Inc (Exp)               Rs     m              0             0          394
Tax                                   Rs     m           232           211           -73
                                                                                                                                    NOTES
Profit after tax                      Rs     m           527           547           627
Gross profit margin                   %                   5.6           5.1           0.0    Founded in 1982, Eicher Motors is one of the leading manufacturers of commercial
Effective tax rate                    %                 30.2          27.8         -37.6     vehicles in India with a market leading position in the 7 to 11 tonnes segments. The
                                                                                             technical assistance agreement with Mitsubishi, which was started in 1986 ended in
Net profit margin                     %                   2.7           2.4           3.6
                                                                                             March 1994 after successful transfer of technology and on achieving total
BALANCE SHEET DATA                                                                           indigenisation with only a few parts sourced globally. Through its other two-business
                                                                                             units, the company manufactures niche high-end motorcycles and auto components,
Current assets                        Rs m             6,193         5,236        19,011     especially gears for the CV industry.
Current liabilities                   Rs m             5,368         4,283         5,032
Net working cap to sales              %                   4.2           4.2         81.4     Eicher changed its accounting year from March ending to December ending and
Current ratio                         x                   1.2           1.2           3.8    hence, data for FY09 is available for nine months between April and December.
Inventory Turnover                    Days                 31           34             72    During these nine months, the company's topline suffered a decline of 24% YoY over
Debtors Turnover                      Days                36            24             38    FY08. The operating profits of the company fell by a whopping 91% as operating
Net fixed assets                      Rs m             3,102         3,342         3,810     margins shrunk 450 basis points. However, thanks to a rise in other income and a fall
Share capital                         Rs m               281           281           281     in tax outgo, bottomline witnessed an impressive growth of 14%. On the revenues
"Free" reserves                       Rs m             3,716         4,082         4,891     front though, total revenue for the two-wheeler business for the period Apr-Dec 2008
                                                                                             grew by 20% over the same period previous year.
Net worth                             Rs m             3,997         4,358        11,037
Long term debt                        Rs m               779           959           792     Consequent to the agreement for the formation of a JV with AB Volvo, the CV
Total assets                          Rs m            11,907        11,190        22,883     business of Eicher along with related components and engineering solutions/design
Interest coverage                     x                   6.2           5.0           3.0    services business was transferred to VE Commercial Vehicles Ltd, initially, a wholly
Debt to equity ratio                  x                   0.2           0.2           0.1    owned subsidiary of Eicher with effect from 1, July 2008. Thus, post the spin off, the
Sales to assets ratio                 x                   1.7           2.0           0.8    business operations pertaining to CVs along with related components and
Return on assets                      %                 14.1          13.9            6.1    Engineering Solution/Design Services were directly under the subsidiary company
Return on equity                      %                 13.2          12.6            5.7    from July onwards. Eicher will now house only the two-wheeler business. Besides the
Return on capital                     %                 19.0          17.8            5.5    transfer of CV business, the distribution undertaking for sales and after sales of Volvo
Exports to sales                      %                   7.7           7.3           3.0    trucks has been demerged into VE Commercial Vehicles Ltd with effect from July
Imports to sales                      %                   1.3           1.6           0.6    2008.
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posted:11/6/2010
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