Global Specialty Sales (USD mn) 429 9.4 485 10.8 674 13.1 871 16.2 FY20 FY21 Specialty Branded Sales FY22 FY23 FY24 Specialty Sales (%) of Total Sales 1,039 18.0 โข US is the major contributor to Global Specialty revenues โข Sales have grown by 25% CAGR since FY20 โข Largest product Ilumya reported sales of $580 Mn in FY24 โข 26 specialty products marketed across the globe โข Pipeline of seven New Active Substances undergoing clinical trials.
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US highlights Significant innovative portfolio/12th largest in US Generics*
Dermatology segment Ranked 2nd by prescriptions## in the US dermatology market Comprehensive portfolio Wide basket of 650 ANDAs & 64 NDAs filed and 541 ANDAs & 51 NDAs approved across multiple therapies Robust pipeline 109 ANDAs & 13 NDAs pending approval with USFDA Market presence Presence in Specialty, Generics & OTC segments Flexible manufacturing Integrated manufacturer with onshore/ offshore capabilities Versatile dosage forms Liquids, Creams, Ointments, Gels, Sprays, Injectables, Tablets, Capsules, Drug-Device combination
Dermatology segment Ranked 2nd by prescriptions## in the US dermatology market Comprehensive portfolio Wide basket of 650 ANDAs & 64 NDAs filed and 541 ANDAs & 51 NDAs approved across multiple therapies Robust pipeline 109 ANDAs & 13 NDAs pending approval with USFDA Market presence Presence in Specialty, Generics & OTC segments Flexible manufacturing Integrated manufacturer with onshore/ offshore capabilities Versatile dosage forms Liquids, Creams, Ointments, Gels, Sprays, Injectables, Tablets, Capsules, Drug-Device combination
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Building a Global Specialty business in select therapy areas Focused approach Marketed products in Dermatology, Ophthalmology and Onco Dermatology Key growth driver 18% of sales in FY24 vs 7.3% of sales in FY18 Wide portfolio 26 products marketed globally US market presence* Large part of Global Specialty sales in the US Own commercial infrastructure Own commercial infrastructure in the US and certain other markets Future engine Internal R&D pipeline. Acquisitions and licensing to shore up portfolio
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PRINCE PIPES & FITTINGS LIMITED
Company Details
Incorporated in 1987, Prince Pipes and Fittings Limited (PPFL) is one of Indiaโs leading polymer pipes and fitting manufacturer. It manufactures different types of polymer pipes such as Chlorinated Polyvinyl Chloride (CPVC), Unplasticized Polyvinyl Chloride (UPVC), High-density Polyethylene (HDPE), Polypropylene Random (PPR) and linear low-density polyethylene (LLDP) and fittings for CPVC, PPR, and UPVC pipes. The products cater to extensive industry applications in plumbing, sewage, irrigation, industrial and underground drainage. It has a product basket comprising of 7,200+ stock keeping unit (SKUs). The company had launched Storefit water tanks across India in 2021. The company recently forayed into faucets and sanitaryware. The range goes by the names Aurum, Titanio, Platina, Tiara, Marquise. Argento, Meta, Kristal and Palladium complete the Prince bathware line. The company has an extensive pan-India distribution network of over 1,500 channel partners spread across both rural and urban markets. As on 31st March 2024, it had 7 manufacturing plants with an installed capacity of ~3,38,959 metric tonnes per annum (MTPA) and 10 warehouses on lease across India which are located near raw material sources, ports, and principal markets. It has five contract-manufacturing units located at Bihar, two in Maharashtra), Hajipur Vaishali District (Bihar) and Balasore (Orissa). Its products are marketed under the brand name of Prince Piping Systems and Trubore. It has technical collaboration with Tooling Holland, which is a global leader in plastic mould manufacturing and product collaboration with Lubrizol, which is the worldโs largest manufacturer and inventor of CPVC compound. The company has recently launched PE-FIT Aqua HDPE Piping Systems which results in much lower installation cost and whole life cost when compared with traditional piping materials; along with CORFIT manhole chambers used in commercial & municipal sewerage/drainage networks.
Company Details
Incorporated in 1987, Prince Pipes and Fittings Limited (PPFL) is one of Indiaโs leading polymer pipes and fitting manufacturer. It manufactures different types of polymer pipes such as Chlorinated Polyvinyl Chloride (CPVC), Unplasticized Polyvinyl Chloride (UPVC), High-density Polyethylene (HDPE), Polypropylene Random (PPR) and linear low-density polyethylene (LLDP) and fittings for CPVC, PPR, and UPVC pipes. The products cater to extensive industry applications in plumbing, sewage, irrigation, industrial and underground drainage. It has a product basket comprising of 7,200+ stock keeping unit (SKUs). The company had launched Storefit water tanks across India in 2021. The company recently forayed into faucets and sanitaryware. The range goes by the names Aurum, Titanio, Platina, Tiara, Marquise. Argento, Meta, Kristal and Palladium complete the Prince bathware line. The company has an extensive pan-India distribution network of over 1,500 channel partners spread across both rural and urban markets. As on 31st March 2024, it had 7 manufacturing plants with an installed capacity of ~3,38,959 metric tonnes per annum (MTPA) and 10 warehouses on lease across India which are located near raw material sources, ports, and principal markets. It has five contract-manufacturing units located at Bihar, two in Maharashtra), Hajipur Vaishali District (Bihar) and Balasore (Orissa). Its products are marketed under the brand name of Prince Piping Systems and Trubore. It has technical collaboration with Tooling Holland, which is a global leader in plastic mould manufacturing and product collaboration with Lubrizol, which is the worldโs largest manufacturer and inventor of CPVC compound. The company has recently launched PE-FIT Aqua HDPE Piping Systems which results in much lower installation cost and whole life cost when compared with traditional piping materials; along with CORFIT manhole chambers used in commercial & municipal sewerage/drainage networks.
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To cater to the modern plumbing solutions the company has launched: Skolan Safe Premium PP Silent Drainage Systems which is the latest technological innovation in noise insulated drainage systems and certified by Fraunhofer, Germany. It finds applications in luxury homes, complexes, large commercial buildings, hotels, office buildings, hospitals, commercial kitchens, libraries, and educational institutes. Prince Hauraton - an innovative range of drainage systems developed with German technology. Hauraton is one of the world leaders in supplying effective drainage systems for over 65 years. The products finds application across civil constructions (car parks, airports, container terminals, petrol stations), landscapes (private & public areas, terraces, gardens, squares & parks, railway platforms) and sports facilities (sports fields, stadiums, racetracks).
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#SALES #GROWTH 5 Year CAGR: 10.3%
In FY24, the net sales declined by 5.2% YoY and stood at โน2,569 cr. The decline in sales was on account of account of ERP migration and pricing discrepancy v/s peers which led to decline in average realization for the year. However, there was volume growth throughout the year. Finished Goods volumes increased by 10% YoY in FY24 at 1,72,793 MT as compared to 1,57,717 MT in FY23. Plumbing and SWR (soil, waste and rain water) contributed ~65% to revenue, agri 30%, infra 4%, and water storage at 1%. In terms of polymers, it is 65:25:5:5 for PVC/CPVC/PPR/others. In Q1 FY25, the net sales was โน605 cr and increased by 9.2% YoY. Volume for the quarter was 42,180 MT showcasing an expansion of 14% YoY attributed to all verticals: agriculture, plumbing and infrastructure. The industry is poised for strong tailwinds as the Union Budget lays out a roadmap for Viksit Bharat, focusing on agriculture, rural development, regional growth, infrastructure, etc.
In FY24, the net sales declined by 5.2% YoY and stood at โน2,569 cr. The decline in sales was on account of account of ERP migration and pricing discrepancy v/s peers which led to decline in average realization for the year. However, there was volume growth throughout the year. Finished Goods volumes increased by 10% YoY in FY24 at 1,72,793 MT as compared to 1,57,717 MT in FY23. Plumbing and SWR (soil, waste and rain water) contributed ~65% to revenue, agri 30%, infra 4%, and water storage at 1%. In terms of polymers, it is 65:25:5:5 for PVC/CPVC/PPR/others. In Q1 FY25, the net sales was โน605 cr and increased by 9.2% YoY. Volume for the quarter was 42,180 MT showcasing an expansion of 14% YoY attributed to all verticals: agriculture, plumbing and infrastructure. The industry is poised for strong tailwinds as the Union Budget lays out a roadmap for Viksit Bharat, focusing on agriculture, rural development, regional growth, infrastructure, etc.
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#EBITDA #GROWTH 5 Year CAGR: 10.8%
In FY24, the EBITDA increased by 22.8% YoY to โน307 cr. Advertising expenses was โน54 cr in FY24 v/s โน41 cr in FY23. The rise was on account of decline in cost of materials consumed. The net inventory loss for the year was ~โน15 cr (inventory loss of โน10 cr in Q1 FY24, gain of โน5 cr, loss of ~10 cr in Q3 and no loss in Q4 FY24). PVS prices remained in the range of โน65/kg- โน80/kg โ during the start of the quarter) and CPVC prices remained on a declining trend for the year. It saw an increase in other expenses and employee benefits expense on account of additional hiring & advertising spends towards bathware. In Q1 FY25, the EBITDA was โน58 cr and grew by 29% YoY. The company highlighted low channel inventory driven by volatile PVC prices during June-July 2024. With PVC prices now softening and likely to stabilize, end-user demand is expected to remain strong and channel inventory to normalize.
In FY24, the EBITDA increased by 22.8% YoY to โน307 cr. Advertising expenses was โน54 cr in FY24 v/s โน41 cr in FY23. The rise was on account of decline in cost of materials consumed. The net inventory loss for the year was ~โน15 cr (inventory loss of โน10 cr in Q1 FY24, gain of โน5 cr, loss of ~10 cr in Q3 and no loss in Q4 FY24). PVS prices remained in the range of โน65/kg- โน80/kg โ during the start of the quarter) and CPVC prices remained on a declining trend for the year. It saw an increase in other expenses and employee benefits expense on account of additional hiring & advertising spends towards bathware. In Q1 FY25, the EBITDA was โน58 cr and grew by 29% YoY. The company highlighted low channel inventory driven by volatile PVC prices during June-July 2024. With PVC prices now softening and likely to stabilize, end-user demand is expected to remain strong and channel inventory to normalize.
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#PAT #GROWTH 5 Year CAGR 17.3%
In FY24, the net profit was โน183 cr and grew by 50% YoY. This increase can be majorly attributed to rise in operating profit. There was a legal dispute involving the Company, Ruby Mills Limited, and Mindset Estates Private Limited (Developer), which now stands resolved and the Corporate Office at The Ruby, Dadar, Mumbai, is now officially registered under the company's name. For FY24, an exceptional item reflects a net gain of โน18 cr from this settlement. In Q1 FY25, net profit was โน25 cr and increased by 26% YoY.
In FY24, the net profit was โน183 cr and grew by 50% YoY. This increase can be majorly attributed to rise in operating profit. There was a legal dispute involving the Company, Ruby Mills Limited, and Mindset Estates Private Limited (Developer), which now stands resolved and the Corporate Office at The Ruby, Dadar, Mumbai, is now officially registered under the company's name. For FY24, an exceptional item reflects a net gain of โน18 cr from this settlement. In Q1 FY25, net profit was โน25 cr and increased by 26% YoY.
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#EBITDA #MARGIN
In FY24, the EBITDA margin was 12% and expanded by 274 bps led by gross margin expansion of ~640 bps mostly on account of decline in raw material cost. Raw material cost accounts for ~68% of total expenses. The companyโs key raw materials are polyvinyl chloride (PVC), high-density polyethylene (HDPE), and polypropylene (PP) which are affected by a change in crude oil prices. The company sources of its raw material domestically as well as from international market. In Q1 FY25, the EBITDA margin was 9.6% v/s 8.2% in Q1 FY24. The agriculture-heavy product mix and rising branding costs limited further margin expansion.
In FY24, the EBITDA margin was 12% and expanded by 274 bps led by gross margin expansion of ~640 bps mostly on account of decline in raw material cost. Raw material cost accounts for ~68% of total expenses. The companyโs key raw materials are polyvinyl chloride (PVC), high-density polyethylene (HDPE), and polypropylene (PP) which are affected by a change in crude oil prices. The company sources of its raw material domestically as well as from international market. In Q1 FY25, the EBITDA margin was 9.6% v/s 8.2% in Q1 FY24. The agriculture-heavy product mix and rising branding costs limited further margin expansion.
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#MANAGEMENT #introduction
Parag Chheda, aged 51 years, is a Joint Managing Director (JMD) of the company. He has been associated with the Company since 27th April 1996 as a Director. He holds an associate degree in business administration from Oakland Community College. He has over 25 years of experience in the piping industry. Vipul Chheda, aged 47 years, is an Executive Director of the company. He has been associated with the company since 11th March 1997 as a Director. He has over 25 years of experience in the piping industry. W.e.f 7th Nov 2023, Anand Gupta has been appointed as Chief Financial Officer of the company. He is a Chartered Accountant with an experience of more than 20 years in Finance, Commercial planning and operations. He was associated with ACC Ltd for 14 years in different roles and responsibilities.
Parag Chheda, aged 51 years, is a Joint Managing Director (JMD) of the company. He has been associated with the Company since 27th April 1996 as a Director. He holds an associate degree in business administration from Oakland Community College. He has over 25 years of experience in the piping industry. Vipul Chheda, aged 47 years, is an Executive Director of the company. He has been associated with the company since 11th March 1997 as a Director. He has over 25 years of experience in the piping industry. W.e.f 7th Nov 2023, Anand Gupta has been appointed as Chief Financial Officer of the company. He is a Chartered Accountant with an experience of more than 20 years in Finance, Commercial planning and operations. He was associated with ACC Ltd for 14 years in different roles and responsibilities.
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#COMPANY #POTENTIAL
The Indian plastic piping industry is worth ~โน47,000 cr, wherein the organized players have about 67% of the market. Polyvinyl Chloride (PVC) is the third largest selling plastic commodity after polyethylene & polypropylene. It is beneficial over other materials, owing to its chemical resistance, durability, low cost, recyclability, and others; thus, it can replace wood, metal, concrete, and clay in different applications. โข In terms of end use, plumbing and sewerage pipes constitute ~55% of the industryโs total volume, followed by agriculture pipes (35%) and infrastructure & industrial pipes (10%). The infrastructure & industrial pipe segments are expected to witness the highest growth due to increased Government expenditure on the Jal Jeevan scheme which aims to provide rural drinking water connections and urban infrastructure. Plastic pipes still have low penetration in water supply management, an area currently dominated by expensive cement and steel pipes. advancing infrastructure development. โข Plastic pipe industry is expected to report a volume CAGR of 10%-12% between FY23 to FY28. This projection considers favorable resin prices, potential revival in the urban real estate sector, and the Governmentโs emphasis on boosting farm income and โข The domestic bathware market is estimated at โน18,000 cr in FY23 (sanitaryware: โน6,000 cr; faucets: โน12,000 cr) and has posted a 7.9% CAGR over FY15-FY23. The bath fittings market is riding the wave of urbanization, consumer awareness, and real estate growth. As more households embrace modern amenities, the demand for stylish and functional bathroom fittings continue to rise.
The Indian plastic piping industry is worth ~โน47,000 cr, wherein the organized players have about 67% of the market. Polyvinyl Chloride (PVC) is the third largest selling plastic commodity after polyethylene & polypropylene. It is beneficial over other materials, owing to its chemical resistance, durability, low cost, recyclability, and others; thus, it can replace wood, metal, concrete, and clay in different applications. โข In terms of end use, plumbing and sewerage pipes constitute ~55% of the industryโs total volume, followed by agriculture pipes (35%) and infrastructure & industrial pipes (10%). The infrastructure & industrial pipe segments are expected to witness the highest growth due to increased Government expenditure on the Jal Jeevan scheme which aims to provide rural drinking water connections and urban infrastructure. Plastic pipes still have low penetration in water supply management, an area currently dominated by expensive cement and steel pipes. advancing infrastructure development. โข Plastic pipe industry is expected to report a volume CAGR of 10%-12% between FY23 to FY28. This projection considers favorable resin prices, potential revival in the urban real estate sector, and the Governmentโs emphasis on boosting farm income and โข The domestic bathware market is estimated at โน18,000 cr in FY23 (sanitaryware: โน6,000 cr; faucets: โน12,000 cr) and has posted a 7.9% CAGR over FY15-FY23. The bath fittings market is riding the wave of urbanization, consumer awareness, and real estate growth. As more households embrace modern amenities, the demand for stylish and functional bathroom fittings continue to rise.
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#Company #Outlook
โข It signed an asset purchase agreement with Klaus Waren Fixtures Private Limited, for the acquisition and assignment of identified assets for โน55 cr (in two tranches) for the brand as well as the manufacturing facility in Bhuj. Another โน7-โน10 cr of capex would be required for maintenance and de-bottlenecking and with that it shall be able to unlock production capacity of โน100-โน120 cr. โข The Bihar facility will be an integrated hub for the company, addressing the burgeoning demand in East India. Construction of the factory structure and utilities is currently in progress. The proposed capex for this facility has been increased to โน220 cr, with the capacity now expanded to 48,000 MTPA (shall be complete by Q4 FY25). The Bihar facility in Begusarai will get commenced in January 2025. The facility will be commencing in the phased manner and it will take 6 months to operate in full utilization. โข The agile execution of the Aquel by Prince brand was showcased at Plumbex India 2024. The company continues to penetrate key tier-2 and tier-3 markets in West and Northern India, with plans to expand into East and South markets in H1 FY25. The integration of Aquelโs distribution network and the appointment of sales staff are already in progress, pending regulatory approval. Products from Aquel by the company received enthusiastic feedback at the event. โข The proposed capacity for water tank is estimated at 60 lakh litres per month at Bihar facility which shall go onstream in Q4 FY25. โข The company has launched a new product named Greenfit PPR which has wide applications in hotels, commercial spaces, malls, hospitals and industry. โข The company has guided 15% volume growth with the margin to be in the range of 12%-13% for FY25. โข There are currently no plans for O-PVC (Oriented polyvinyl chloride pipes), with the focus shifting towards distribution-driven products and those catering to private projects. OPVC pipes represent a new generation of piping systems designed for highCASE STUDY pressure water conveyance. They are generally of superior quality compared to other piping solutions.
โข It signed an asset purchase agreement with Klaus Waren Fixtures Private Limited, for the acquisition and assignment of identified assets for โน55 cr (in two tranches) for the brand as well as the manufacturing facility in Bhuj. Another โน7-โน10 cr of capex would be required for maintenance and de-bottlenecking and with that it shall be able to unlock production capacity of โน100-โน120 cr. โข The Bihar facility will be an integrated hub for the company, addressing the burgeoning demand in East India. Construction of the factory structure and utilities is currently in progress. The proposed capex for this facility has been increased to โน220 cr, with the capacity now expanded to 48,000 MTPA (shall be complete by Q4 FY25). The Bihar facility in Begusarai will get commenced in January 2025. The facility will be commencing in the phased manner and it will take 6 months to operate in full utilization. โข The agile execution of the Aquel by Prince brand was showcased at Plumbex India 2024. The company continues to penetrate key tier-2 and tier-3 markets in West and Northern India, with plans to expand into East and South markets in H1 FY25. The integration of Aquelโs distribution network and the appointment of sales staff are already in progress, pending regulatory approval. Products from Aquel by the company received enthusiastic feedback at the event. โข The proposed capacity for water tank is estimated at 60 lakh litres per month at Bihar facility which shall go onstream in Q4 FY25. โข The company has launched a new product named Greenfit PPR which has wide applications in hotels, commercial spaces, malls, hospitals and industry. โข The company has guided 15% volume growth with the margin to be in the range of 12%-13% for FY25. โข There are currently no plans for O-PVC (Oriented polyvinyl chloride pipes), with the focus shifting towards distribution-driven products and those catering to private projects. OPVC pipes represent a new generation of piping systems designed for highCASE STUDY pressure water conveyance. They are generally of superior quality compared to other piping solutions.
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PRINCE PIPES & FITTINGS LIMITED 150-275
Expected level 350
Support 150
Expected level 350
Support 150
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Eicher Motors Limited Company Details
Eicher Motors Limited has presence in motorcycle and commercial vehicle manufacturing. Royal Enfield is a leader (~89% market share) in the middleweight motorcycles segment (250 cc - 750 cc) with international presence. Royal Enfieldโs share in greater than 125 cc motorcycle (domestic) stood at 29.7% in FY24. Its global retail network (outside of India) spans over 1,085 touchpoints with 235 exclusive stores and 851 multi-brand outlets (MBOs). It has 2,003 retail outlets in India (1,102 large stores and 901 studio stores). Its manufacturing capacity stands at 12,00,000 units per annum (Oragadam -6,00,000 units per annum and Vallam โ 6,00,000 units per annum). Companyโs product portfolio includes Bullet 350 (Iconic); Classic 350 (Timeless); Meteor 350 & Super Meteor 650 (Cruiser); Hunter 350 & Interceptor 650 (Roadster); Himalayan 450 & Scram 411 (Adventure); Continental GT 650 (Cafรฉ Racer). It recently launched Shotgun 650 and New Himalayan. In December 2022, Royal Enfield announced its EV plans and as part of its strategy, the company acquired 10.35% stake in Stark Future, Spain for a consideration of โฌ50 million. Royal Enfield became the first two-wheeler brand to launch an omnichannel pre-owned motorcycle program under 'REOWN' on 5th Dec 2023. It launched Rentals, a partnership with over 40 motorcycle rental operators across 25 cities in India. With this, travelers and motorcyclists can easily and instantly have access to over 300 Royal Enfield motorcycles across these cities to rent, ride and explore. Eicher brand of trucks and buses came to existence in 1985. Eicher progressed in the Indian commercial vehicle market which was further strengthened when Volvo came in as an equity partner in 2008. VE Commercial Vehicles Limited (VECV) is a joint venture between EML (~54.4%) and Swedenโs AB Volvo. VECV manufactures a complete range of premium trucks across 4.9-55 tonnes and buses with a seating capacity of 12-72 across light, medium and heavy-duty applications. Apart from manufacturing Eicher and Volvo trucks and buses, VECV is engaged in exclusive distribution of Volvo trucks in India, engine manufacturing and exports for Volvo group, non-automotive engines and Eicher engineering component business. It has expanded its retail network and now has more than 930 touchpoints across the country. The company has advanced projects in small commercial vehicles, Hydrogen internal combustion CASE STUDY engine, fuel cells, batteries, LNG, and bio-blends.
Eicher Motors Limited has presence in motorcycle and commercial vehicle manufacturing. Royal Enfield is a leader (~89% market share) in the middleweight motorcycles segment (250 cc - 750 cc) with international presence. Royal Enfieldโs share in greater than 125 cc motorcycle (domestic) stood at 29.7% in FY24. Its global retail network (outside of India) spans over 1,085 touchpoints with 235 exclusive stores and 851 multi-brand outlets (MBOs). It has 2,003 retail outlets in India (1,102 large stores and 901 studio stores). Its manufacturing capacity stands at 12,00,000 units per annum (Oragadam -6,00,000 units per annum and Vallam โ 6,00,000 units per annum). Companyโs product portfolio includes Bullet 350 (Iconic); Classic 350 (Timeless); Meteor 350 & Super Meteor 650 (Cruiser); Hunter 350 & Interceptor 650 (Roadster); Himalayan 450 & Scram 411 (Adventure); Continental GT 650 (Cafรฉ Racer). It recently launched Shotgun 650 and New Himalayan. In December 2022, Royal Enfield announced its EV plans and as part of its strategy, the company acquired 10.35% stake in Stark Future, Spain for a consideration of โฌ50 million. Royal Enfield became the first two-wheeler brand to launch an omnichannel pre-owned motorcycle program under 'REOWN' on 5th Dec 2023. It launched Rentals, a partnership with over 40 motorcycle rental operators across 25 cities in India. With this, travelers and motorcyclists can easily and instantly have access to over 300 Royal Enfield motorcycles across these cities to rent, ride and explore. Eicher brand of trucks and buses came to existence in 1985. Eicher progressed in the Indian commercial vehicle market which was further strengthened when Volvo came in as an equity partner in 2008. VE Commercial Vehicles Limited (VECV) is a joint venture between EML (~54.4%) and Swedenโs AB Volvo. VECV manufactures a complete range of premium trucks across 4.9-55 tonnes and buses with a seating capacity of 12-72 across light, medium and heavy-duty applications. Apart from manufacturing Eicher and Volvo trucks and buses, VECV is engaged in exclusive distribution of Volvo trucks in India, engine manufacturing and exports for Volvo group, non-automotive engines and Eicher engineering component business. It has expanded its retail network and now has more than 930 touchpoints across the country. The company has advanced projects in small commercial vehicles, Hydrogen internal combustion CASE STUDY engine, fuel cells, batteries, LNG, and bio-blends.
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#SALES #GROWTH 5 Year CAGR 11.0%
In FY24, the net sales was โน16,534 cr (including international market revenue of โน1,845 cr in FY24 v/s โน2,080 cr in FY23) and increased by 14.5% YoY backed by sales volume expansion of 12% YoY which stood at ~9.1 lakh units (domestic at 8.4 lakh units and international at 77,209 units). Growth was majorly backed by strong volume in domestic market; while there was a decline of 13.5% in international volumes. Revenue from spares was โน2,439 cr. In 9M FY25, the company posted net sales of โน13,629 cr v/s โน12,280 cr showcasing an increase of 11% YoY. It sold 7,22,092 units in 9M FY25 (domestic at 6,52,856 units and exports at 69,236 units) v/s 6,84,078 units in 9M FY24 (domestic at 6,30,085 units and exports at 53,993 units). It saw strong retail sales for the period during the festive period in India. In Q3 FY25, it unveiled five models that included: Bear 650, New Classic 650, Bullet Battalion Black, Goan Classic 350, and Scram 440.
In FY24, the net sales was โน16,534 cr (including international market revenue of โน1,845 cr in FY24 v/s โน2,080 cr in FY23) and increased by 14.5% YoY backed by sales volume expansion of 12% YoY which stood at ~9.1 lakh units (domestic at 8.4 lakh units and international at 77,209 units). Growth was majorly backed by strong volume in domestic market; while there was a decline of 13.5% in international volumes. Revenue from spares was โน2,439 cr. In 9M FY25, the company posted net sales of โน13,629 cr v/s โน12,280 cr showcasing an increase of 11% YoY. It sold 7,22,092 units in 9M FY25 (domestic at 6,52,856 units and exports at 69,236 units) v/s 6,84,078 units in 9M FY24 (domestic at 6,30,085 units and exports at 53,993 units). It saw strong retail sales for the period during the festive period in India. In Q3 FY25, it unveiled five models that included: Bear 650, New Classic 650, Bullet Battalion Black, Goan Classic 350, and Scram 440.
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#PAT #GROWTH 5 Year CAGR 12.6%
In FY24, the net profit saw a substantial increase of 37% YoY to โน4,001 cr (including share of profit of JV). This can be attributed to increase in other income from โน595 cr in FY23 to โน1,076 cr in FY24 coupled with an expansion to โน448 cr contribution from share of profit of joint venture (VE Commercial Vehicles Limited) v/s โน315 cr in FY23. In 9M FY25, the net profit (including share of profit of JV) was โน3,372 cr v/s and โน2,930 cr and increased by 15% YoY. The share of profit from its JV was โน452 cr for 9M FY25 as compared to โน316 cr in 9M FY24. the increase was led by higher other income, operating profit and share of profit from JV.
In FY24, the net profit saw a substantial increase of 37% YoY to โน4,001 cr (including share of profit of JV). This can be attributed to increase in other income from โน595 cr in FY23 to โน1,076 cr in FY24 coupled with an expansion to โน448 cr contribution from share of profit of joint venture (VE Commercial Vehicles Limited) v/s โน315 cr in FY23. In 9M FY25, the net profit (including share of profit of JV) was โน3,372 cr v/s and โน2,930 cr and increased by 15% YoY. The share of profit from its JV was โน452 cr for 9M FY25 as compared to โน316 cr in 9M FY24. the increase was led by higher other income, operating profit and share of profit from JV.
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#EBITDA #GROWTH 5 Year CAGR 8.3%
In FY24, the EBITDA stood at โน4,327 cr and grew by 25.7% YoY. This increase can be attributed to softening of raw material prices and favorable product mix. Gross profits expanded by 21% YoY. In 9M FY25, the EBITDA was โน3,454 cr v/s โน3,198 cr in 9M FY24 an increase of 8% YoY. This was led by stable raw material prices and better product mix. However, the company saw an increase in expenses for the period as it had various new launches, and it launched EV in the recently held Auto Expo coupled with marketing spends towards the same.
In FY24, the EBITDA stood at โน4,327 cr and grew by 25.7% YoY. This increase can be attributed to softening of raw material prices and favorable product mix. Gross profits expanded by 21% YoY. In 9M FY25, the EBITDA was โน3,454 cr v/s โน3,198 cr in 9M FY24 an increase of 8% YoY. This was led by stable raw material prices and better product mix. However, the company saw an increase in expenses for the period as it had various new launches, and it launched EV in the recently held Auto Expo coupled with marketing spends towards the same.
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#EBITDA #MARGIN
In FY24, the EBITDA margin expanded to 26.2% from 23.8% in FY23 and this can be attributed to better product mix and softening of commodity prices. In 9M FY25, the EBITDA margin remained at 25.3% v/s 26% in 9M FY24. The decline in margin can be attributed to investments towards EV launch and new launches coupled with advertisement & promotional spends.
In FY24, the EBITDA margin expanded to 26.2% from 23.8% in FY23 and this can be attributed to better product mix and softening of commodity prices. In 9M FY25, the EBITDA margin remained at 25.3% v/s 26% in 9M FY24. The decline in margin can be attributed to investments towards EV launch and new launches coupled with advertisement & promotional spends.
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