Sell Eicher Motors Ltd For Target Rs. 4,435 by Motilal Oswal Financial Services Ltd

* Overall RE volumes increased 24% YoY, supported by a 42% YoY rise in exports and a 22% YoY growth in domestic sales.
* On a QoQ basis, ASP is likely to be marginally up, as the benefits from a better export mix and price hikes are likely to be offset by an adverse domestic mix
* We expect RE margins to improve 60bp QoQ largely due to operating leverage benefits.
* VECV: Revenue is expected to grow by ~14% YoY, while EBITDA/PAT are likely to surge ~43%/82% YoY.
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