Eicher Motors' net profit doubles to Rs611 crore in the June quarter

11 Aug 2022 , 12:48 PM

Following strong sales in overseas markets, Eicher Motors announced a more than twofold increase in consolidated net profit for the first quarter that ended on June 30 to Rs611 crore on Wednesday.

In the prior fiscal year's June quarter, the firm reported a net profit of Rs237 crore. According to a regulatory filing by Eicher Motors, operating revenue increased to Rs3,397 crore from Rs1,974 crore during the April-June period.

Royal Enfield, the company's two-wheeler segment, sold 1,86,032 motorbikes in the quarter, up 52% from the 1,22,170 bikes it sold in the same quarter of the previous fiscal.

"With a more than 60% rise from the prior year, our overseas volumes have continued to develop steadily. On the strength of record-breaking foreign sales volumes, we have reported our greatest quarterly revenues and EBITDA "According to Siddhartha Lal, managing director of Eicher.

With a total of 28,390 units dispatched during the first quarter, Royal Enfield had its best-ever performance in the overseas markets. This represents a 62 % increase over the 17,493 units shipped during the same time in 2017.

He also mentioned that the first quarter volumes for VECV, the company's commercial vehicle joint venture with the Volvo Group, were at an all-time high. At Rs3,154.55 per share, the company's shares closed the day on the BSE up 1.28 %.