Eicher Motors reports sale of 7,181 CV in January’23; stock slips ~3%

2 Feb 2023 , 10:31 AM

Eicher Motors reported that its unlisted subsidiary, VE Commercial Vehicles (VECV), sold 7,181 commercial vehicles (CV) in January 2023, a 32.1% increase over the 5,434 units sold in January 2022.

Sequentially, the company’s CV sales fell slightly from 7,221 units sold in December 2022.

Total domestic sales of Eicher trucks and buses increased by 50.1% to 6,791 units in January 2023, while total exports decreased by 74.9% to 201 units in January 2022.

Volvo truck and bus sales increased by 73.4% to 189 units in January 2023, compared to 109 units in January 2022.

Royal Enfield, the global leader in middleweight motorcycles, is the listed parent of Eicher Motors. In addition to motorcycles, Eicher has a commercial vehicle joint venture with Sweden’s AB Volvo called Volvo Eicher Commercial Vehicles.

The consolidated net profit of the company increased 76% to Rs656.86 crore in Q2FY23 from Rs373.20 crore in Q2FY22. Total revenue from operations was Rs3,519.40 crore, up 56.4% from Rs2,249.56 crore in the previous year’s corresponding quarter.

At around 10.29 AM, Eicher Motors was trading 2.64% lower at Rs3,215.95, against the previous close of Rs3,303.10 on NSE. The counter touched an intraday high and low of Rs3,320.70 and Rs3,211.80 respectively.

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