Eicher Motors commercial vehicles sales increase by 25% in February 2023

1 Mar 2023 , 03:27 AM

Shares of Eicher Motors increased by 1.10% to Rs3,138.65 after the automaker’s unlisted subsidiary, VE Commercial Vehicles (VECV), reported a 24.5% increase in sales of commercial vehicles (CV) in February 2023 to 7,289 units from 5,856 units in February 2022.

The company’s CV sales increased modestly from 7,289 units sold in January 2023 on a sequential basis. In comparison to February 2022, total domestic sales of Eicher trucks and buses increased by 33.5% to 6,799 units, while exports fell by 53.8% to 301 units.

Compared to February 2022, when 111 Volvo trucks and buses were sold, total sales increased by 70.3% to 189 units in February 2023. The listed parent of Royal Enfield, the world’s leading manufacturer of middleweight motorcycles, is Eicher Motors. Along with producing motorcycles, Eicher also partners with AB Volvo of Sweden to operate Volvo Eicher Commercial Vehicles in the Indian market for commercial vehicles.

On the back of a 29% increase in operating revenue to Rs3,721 crore in Q3 FY23 over Q3 FY22, the company’s consolidated net profit soared by 62.42% to Rs740.84 crore.

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