Eicher Motors posts 55% y-o-y growth in net profit at Rs 1,016 crore; stock gains ~2%

13 Nov 2023 , 11:31 AM

Eicher Motors, a leading automaker, reported a 55% increase in its overall net profit at Rs 1,016 crore in the September 2023 quarter, up from Rs 657 crore the previous year.

Revenue from operations climbed 17% year on year (YoY) in the second quarter to Rs 4,115 crore from Rs 3,519 crore in the same quarter previous year.

The topline and bottom line were the highest-ever numbers reported by the company quarterly. The firm also posted a record EBITDA of Rs 1,087 crore, up 32% year on year.

Total sales volume climbed 13% year-on-year to 2.29 lakh units in the second quarter. Royal Enfield sold 229,496 bikes in the third quarter, up 13% from 203,451 in the same quarter in FY23.

In terms of sales across all sectors, the VECV company experienced its best-ever second quarter. The VECV division sold 19,551 units, exceeding the previous peak of 18,696 units in the second quarter of FY19.

Parts sales increased 29% over the same period last year, owing to strong vehicle utilization, an emphasis on uptime, and a fast-growing service and parts network.

Following this development, the company’s counter was trading 2.14% higher at Rs 3,655.80 per piece, against the previous close of Rs 3,579.30 on NSE. The counter touched an intraday high and low of Rs 3,675 and Rs 3,586, respectively.

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