Eicher Motors's Q3 net profit rises 34% to Rs. 996cr
What's the story
Eicher Motors has reported a 34.43% year-over-year increase in net profit, reaching Rs. 995.97 crore for the December quarter.
The results have exceeded analysts' predictions of Rs. 959.28 crore. The surge has been credited to higher volumes and price hikes across various products.
Eicher Motor's revenue from operations rose 12.28% to Rs. 4,179 crore in Q3 FY24, compared to Rs. 3,721 crore during the same period in FY 2022-23.
Today, Eicher Motors closed 0.39% lower at Rs. 3,857.10 per stock.
Royal Enfield sales
Royal Enfield's sale increases 4% in Q3
Eicher Motors's motorcycle division, Royal Enfield, sold 229,214 bikes in Q3, a 4% increase from the 219,898 units sold in the same timeframe last year.
The company's EBITDA rose by 27% to Rs. 1,090 crore, up from Rs. 857 crore in the previous financial year's corresponding quarter.
The operating margin increased to 26.08%, up from 23.03% last year.
New records
Eicher's commercial vehicle subsidiary achieved highest-ever Q3 sales
Eicher Motors's commercial vehicle subsidiary VECV (Volvo Eicher Commercial Vehicles) achieved its highest-ever Q3 sales with 20,706 units.
Year-to-Date (YTD) sales as of December 2023 reached 59,828 units, a 12.4% increase from the previous year's 53,247 units.
Eicher has also announced its entry into the growing Small Commercial Vehicle segment with an "Electric-First offer" which will be available from next year, as per Siddhartha Lal, Managing Director, Eicher Motors.