Eicher Motors reported a 76 per cent rise in its consolidated net profit in the September quarter, which now stood at Rs 656.86 crore, up from Rs 373.20 crore net profit a year ago. The profit was due to strong demand for commercial vehicles. In its regulatory filing, the company said the consolidated revenue from operations of Eicher Motors grew by 55.8 per cent to Rs 3,453.43 crore in Q2 FY23 as against Rs 2,216.40 crore in Q2 FY22.
Its earnings before interest, taxes, depreciation, and amortisation (EBITDA) increased 75 per cent to Rs 821 crore year-on-year. It was Rs 470 crore in the year-ago quarter.
Stellar performance
As per the company, the stellar numbers are due to significant increase in volume growth, product mix and improvement in commercial vehicle market share. The company said Royal Enfield ended the quarter with its strong performance in the domestic markets with total dispatches at 183,067 units, which is about than 73.4 per cent higher than 105,593 units in the same period last year.
Even the commercial vehicle segment showed immense growth. Speaking on VECV’s performance, Vinod Aggarwal, MD and CEO VECV, said: “During the second quarter, VECV strengthened market share particularly in heavy duty truck and bus segments for both Eicher and Volvo brands. Vehicle sales for the first half stand at 35,085 vehicles marking a growth of 67.6 per cent over the corresponding period last year.”
Siddhartha Lal, Managing Director, Eicher Motors said that VECV segment delivered its first large order of 40 Skyline Pro E electric buses to the prestigious city of Chandigarh.
“During the quarter, we also strengthened our market share in the Heavy Duty trucks and buses segment while launching a slate of new products and improving our distribution reach. At EML, our business performance has been quite promising and we continue to focus on the next stage of our growth with a robust ESG vision,” Lal added.
Eicher Motors shares closed 0.83 per cent down at Rs 3,702 on Thursday at BSE.
