Eicher Motors Q1 net jumps 82% at Rs 73 cr

Automaker Eicher Motors today posted 82.24% increase in consolidated net profit for the first quarter ended March 31, 2011 at Rs 73.28 crore.

For the three-month period ended March 31, 2010, the firm's consolidated net profit was Rs 40.21 crore.

Eicher Motors consolidated net sales for the period under review was up 33.35% at Rs 1,383.59 crore, compared to Rs 1,037.51 crore in the first quarter last fiscal.

"After posting record highs in Q4 2010 and also for the full year of 2010 in terms of volume and profitability, Eicher Motors has done exceedingly well to carry the growth momentum into Q1 (of 2011),"  Eicher Motors CEO and Managing Director Siddhartha Lal said in a statement.

In case of VE Commercial Vehicles (VECV) category, the trucks and buses division sales volume in the five tonne and above segment grew by 30.5% over the same quarter last year to 12,505 units.

In the high-end European heavy duty segment, due to issues specific to the mining segment, Volvo Trucks India's sales fell by 34.2% compared to first quarter of 2010.

"I believe that this is a temporary phenomenon, and that Volvo Trucks India will be back on growth trajectory very soon," Lal said.

The Royal Enfield motorcycle division sold 16,968 units, up 36.2% compared to the same quarter last year.

"We now have capacity to produce and sell at a run rate of more than 6,000 units a month. We are continuing with necessary steps to further increase this capacity," the statement said.