Eicher Motors CV sales rises 38% YoY in October

Eicher Motors said that its subsidiary VE Commercial Vehicles (VECV) sold 5805 units of commercial vehicles in October 2021, registering a growth of 38.2% on a year-on-year basis.

VECV, the unlisted subsidiary of Eicher Motors, had sold 4200 units of commercial vehicles in October 2020. On a sequential basis, the commercial vehicles sales are lower by 4.3% as compared with 6070 units sold in September 2021.

While total domestic sales of Eicher trucks & buses increased by 27.5% to 4,863 units, total exports rose 162.2% to 826 units in October 2021 over October 2020.

Sales of Volvo trucks & buses, stood at 116 units, 65.7% higher than 70 units sold in October 2020.

Eicher Motors is the listed parent of Royal Enfield, the global leader in middleweight motorcycles. In addition to motorcycles, Eicher has a joint venture with Sweden's AB Volvo - Volvo Eicher Commercial Vehicles which operates in India's commercial vehicle space.

Shares of Eicher Motors were trading 1.17% higher at Rs 2,514.25 on BSE.

The company had reported a consolidated net profit of Rs 237.13 crore in Q1 FY22 compared with net loss of Rs 55.18 crore in Q1 FY21. Net sales were recorded at Rs 1,942.84 crore, up 140.1% compared with Rs 809.16 crore in the corresponding quarter of FY 2020-21.

The company will announce its second quarter result for period ended September 2021 on Wednesday, 3 November 2021.

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