Eicher Motors firms up after good CV sales in August

Eicher Motors rose 2.40% to Rs 2743.80 after the company's unit, VE Commercial Vehicles (VECV), recorded 93.5% surge in total commercial vehicles (CV) sales to 4793 units in August 2021 as against 2477 units in August 2020.

VECV is the unlisted subsidiary of Eicher Motors. While total domestic sales of Eicher trucks & buses increased 76.4% to 3864 units, total exports surged 221.2% to 803 units in August 2021 over August 2020.

Total sale of Volvo trucks & buses soared 240.5% to 126 units in August 2021 as against 37 units in August 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.

The company posted a consolidated net profit of Rs 237 crore in Q1 FY22 compared with net loss of Rs 55.18 crore in Q1 FY21. Total revenue from operations was recorded at Rs 1,974 crore, up 141% compared with Rs 818 crore in the corresponding quarter of FY 2020-21.

Powered by Capital Market - Live News