Eicher Motors rises as CV sales jump 25% in Feb'23

Eicher Motors rose 1.10% to Rs 3,138.65 after the auto giant's its unlisted subsidiary, VE Commercial Vehicles (VECV) sales of commercial vehicles (CV) grew 24.5% to 7,289 units in February 2023 as compared with 5,856 units sold in February 2022.

On a sequential basis, the company's CV sales rose marginally from 7,289 units sold in January 2022.

During February 2023, the total domestic sales of Eicher trucks & buses jumped 33.5% to 6,799 units while total exports slumped 53.8% to 301 units over February 2022.

Total sales of Volvo trucks & buses soared 70.3% to 189 units in February 2023 as compared with 111 units sold in February 2022.

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's consolidated net profit surged 62.42% to Rs 740.84 crore on 29% rise in revenue from operations to Rs 3,721 crore in Q3 FY23 over Q3 FY22.

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