Eicher Motors Q2 net profit rises 55% to Rs 1,016 cr on robust sales

Eicher Motors on Friday said its consolidated net profit increased by 55 per cent to Rs 1,016 crore for the second quarter ended September 30, 2023, driven by robust sales.

The company had reported a net profit after tax of Rs 657 crore in the July-September quarter of last fiscal.

Total revenue from operations rose to Rs 4,115 crore for the September quarter as against Rs 3,519 crore in the year-ago period, Eicher Motors said in a regulatory filing.

It was the company's highest-ever performance in terms of quarterly revenues, profits and sales, it said.

Royal Enfield, a division of the company, sold 2,29,496 motorcycles in the second quarter, an increase of 13 per cent from 2,03,451 motorcycles sold in the same period of last fiscal.

"At the halfway mark for the financial year, we have registered remarkable performance both at Royal Enfield and VE Commercial Vehicles," Eicher Motors Managing Director Siddhartha Lal said in a statement.

VE Commercial Vehicles (VECV) Managing Director and Chief Executive Officer Vinod Aggarwal said the company recorded its highest-ever sales in the July-September quarter, delivering 19,551 units and exceeding the previous best sales of 18,696 units in Q2 of FY19.

Shares of the company on Friday ended flat at Rs 3,541.80 apiece on the BSE.