Eicher Motors gains after CV sales rises 2% YoY in Feb'24

Eicher Motors rose 1.42% to Rs 3,846.90 after the auto maker's unlisted subsidiary, VE Commercial Vehicles (VECV) reported 1.9% year on year increase in commercial vehicles (CV) sales to 7,424 units in February 2024.

The total domestic sales of Eicher trucks and buses grew by 2.1% to 7,246 units while total exports increased 1.9% to 6,930 units in February 2024 over February 2023.

Total sales of volvo trucks and buses declined 5.8% to 178 units in February 2024 as compared with 189 units sold in February 2023.

Further, the company said that it has sold 75,935 motorcycle units in February 2024, which is higher by 6% as compared with 71,544 units in February 2023.

While sales of motorcycle models with engine capacity up to 350cc increased by 2% to 66,157 units, sales of motorcycle models with engine capacity exceeding 350cc jumped 45% to 9,778 units in February 2024 over February 2023.

The International Business recorded sales of 8,013 units in February 2024, up by 13% as compared with 7,108 units sold in the corresponding period last year.

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 automobile major's consolidated net profit jumped 34.43% to Rs 995.97 crore on 12.3% rise in revenue from operations stood to Rs 4,178.84 crore in Q3 FY24 over Q3 FY23.

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