Eicher Motors slides as CV sales slips 6% YoY in March

Eicher Motors shed 1.88% to Rs 3,943.95 after the auto maker's unlisted subsidiary, VE Commercial Vehicles (VECV) reported 5.6% year on year decrease in commercial vehicles (CV) sales to 11,242 units in March 2024.

While, the domestic sales fell by 6.6% to 10,525 units, total exports jumped 11.4% to 461 units in March 2024 over March 2023.

Total sales of Volvo trucks and buses in March 2024 increased by 11.8% to 256 units from 229 units sold in March 2023.

For the financial year ended March 2024, VECV recorded total sales of 85,560 units, up 7.5% from 79,623 units sold in FY23.

Meanwhile, the auto makers total motorcycles (Royal Enfield) sales rose 5% to 75,551 units in March 2024 as against 72,235 units sold in March 2023.

The sales of motorcycle models with engine capacity up to 350cc increased by 6% to 66,363 units whereas sales of motorcycle models with engine capacity exceeding 350cc fell 3% to 9,188 units in March 2024 over March 2023.

The International Business recorded sales of 9,507 units in March 2024, down by 23% as compared with 12,351 units sold in the corresponding period last year.

Royal Enfield recorded total sales of 9,12,732 motorcycles for FY24, registering a growth of 9% on YoY basis.

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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