Eicher Motors today reported a 71.3 per cent increase in its consolidated net profit at Rs 334.5 crore for the March quarter on account of robust sales across business verticals.
The company, which had posted a net profit of Rs 195.28 crore during the same period of previous fiscal, plans to invest Rs 400 crore in VE Commercial Vehicles (VECV) segment for capacity expansion during the current fiscal.
Total income rose to Rs 3,764.9 crore during the quarter under review, up 46.6 per cent, from Rs 2,568 crore for the same period last fiscal, Eicher Motors said in a statement.
For entire 2015-16 fiscal, the company posted a net profit of Rs 1,082.6 crore as compared with Rs 671.5 crore in the previous year.
Total income during the fiscal stood at Rs 13,120.7 crore, while the same stood at Rs 9,382.1 crore a year ago.
Commenting on VECV's performance, Eicher Motors Managing Director & CEO Siddhartha Lal said the fourth quarter was one of the best quarters for the commercial vehicle industry in the last few years.
"VECV had a stellar last quarter performance where it grew by 38.1 per cent outpacing the industry growth of 27.6 per cent in quarter ended March 2016," he said.
VECV posted a strong growth in both the heavy duty segment and light and medium duty segments, Lal said.
"We will be investing Rs 400 crore in VECV towards product development and capacity expansion in FY 2016-17," he added.
Besides, the company's two-wheeler arm Royal Enfield also posted its best-ever sales performance in the March quarter.
During the period, the niche bike maker sold 1,48,185 motorcycles, registering its best-ever quarterly sales and posting a growth of 59.6 per cent over 92,845 motorcycles sold in the same period last year.
Eicher Motors shares today closed at 0.30 per cent lower at Rs 19,687.45 apiece on BSE.
