Eicher Motors Q3 profit jumps 62 pc to Rs 741 cr

New Delhi, Feb 14 (PTI) Eicher Motors Ltd on Tuesday reported a 62.42 per cent rise in consolidated profit after tax at Rs 740.84 crore for the third quarter ended December 31, 2022, riding on strong sales.

The company had posted a consolidated profit after tax of Rs 456.13 crore in the same period last fiscal, Eicher Motors said in a regulatory filing.

Consolidated total income during the quarter under review stood at Rs 3,913.32 crore as compared to Rs 2,972.79 crore in the year-ago period, it added.

Total expenses were higher at Rs 3,006.19 crore, up from Rs 2,415.79 crore in the same period last fiscal.

The company said its commercial vehicle joint venture Volvo Eicher Commercial Vehicle (VECV) recorded its highest ever third quarter sales at 18,162 units, a growth of 13.2 per cent over the corresponding period last year.

Similarly, two-wheeler arm Royal Enfield clocked total dispatches at 2,19,898 motorcycles, up 31.15 per cent over 1,67,664 in the same period last year.

Eicher Motors Managing Director Siddhartha Lal said in the last few months, Royal Enfield launched new products Hunter 350 and Super Meteor 650, which have been received well across the globe.

“With these motorcycles, and with upcoming launches at Royal Enfield, we intend to bring a strong and compelling portfolio in the middleweight segment which has immense growth potential in markets around the world,” he added.

On VECV, Lal said the company recorded a “solid performance” this quarter with strong sales and improved market share in the buses and heavy duty trucks segment.

“We continue to remain focused on expanding our distribution and service network and deliver consistent uptime to our customers,” he added.