Eicher Motors Q1 Profit Rises 59% On Robust Sales

New Delhi: Eicher Motors on Thursday posted a 58.61 per cent rise in consolidated net profit at Rs 376.29 crore for the quarter ended June 30, riding on robust sales across various business verticals.

Eicher Motors had posted a net profit of Rs 237.23 crore for the corresponding period a year ago, it said in a statement.

Total income from operations stood at Rs 1,555.69 crore for the April-June quarter of 2016-17 as against Rs 1,095.89 crore in the year-ago period.

Commenting on Royal Enfield's performance, Eicher Motors managing director and CEO Siddhartha Lal said the company continues to take more orders than its monthly supply.

"Our immediate business outlook remains strong and Royal Enfield continues to grow consistently, competitively and profitably towards leading and expanding the mid-sized motorcycle segment globally," he added.

On the performance of VE Commercial Vehicles, Mr Lal said, "VECV continues to do well in the sub 5-ton category with the introduction of Pro 1049 where it is currently selling more than 100 trucks every month since its launch in the last quarter."

On the company's 50:50 joint venture with Polaris Industries, Eicher Polaris Private, he said, "Multix is now present in 50 locations across 8 states and it continues to gain momentum in its target markets."

Shares in Eicher Motors, on Thursday, ended 3.64 per cent higher at Rs 21,075.20 apiece on the BSE, whose benchmark Sensex index finished up 0.66 per cent.