Eicher Motors Q2FY24 consolidated PAT grows 55% to Rs 1,016 cr
Mumbai: Eicher Motors announced an impressive 55% growth in its consolidated net profit at Rs 1,016 crore for the second quarter concluding on September 30, 2023, on the back of strong sales.
In the corresponding quarter of the previous fiscal year, the company had recorded a net profit after tax of Rs 657 crore.
According to a regulatory filing by Eicher Motors, the total revenue from operations also witnessed a significant increase, reaching Rs 4,115 crore for the September quarter, compared to Rs 3,519 crore in the same period last year.
The company highlighted that this performance marks its highest-ever quarterly figures in terms of revenues, profits, and sales.
Royal Enfield, a division of Eicher Motors, recorded a significant uptick in motorcycle sales during the second quarter, with 2,29,496 units sold. This reflects a 13% increase compared to the 2,03,451 motorcycles sold in the corresponding period of the previous fiscal year.
Eicher Motors Managing Director Siddhartha Lal expressed satisfaction with the company's overall performance at the halfway point of the financial year, citing remarkable achievements at both Royal Enfield and VE Commercial Vehicles.
VE Commercial Vehicles (VECV) also delivered an impressive performance, attaining its highest-ever sales in the July-September quarter.
The company successfully sold 19,551 units during this period, surpassing the previous best sales record of 18,696 units in the second quarter of the fiscal year 2018-19, said VECV Managing Director and Chief Executive Officer Vinod Aggarwal.
Operational since July 2008, VE Commercial Vehicles Ltd. (VECV) comprises of five business verticals – Eicher Trucks and Buses, Volvo Trucks India, Eicher Engineering Components, VE Powertrain and VECV Engine Business.
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