Eicher Motors Reports Over 4% Rise In September Quarter Profit

Shares in Eicher Motors jumped as much as 2.84 per cent to Rs 22,038.40 apiece on the BSE after the earnings announcement.

Eicher Motors Reports Over 4% Rise In September Quarter Profit

Royal Enfield sold 1,63,390 motorcycles in the July-September period

Eicher Motors on Friday reported a consolidated net profit of Rs 572.69 for the quarter ended September 30. That marked an increase of 4.36 in net profit compared with the corresponding period a year ago. In a regulatory filing to stock exchanges, Eicher Motors said its revenue from operations came in at Rs. 2,192.47 crore in the second quarter of current financial year, as against Rs. 2,408.17 crore in the year-ago period. The company said the reduction in corporate tax during the quarter supported its financial performance.

Operating profit - or earnings before interest, taxes, depreciation, and amortisation (EBITDA) - stood at Rs 541 crore, down by 26 per cent compared with the corresponding period of financial year 2018-19, the auto maker said in a press release.

Eicher Motors' standalone net profit rose 18.51 per cent to Rs 570.46 crore in the quarter ended September 30.

Eicher Motors unit Royal Enfield sold 1,63,390 motorcycles in the July-September period, marking a decline of 22.18 per cent in the quarter ended September 30, 2018.

"Through the last few quarters, we have continued to invest for the long term by pursuing greater innovation, improving efficiencies, and making investments in different areas," said Siddhartha Lal, managing director, Eicher Motors.

"We've remained focused on building greater accessibility for our consumers, through new variant launches and improving our retail footprint. These efforts are beginning to yield good results for us," he added.

Shares in Eicher Motors jumped as much as 2.84 per cent to Rs. 22,038.40 apiece on the BSE, before ending with a gain of 1.26 per cent.

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