At 1355 hours, the shares of Eicher Motors were trading up 8.02% or Rs 1,359.35 at Rs 18,300.00 per scrip intraday on the BSE.
Commercial vehicles maker Eicher Motors on Friday reported 76.1% increase in consolidated net profit at Rs 270.8 crore for the quarter-ended December 31, 2015, riding on robust sales. The company had posted a net profit of Rs 153.77 crore in the year-ago period, Eicher Motors said in a BSE filing.
Net sales during the period under review were up 45.91% to Rs 3,247.91 crore as against Rs 2,225.94 crore in the year-ago period.
At 1355 hours, the shares of Eicher Motors were trading up 8.02% or Rs 1,359.35 at Rs 18,300.00 per scrip on the BSE.
The company, which has a joint venture with Sweden's Volvo, said total domestic sales of Eicher Trucks and Buses (5 Tonne and above) stood at 10,480 units during the period under review as against 7,740 units in the year-ago period, a growth of 35.4%. On the other hand, sales of Volvo Trucks were up 33.71% to 353 units as against 264 units in the same quarter of the previous year.
Total sales of the joint venture - VE Commercial Vehicles (VECV) - were up 33.65% to 12,687 units in December quarter as against 9,492 units in the same period of the previous fiscal.
"This has been a stellar quarter for VECV, the best ever over the last couple of years. VECV has not just registered growth across its product segments, it has also outpaced the industry thereby gaining market share," Eicher Motors Managing Director and CEO Siddhartha Lal said.
While the commercial vehicle industry was going through its worst downturn, the company had continued to invest and build all-round capabilities in VECV as per plans, he added.
In the motorcycle segment, the company's arm Royal Enfield posted sales of 1,25,690 units as against 82,215 units in the year-ago period, up 52.87%.
"Royal Enfield continued with its strong performance in the fourth quarter of 2015 despite being affected by one of the worst floods in Chennai in the last two months of 2015," Lal said.
He said the company had lost production of 11,200 motorcycles due to disruption at its manufacturing facilities because of the flood. The brand continues to have a robust demand for its products and has a very strong order book, he added. "We sold 4,52,759 motorcycles in 2015, registering a growth of 49.6% over 2014," Lal said.
The company said in order to align with government requirements, its board of directors has extended the current financial year up to a period of 15 months - January 1, 2015, to March 31, 2016. Subsequently, each financial year of the company shall commence on April 1 and end on March 31 every year.
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