auto update

Eicher Motors gains after September auto sales data

Sequentially, the sales have increased by 19.73% from 50,144 units sold in August 2020.

While the sales of models with engine capacity upto 350cc rose 4% to 54,144 units, the sales of models with engine capacity exceeding 350cc declined 21% to 5,897 units in September 2020 over September 2019.

The total exports fell 11% to 4,131 units in September 2020 from 4,642 units in September 2019.

VE Commercial Vehicles, an unlisted subsidiary of Eicher Motors, also announced the commercial vehicle sales figures for the month of September 2020.

VECV’s total sales declined by 7.3% to 3,506 units in September 2020 from 3,784 units in September 2019.

The company’s total sales have surged by 41.54% from 2,477 units sold in August 2020.

While total domestic sales contracted by 6.4% to 2,940 units, total exports fell by 4.3% to 510 units in September 2020 over September 2019.

Eicher Motors is the listed parent of Royal Enfield, the global leader in middleweight motorcycles. In addition to motorcycles, Eicher has a joint venture with Sweden’s AB Volvo – Volvo Eicher Commercial Vehicles (VECV) which operates in India’s commercial vehicle space.

The company reported consolidated net loss of Rs 55.18 crore in Q1 June 2020 as compared to net profit of Rs 451.77 crore in Q1 June 2019. Total income fell 63.05% to Rs 932.39 crore in Q1 FY21 over Q1 FY20.

Source: Capitalmarket.com

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