Eicher Motors Ltd.'s third-quarter profit rose, aided by higher sales and a low base from last year.
The Royal Enfield motorcycle maker's consolidated net profit rose 62% to Rs 741 crore in the quarter ended December, according to its exchange filing. Analysts' estimates compiled by Bloomberg had pegged the number at Rs 721 crore.
Eicher Motors Q3 FY23 Highlights (YoY)
Revenue rose 29% to Rs 3,721 crore, against a forecast of Rs 3,706.6 crore.
Ebitda grew 47% to Rs 857 crore, compared with estimates of Rs 891 crore.
Ebitda margin stood at 23%, compared with 20.2% last year and estimates of 19.4%.
During the quarter, the company's sales grew 31% year-on-year and 7% sequentially to 2.21 lakh units. The jump in sales was driven by limited production last year amid a chip shortage and incremental sales from the recently launched Hunter 350.
Shares of Eicher Motors closed 0.05% lower compared with a 0.8% rise in the Nifty 50 at 01.47 p.m.
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