Eicher Motors Ltd.'s fourth-quarter net profit rose on higher sales, beating estimates by a wide margin.
The Royal Enfield motorcycle maker's consolidated net profit rose 48% year-on-year to Rs 905.6 crore in the quarter ended March, according to its exchange filing. Analysts' estimates compiled by Bloomberg pegged the number at Rs 786.6 crore.
Eicher Motors Q4 FY23 Highlights (YoY)
Revenue rose 19% to Rs 3,804 crore. (Bloomberg estimate: Rs 3,746 crore).
Ebitda grew 23% to Rs 933.7 crore. (Bloomberg estimate: Rs 898 crore).
Ebitda margin stood at 24.5% compared with 23.7% last year. (Bloomberg estimate: 24%).
The company's two-wheeler sales grew nearly 18% year-on-year but fell 1.3% sequentially to 2.19 lakh units in the quarter. The commercial vehicle sales through its VE Commercial Vehicles Ltd. jumped 31% year-on-year to over 26,376 units.
The company recorded its highest-ever total revenue from operations, net profits and Ebitda in the year ended March.
The company's board approved a capex of Rs 1,000 crore for the ongoing fiscal for investments toward an electric vehicle manufacturing facility and product development under the internal combustion engine portfolio.
The commercial vehicle arm's revenue from operations rose 44% to Rs 6,200 crore, while the net profit more than tripled to Rs 319 crore.
Shares of Eicher Motors closed 0.4% lower compared with a 0.1% fall in the benchmark Nifty 50.
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