Eicher Motors Ltd.'s consolidated net profit rose 50% in the first quarter of fiscal 2024 on higher sales, surpassing analysts' estimates.
The Royal Enfield motorcycle maker's first-quarter profit increased to Rs 918 crore in comparison with Rs 611 crore in the year-ago period, according to an exchange filing on Thursday. Analysts' estimates compiled by Bloomberg estimated the number at Rs 848.4 crore.
Eicher Motors Q1 FY24 Highlights (Consolidated, YoY)
Revenue rose 17% to Rs 3,986 crore (Bloomberg estimate: Rs 4,029.5 crore).
Ebitda grew 23% to Rs 1,021 crore (Bloomberg estimate: Rs 968.5 crore).
Ebitda margin was at 25.6% as compared with 24.5% last year (Bloomberg estimate: 24%).
Royal Enfield's sales grew 22% year-on-year and 4% sequentially to 2.3 lakh units. Sales of commercial vehicles through VE Commercial Vehicles Ltd. rose 12% to 19,571 units.
Shares of Eicher Motors closed 1.5% higher at Rs 3,383 apiece before the results were announced, as compared with a 0.74% fall in the benchmark NSE Nifty 50.
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