Eicher Motors net profit rises 4% during September quarter to Rs 573 crore

Royal Enfield sold 1,63,390 motorcycles in the quarter, a decline of 22 percent from 2,09,963 motorcycles sold over the same period in the last financial year.

"Through the last few quarters, we have continued to invest for the long term by pursuing greater innovation, improving efficiencies, and making investments in different areas," Eicher Motors Ltd managing director Siddhartha Lal said.

The company remained focused on building greater accessibility for its consumers, through new variant launches and improving the retail footprint, he added. "These efforts are beginning to yield good results for us," Lal said.

The commercial vehicle industry continues to be challenging due to weak industry sentiments. However, VECV gained market share in second-quarter despite a decline in total industry volume, he added.

VE Commercial Vehicles (VECV) - the company's joint-venture with AB Volvo - continued to be affected by the demand slowdown.

Its PAT (profit after tax) for the second quarter declined 89 percent to Rs 15 crore from Rs 142 crore recorded in the year-ago period. Revenue from operations declined 32 per cent to Rs 2,004 crore as against Rs 2,966 crores in the same period last year.

VECV sold 11,370 trucks and buses in the quarter, a dip of 39.2 percent over the same period last year.

"Even though our volumes have reduced, our decline has been a bit lower than the industry with a drop of 30 per cent in the first half and 39 per cent in the second quarter respectively," VECV CEO Vinod Aggarwal said.

Shares of Eicher were trading 1.13 percent up at Rs 21,672 apiece on the BSE.