Shares of Eicher Motors rose nearly 4 percent during the
Muhurat trading today as the company's earnings surpassed estimates on all fronts.
At 1835 IST, shares of the Royal Enfield maker were trading higher at Rs 2,609.60 on the BSE.
For the quarter ended September, Eicher Motors reported a total revenue of Rs 2,250 crore, up by 5.4 percent as compared to Rs 2,134 crore in the corresponding quarter of FY21. Revenue was higher than the estimated Rs 1,963 crore.
Profit After Tax came in at Rs 373 crore as against a profit of Rs 343 crore during the same period last year. CNBC-TV18 Poll had predicted a net profit of Rs 300 crore for the reporting quarter.
An encouraging management commentary also aided gains in the stock today.
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"Our consistent growth in volumes and global retail presence is testament to the company being on track to realise its vision of becoming the first premium global consumer brand from India. We strengthened our product portfolio with the launch of the all new Classic 350,” said Siddhartha Lal, Managing Director of Eicher Motors.
“Overall, with the market picking up over the festive season, consumer sentiment significantly improving over the year, we see that demand continues to be strong and outstripping supply. With the semiconductor and supply chain issue expected to ease off over the next quarter, we are optimistic and poised for growth,” Lal added.
Further, B. Govindarajan, Executive Director, Royal Enfield said, “Moving forward, we foresee the supply chain situation improving gradually and expect the availability of parts to increase beginning Q3-FY22 which will enable us to further ramp up production”.
