Net profits were down 14 percent in Q3 as compared to the year-earlier quarter
14 Feb 2022 | 5962 Views | By Shahkar Abidi
Eicher Motors is working on an alternative vendor ecosystem to mitigate the impact of the shortage on the supply front, the company’s MD Siddharta Lal said in a regulatory filing. Announcing results for Q 3, the company said total revenues were Rs 2,881 crore in Q3 of the current fiscal, ...
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Eicher Motors is working on an alternative vendor ecosystem to mitigate the impact of the shortage on the supply front, the company’s MD Siddharta Lal said in a regulatory filing. Announcing results for Q 3, the company said total revenues were Rs 2,881 crore in Q3 of the current fiscal, up by 1.9 percent as compared to Rs 2,828 crore in the corresponding quarter of FY 2020-21. Net profits during this period were at Rs 456 crores, down 14 percent as against a profit of Rs 533 crores during the year-earlier period.
According to Lal, the company’s international performance has been strong, and the introduction of the all-new Classic 350 generated significant consumer interest in India and in global markets.
Royal Enfield sold 1,67,664 motorcycles during the quarter, down 16 percent from 198,557 motorcycles sold over the same period in FY 2020-21.
According to the company, the ongoing global shortage of semiconductor chips and the onset of the third wave of impacted the third quarter results. However, the company recorded considerable sequential improvement as compared to Q2 FY 2022 with a 28 percent growth of revenues amounting to over Rs 2,250 crore.
In the CV business, Volvo Eicher Commercial Vehicle (VECV) recorded revenues from operations at Rs 3,625.7 crore, up by 35.3 percent from Rs 2,680 crore in the same period last year. The net profit for the quarter was Rs. 66.0 crore as compared to Rs. 57.7 crores during the same period last year. VECV sold 16,044 vehicles in Q3, up 25 percent as compared to 12,805 vehicles sold in the year-earlier period.