Eicher Motors Q3 consolidated net profit declines 6% to Rs 499 cr

Eicher Motors on Thursday reported a 6.42 per cent decline in its consolidated net profit to Rs 498.70 crore for the quarter ended on December 31, 2019.

The company had posted a net profit of Rs 532.95 crore for the corresponding period of the previous fiscal, Eicher Motors said in a filing to BSE.

Consolidated total revenue from operations of the company stood at Rs 2,371.01 crore for the quarter under consideration as against Rs 2,341.06 crore for the same period of the previous year.

Royal Enfield sold 189,143 motorcycles in the quarter, a decline of 2 per cent from 193,164 motorcycles sold over the same period in the last financial year, the company said.

"We've remained focused on our long-term strategy. We have improved our retail network to bring in further accessibility. We've worked on transitioning our product portfolio to comply with the new BS-VI emission norms and also launched the new Royal Enfield Himalayan BS-VI," Eicher Motors MD Siddhartha Lal said.

While the commercial vehicle industry continues to face challenges due to slowdown, VECV remained profitable despite a sharp decline in its volume, he added.

In a separate filing, the company said its board has reappointed S. Sandilya and Manvi Sinha as independent directors of the company with effect from February 13, 2020, for a period of five consecutive years each.

Shares of Eicher Motors were trading at Rs 20,493.35 on BSE, up 5.19 per cent from the previous close.