Eicher Motors Ltd.'s first-quarter net profit met estimates despite subdued sales.
The Royal Enfield motorcycle maker's net profit stood at Rs 611 crore in the quarter ended June compared with Rs 610.14 crore in the preceding three months, according to its exchange filing. Year-on-year, the earnings jumped 158%.
Analysts estimates compiled by Bloomberg had pegged the bottom line at Rs 601 crore.
Eicher Motors Q1 FY23 Highlights (QoQ):
Revenue rose 6% to Rs 3,397.5 crore, against the estimated Rs 3,304 crore.
Operating profit rose 10% to Rs 831 crore, compared with the Rs 769-crore forecast.
Operating margin stood at 24.5% against 23.7% as of March and the estimated 23.3%.
During the first quarter, the two-wheeler maker's sales rose less than 1% over the preceding three months to 1.87 lakh units. That even as the Omicron Covid-19 wave disrupted sales in the previous quarter. Also, lockdowns during the second wave a year ago hurt demand as the company sold 1.24 lakh units.
Shares of Eicher Motors closed 0.9% higher before the results were announced compared with a flat Nifty 50.
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