Eicher Motors on Wednesday (1 July) announced that its unlisted subsidiary, VE Commercial Vehicles (VECV), reported 70.3% slump in total sales to 1358 units in June 2020 over June 2019.
VECV's total domestic sales slumped 75.4% YoY to 1016 units last month. Total exports fell 16.4% to 305 units during the period under review.
Sequentially, VECV reported 97.96% surge in total sales in June from 686 units sold in May 2020. VECV reported weak sales in May amid nationwide lockdown.
Shares of Eicher Motors rose 0.48% to 18,419.05. It traded in the range of Rs 18,642.75 and Rs 18,310 so far.
Eicher Motors' consolidated net profit slumped 44.2% to Rs 304.28 crore on 11% drop in net sales to Rs 2,190.32 crore in Q4 March 2020 over Q4 March 2019.
Eicher Motors is the listed parent of Royal Enfield, the global leader in middleweight motorcycles. In addition to motorcycles, Eicher has a joint venture with Sweden's AB Volvo - Volvo Eicher Commercial Vehicles (VECV) which operates in India's commercial vehicle space. VECV has a complete range of trucks and buses from 5-55 tonnes, and its integrated manufacturing plant in Pithampur, Madhya Pradesh is the global hub for medium duty five- and eight-litre engines for Volvo Group.
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