Eicher Motors CV sales dip 5% YoY in Oct'24

Eicher Motors' unlisted subsidiary, VE Commercial Vehicles (VECV) reported 5% year on year decrease in commercial vehicles (CV) sales to 7,112 units in October 2024.

While, the domestic sales declined by 6.58% to 6,611 units, total exports surged 49.25% to 300 units in October 2024 over October 2023.

Total sales of Volvo trucks and buses in October 2024 stood at 201 units, down by 3.37% from 208 units sold in October 2023.

Further, the company said that it has sold highest ever monthly motorcycles sales in October 2024 at 1,10,574 units, which is higher by 30.96% as compared with 84,435 units in October 2023.

 

Sales of motorcycle models with engine capacity up to 350cc slipped 27.29% to 96,837 units and sales of motorcycle models with engine capacity exceeding 350cc climbed 64.32% to 13,737 units in October 2024 over October 2023.

The International business recorded sales of 8,688 units in October 2024, up by 149.87% as compared with 3,477 units sold in the same period last year.

B Govindarajan, CEO, Royal Enfield said, The month of October has been truly remarkable for Royal Enfield, we have broken records with a whopping 1,00,000+ sales in a single month! This is our biggest and milestone festive season sale and surpasses all our previous sales performance records. Last month we announced our debut in Bangladesh market and the response from the riding community has been incredible.

All our new and existing motorcycles have continued to perform well and we are confident that with our upcoming launches we will be able to sustain this growth momentum. As we soon unfold our next chapter of sustainable mobility, we are excited to shape the future of motorcycling while remaining committed to delivering the essence of pure riding experiences.

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 which operates in India's commercial vehicle space.

The companys consolidated net profit jumped 19.94% to Rs 1,101.46 crore in Q1 FY25 as compared with Rs 918.34 crore posted in corresponding quarter last year. Revenue from operations increased 10.2% YoY to Rs 4,393.05 crore during the quarter.

Shares of Eicher Motors rose 0.93% to Rs 4,994.60 on the BSE.

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