Eicher Motors shares jump over 7% after earnings announcement

New Delhi: Shares of Eicher Motors on Friday jumped over 7 per cent after the company's consolidated net profit increased by 49 per cent for the fourth quarter ended March 2023.

The stock climbed 7 per cent to Rs 3,647.20 on the BSE after beginning the day on a firm note.

At the NSE, it rallied 7.11 per cent to Rs 3,647.50.

Eicher Motors on Thursday said its consolidated net profit increased by 49 per cent to Rs 906 crore for the fourth quarter ended March 31, 2023, on the back of robust sales across domestic and global markets.

The company, which had reported a net profit of Rs 610 crore a year ago, said it has earmarked Rs 1,000 crore capex this fiscal for its motorcycle business.

Total revenue from operations rose to Rs 3,804 crore for the fourth quarter as compared to Rs 3,193 crore in the year-ago period, Eicher Motors said in a regulatory filing.

During the fourth quarter, Royal Enfield, a part of Eicher Motors, recorded sales of 2,14,685 motorcycles, up 18 per cent, from 1,82,125 motorcycles sold during the same period in 2021-22.