Eicher Motors Nov sales meet estimates, up 41% at 57313 units
Eicher Motors, the Royal Enfield maker, said it sold 57,313 units under two-wheeler segment in November. That was a growth of 41 percent compared with 40,769 units sold in year-ago period.
Eicher Motors, the Royal Enfield maker, said it sold 57,313 units under two-wheeler segment in November. That was a growth of 41 percent compared with 40,769 units sold in year-ago period despite currency demonetisation.
However, on month-on-month basis, sales declined 3.1 percent from 59,127 units sold in October.
The company said it sold 52,359 units of models with engine capacity upto 350cc, a growth of 40 percent and 4,954 units of models with engine capacity exceeding 350cc, up 49 percent on yearly basis.
Sales data met analysts' expectations. Nomura had estimated a growth of 40 percent at 57,000 units while Motilal Oswal had expected November sales to grow 41 percent to 57,500 units.
Royal Enfield exports in November increased 222 percent year-on-year to 1,470 units.
Cumulative sales during April-November rose 35 percent to 4.3 lakh units compared with 3.19 lakh units sold in corresponding period of last fiscal. Exports during the same period jumped 72 percent to 9,492 units.
Meanwhile, commercial vehicle sales declined 12.7 percent year-on-year to 3,176 units in November.
At 11:15 hours IST, the stock was quoting at Rs 22,306.00, up Rs 630.60, or 2.91 percent on the BSE.