Eicher Motors share price rises 3% on robust domestic sales

Eicher Motors

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Eicher Motors shares jumped 3 percent in the early trade on April 3 after the company recorded a 35 percent spike in its monthly sales volume.

The total commercial vehicle sales volume in March increased 35.2 percent to 11,906 units as against 8803 units in a year-ago month, said Eicher Motors.

The company sold 11,263 vehicles in March 2023 as against 7929 a year back, but exports dropped 36.5 percent to 414 units from 652 units.

In FY23, the company sold 79,623 units, a 39.5 percent growth over the previous year as domestic sales volumes jumped 53.6 percent to 72,827 units, but exports fell 41.5 percent to 4,933 units, it added.

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Royal Enfield, a division of Eicher Motors, sold 72,235 motorcycles, as against 67,677 motorcycles sold during the same period last year.

For the financial year ended March 2023, Royal Enfield recorded total sales of 8,34,895 motorcycles, registering its highest ever overall sales in history; beating its previous high of 2018-19, and recording a significant 39 percent growth over the previous financial year.

“Royal Enfield's growth has been nothing short of remarkable this year, we've achieved new heights in sales and market share and have crossed 100,000 international volumes for the first time," said B Govindarajan, CEO, Royal Enfield.

At 9:23am, Eicher Motors was quoting Rs 3,025.00, up Rs 74.85, or 2.54 percent, on the BSE.

The share touched a 52-week high of Rs 3,886 and a 52-week low of Rs 2,311.10 on November 1, 2022 and May 9, 2022, respectively. It is now trading 22.16 percent below its 52-week high and 30.89 percent above its 52-week low.