Eicher Motors on smooth roads
By Ruma Dubey
about 29 days ago
Eicher Motors is among the top five gainers on the BSE since the opening bell today; the stock opened 2.5% higher at Rs.3494 and rose to an intraday high at Rs.3647, up 7%. Volumes rose almost 15x.
The stock price surged on the back of very encouraging earnings for Q4FY23, surpassing all estimates. It posted a consolidated net profit at Rs.905 crore, a 48% (YoY) rise in a 19% increase in revenue from operations at Rs.3804 crore.
The Royal Enfield maker said that the higher-than-expected average selling prices (ASPs), favourable raw material (RM) tailwinds, and an increased mix of higher-margin spare parts helped post this performance.