Eicher Motors rallies on robust Q1 earnings
Eicher Motors has rallied 16% at Rs 1,336 after reporting a 82% jump in consolidated net profit at Rs 73.28 crore for the first quarter ended March 31, 2011. The company had reported a net profit of Rs 40.21 crore in the year-ago period.
“The consolidated net sales grew 33% at Rs 1,384 crore in Q1-2011, compared to Rs 1,038 crore in Q1-2010," the automaker said in a filing to the stock exchanges.
“On a consolidated basis, our net income grew by 33.2% over Q1-2010 and by 11.7% over Q4-2010. The EBIDTA margin is at an all-time high of 11.7% for the quarter compared to 8.8% in Q1-2010 and the previous record of 9.7% in Q4-2010," Eicher Motors CEO and managing director Siddhartha Lal said in a statement.
“In the VE Commercial Vehicles (VECV) category, the trucks and buses division, sales volume in the five tonne (T) and above segment grew by 30.5% over Q1-2010 to 12505 units. This was much better than market growth of 12.4% and resulted in improving market share to a record 30.7% in 5-12 T segment. In the 16T and above segment, we grew by 96.5%, and that resulted in the improvement of market share from 1.7% in Q1-2010 to 2.7% in Q1-2011," he added.
The stock opened at Rs 1,165 and touched a high of Rs 1,340 on the NSE. A combined 211,043 shares have already changed hands on the counter so far as against an average sub-100,000 shares traded daily in the past two weeks.
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