The Eicher Motors share price rose in trade today after the parent company of bike maker Royal Enfield reported a 2.39 per cent rise in consolidated profit after tax at Rs 532.95 crore in the third quarter ended December 31, 2018. Eicher Motors posted a profit after tax (PAT) of Rs 520.5 crore in the same quarter last fiscal. The Eicher Motors share price gained up to 2.44% to 21,179 compared to the previous close of 20,674 on the BSE. The Eicher Motors share price fell 25.19% during the last one year and lost 10% since the beginning of this year.
23 of 39 brokerages rate the stock "buy" or 'outperform', eight "hold", four "underperform" and four "sell", according to analysts' recommendations tracked by Reuters. The Eicher Motors share price was trading above its 50-day moving average of 20,805 and below its 200-day of 24,085 levels, respectively.
Eicher Motors' total income during the period under review stood at Rs 2,488.19 crore compared to Rs 2,316.49 crore in the year-ago quarter. During the quarter, the company's two-wheeler arm Royal Enfield posted 3 per cent rise in revenue from operations at Rs 2,341 crore as compared to Rs 2,269 crore in the same period last fiscal. Royal Enfield sold 1,93,871 motorcycles in the quarter, down 6 per cent from 2,02,736 units sold in the same period last year.
In the Commercial Vehicles (CV) segment, VE Commercial Vehicles (VECV) - Eicher's joint-venture with AB Volvo, saw 9 per cent increase in revenue from operations at Rs 2,818 crore as against Rs 2,590 crore in the year-ago quarter, it added. VECV sold 16,936 trucks and buses in the quarter, growing 4 per cent over the same period last year.