Eicher Motors tanks 5% after Q1 result
Published On: Friday, August 14, 2020 | By: Team KnowMyStock
Shares of Eicher Motors tanked nearly 7.35 per cent on Friday after the company reported a consolidated net loss of Rs 55 crore for the first quarter ended June 30 as sales were adversely hit due to COVID-19 pandemic. It had posted a profit of Rs 452 crore in the corresponding quarter last year. The company's revenue from operations in the quarter under review declined to Rs 818 crore from Rs 2,382 crore in Q1FY20. Royal Enfield sold 58,383 motorcycles during the June quarter, down 68 per cent from 181,966 motorcycles sold over the same period in FY20. The maker of the Royal Enfield motorcycles is seeing demand recovery with the bookings almost returning to pre COVID-19 levels. The company has an order backlog of around 40,000 units.
"The previous quarter put forth unprecedented challenges for the industry and for Eicher Motors. However, we believe that the long term potential for both Royal Enfield and VECV is very promising," Eicher Motors Managing Director Siddhartha Lal said.
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