Eicher Motors net profit falls 10.6% to Rs 97.94 crore

Eicher Motors net profit falls 10.6% to Rs 97.94 croreEicher Motors recorded a fall of 10.6 per cent in its net profit to Rs. 97.94 crore during the first quarter of the year from January to March, 2013.

The company said that its net sales recorded a growth of 3.2 per cent to Rs. 1708.60 crore during the first quarter compared to the same quarter of the previous year. The company announced the results for the quarter after market hours on Monday, 13 May 2013. It said that total sales fell 12.3 per cent to 12,529 units during the quarter.

Eicher Motors’ joint venture with the Volvo Group, VE Commercial Vehicles (VECV) has said that its market share has risen from 11.1 per cent during the first quarter of 2012 to 13.9 per cent during the first quarter of 2013. Siddhartha Lal, Managing Director & CEO, Eicher Motors said that commercial vehicle industry has been facing a slowdown and this has affected all the companies in the market.

He also said that the commercial vehicle (CV) industry has faced a difficult quarter but said that VECV was able to record growth that was higher than industry and improved its overall CV market share.