Raw material costs in Q3 FY21 increased significantly by 52.6 percent YoY to Rs 1,673 crore.
Two-wheeler and commercial vehicle maker Eicher Motors on February 10 reported lower-than-expected earnings for the quarter ended December 2020. Consolidated profit rose 6.8 percent year-on-year (YoY) to Rs 532.6 crore in Q3 FY21 supported by Royal Enfield segment but hit by higher input cost.
Consolidated revenue from operations grew by 19.3 percent YoY to Rs 2,828.3 crore in Q3 FY21, driven by higher volumes.
Eicher Motors recorded a 9 percent YoY growth in Royal Enfield’s volumes to over 1.99 lakh units and around 3 percent growth in VECV volumes to 12,800 units in Q3 FY21.
Quarterly earnings were lower than analysts’ expectations. According to the average of estimates of analysts polled by CNBC-TV18, consolidated profit was pegged at Rs 550 crore on revenue of Rs 2,867 crore
At the operating level, consolidated earnings before interest, tax, depreciation and amortisation (EBITDA) increased 13.5 percent YoY to Rs 672 crore but margin contracted 130 bps to 23.7 percent. Numbers missed CNBC-TV18 poll estimates of Rs 696 crore and 24.2 percent respectively.
Raw material costs in Q3 FY21 increased significantly by 52.6 percent YoY to Rs 1,673 crore.
The share price was quoting at Rs 2,917.20, down 1.04 percent on the BSE at 14:59 hours IST.
