By Malvika Gurung
Investing.com -- Shares of the motorcycles manufacturer Eicher Motors (NS: EICH ) surged 6.45% to Rs 2,589.55 apiece at 1:35 pm on Monday, in response to healthy earnings results posted for the March quarter.
The company's consolidated profit after tax climbed 16% YoY to Rs 610 crore in the quarter ending March and surged 34% on a sequential basis.
Its consolidated revenue grew 8.6% YoY to Rs 3,193 crore in the period and 11% sequentially.
The Royal Enfield motorcycles manufacturer’s volume growth has rallied more than 108% YoY in export markets during the fiscal FY22. Its PAT jumped 25% YoY to Rs 1,677 crore in the year, and consolidated revenues gained 18% YoY to Rs 10,298 crore in the given fiscal year.
The growth is due to the company’s average selling prices rising on a YoY basis, led by a richer model mix and price hikes taken over the past few quarters.
Further, Eicher Motors’ board of directors approved a dividend of Rs 21/share for FY22, paid within 30 days from the date of shareholders’ approval.
Different brokerages have remained bullish on the two-wheeler stock, given its healthy performance in the quarter under focus.
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