Eicher Motors on Thursday claimed a internet loss of Rs 55.18 crore for the quarter ended June 30. Analysts polled by ET NOW had projected a loss of Rs 10 crore.
It experienced posted a net profit of Rs 451.77 crore in the corresponding quarter past year.
Consolidated revenue of the firm declined 65.65 for every cent calendar year-on-calendar year (YoY) to Rs 818.16 crore.
In a regulatory filing, the firm stated, “Covid-19 has impacted the normal business enterprise functions of the team by way of interruption in production and supply chain during the lock-down period.”
On the other hand, the business step by step commenced functions through the month of May well 2020. As a final result, the volumes for the existing quarter have diminished, it included.
Consolidated EBITDA fell 99.34 for each cent YoY to Rs 4 crore from Rs 614 crore.
Royal Enfield sold 58,383 motorcycles throughout the quarter, down 68 for every cent from 181,966 models marketed in Q1FY20.
Commenting on Eicher Motors’ general performance, Siddhartha Lal, Controlling Director, Eicher Motors reported, “The former quarter put forth unparalleled issues for the market and for Eicher Motors. Having said that, we consider that the long term possible for equally Royal Enfield and VECV is pretty promising. In direction of the end of the quarter we have witnessed encouraging customer sentiment which was evident in our sales for the thirty day period of June. We consider that this trend will carry on into this quarter as well.”