Eicher Motors hits record high as Q4 profit beats analyst forecasts

Last Updated: Tue, May 14, 2013 06:19 hrs

Eicher Motors has rallied 5% to Rs 3,213 after reporting a better-than-expected consolidated net profit at Rs 98 crore for the fourth quarter ended March 31, 2013. Analysts on an average had expected profit of Rs 85 crore. The automobile maker profit of Rs 110 crore in a year ago quarter.

The consolidated total income from operations increased by 3.4% to Rs 1,724 crore from Rs 1,668 crore in the year-ago period.

Meanwhile, on standalone basis, the company has reported over two-fold jump in net profit at Rs 97.20 during quarter under review on back of strong volume growth and higher other income. It had posted a net profit of Rs 45.33 crore in the corresponding quarter last year.

Total income from operations increased by 51% to Rs 334 crore from Rs 221 crore a year ago quarter. Other income rose almost three-fold at Rs 68 crore from Rs 26 crore during the recently concluded quarter, Eicher Motors said in a statement.

The stock opened at Rs 3,090 and hits record high of Rs 3,260 on NSE. A combined 19,907 shares have changed hands on the counter till early noon deals on NSE and BSE.

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