Eicher Motors’ Sales Jump 25% In May, Exports Outperform
The Royal Enfield maker’s exports jumped 49 percent in May.
Eicher Motors Ltd. reported a 25 percent increase in sales in the month of May, driven by demand for its smaller bikes and a jump in exports.
Total sales rose to 60,696 units from 48,604 units in May 2016, the maker of Royal Enfield motorcycles said in an exchange filing.
Sales of bikes with engine capacity of up to 350cc rose 29 percent to 55,823 units, even as sales of bigger bikes decreased 10 percent to 4,873 vehicles. Exports jumped 49 percent to 2,049 units.
Shares of Eicher Motors jumped as much as 2.06 percent to Rs 29,019.5 post the company’s announcement. The stock is 2.7 percent above the consensus one-year target price of analysts tracked by Bloomberg. It returned 32 percent so far this year and has gained 54 percent in the past 52 weeks.