NEW DELHI: Eicher Motors, the manufacturer of the Royal Enfield range of motorcycles, reported a 73 per cent increase in net profit for the quarter ending March 2021 (Q4FY21). The company earned Rs 526 crore against Rs 304 crore recorded in the corresponding period of last year.
Eicher Motors’ total revenue from operations was at an all-time high at Rs 2,940 crore, up 33 per cent compared to Rs 2,208 crore in the corresponding quarter of FY20. Royal Enfield sold 203,343 motorcycles during the quarter, an increase of 25 per cent over the same period of FY20.
For the full financial year 2021, Eicher’s total revenue from operations was down by 5 per cent y-o-y to Rs 8,720 crore while its Profit After Tax was recorded at Rs 1,347 crore, down 26 per cent. Siddhartha Lal, MD, Eicher Motors, said, “It has been a challenging year for the industry with the COVID-19 pandemic leading to disruption in production, supply chain and retail operations...
However, demand continues to be good. Royal Enfield witnessed very good pick up in the second half of the year, and registered a strong performance in Q4... The commercial vehicle industry also showed equal resilience and saw good recovery in the latter half of the year.”
To note, Royal Enfield has shut its three Tamil Nadu manufacturing plants for three days—from May 27 to May 29—amidst rising Covid-19 cases. It had also shut its plants for three days earlier this month.
UCO Bank net profit up 5-fold
New Delhi: State-run lender UCO Bank on Thursday reported a nearly five-fold jump in its net profit for the quarter ended March 31, 2021 at `80 crore against `16.78 crore in the corresponding quarter a year ago. For the full-year 2020-21, the bank reported a net profit of `167.04 crore. The lender had recorded a net loss of `2,436.83 crore in FY20. Total income in Q4FY21 increased to `4,936.75 crore, up by 9.4 per cent from `4,511.21 crore in the same quarter of FY20, the bank said. Total income for FY21 also rose to `18,166.42 crore from `18,005.55 crore.