Eicher Motors’ share price jumped back in the green on Friday after the company reported its earnings for the March quarter.

What Happened: The automobile manufacturer’s revenue from operations rose 19% to ₹3,804.3 crore as against ₹3,193 crores in the corresponding quarter of last year. The company’s flagship bike Royal Enfield recorded sales of 214,685 motorcycles, up 17.9% from 182,125 motorcycles sold during the same quarter last year.

The company’s EBITDA stood at ₹934 crore up 23.3% as compared to ₹757 crore in the same quarter of the
previous year. Profit After Tax was ₹906 crores, a massive 48.4% jump as compared to ₹610 crores during the same period last year. The net profits beat consensus estimates of around ₹750 crore-₹800 crore by quite a margin.

See Also: Reliance In Race For Stake In MG Motor’s India Business

Earnings per share for the quarter stood at ₹33.11 for the quarter. The company also declared a ₹37/share for the year ended March. The dividend per share is the highest ever announced by the company and 76.2% higher than the dividend payout in FY22 (April 2021-March 2022).

The brokerages had a mixed reaction to the results. JP Morgan and Morgan Stanley maintained the ‘equal-weight’ rating for the stock with price targets of ₹3,620 and ₹3,353 respectively. Jefferies, on the other hand, maintained its ‘buy’ rating for the stock with a price target of ₹4,000.

Price Action: Eicher Motors’ share price was up 5.25% to trade at ₹3,583.95 at market open on Friday.

Must Read: What Is Ola Share Price And How To Buy?