Eicher net profit down 35 per cent | autos | Hindustan Times
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Eicher net profit down 35 per cent

autos Updated: Mar 30, 2009 16:23 IST
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Eicher Motors Ltd, makers of commercial vehicles and bullet motorcycles on Monday reported a 35 per cent decline in its net profit for the October-December quarter.

The company reported a profit after tax of Rs 11.65 crore in the third quarter as against Rs 15.76 crore in the corresponding period last fiscal.

Eicher, which transferred its commercial vehicle and engineering components business to a joint venture company it set up with Sweden's Volvo in July last year, saw its net sales plummeting over 85 per cent to Rs.78.04 crore during the period, as against Rs 547.75 crore a year ago.

EML has declared a dividend of Rs 5 per, share subject to shareholder approval.

In a separate regulatory announcement, the company said in Mumbai that it would go ahead with its proposed merger with sister entity Eicher Goodearth Investments Ltd (EGIL).

According to the merger plan, EGIL's stake in EML will be diluted completely, while the former's investment business will be transferred to Eicher Goodearth Pvt Ltd.

EML's scrip on the Bombay Stock Exchange was being traded at Rs 217.25, down 2.38 per cent from the previous close on Monday afternoon.