EICHER SEES Q1 LOSS, TO BUY VOLVO BUS BIZ

NEW DELHI: Eicher Motors on Thursday reported a consolidated net loss of ₹55 crore for the first quarter ended June 30, with sales adversely hit due to Covid-19 pandemic. The company had posted a net profit of ₹452 crore in April-june period of last fiscal. Total revenue declined 66% in first quarter to ₹818 crore compared to ₹2,382 crore a year ago. Meanwhile, the company said that definitive agreements have been signed for the integration of Volvo Bus India (VBI) business into its arm VECV for ₹100.5 crore.

VECV entered into a business transfer agreement on August 12 with Volvo Group India for acquisition, Eicher Motors said.