May 22 (Reuters) - Indian automaker Eicher Motors beat quarterly profit estimates on Friday, as last year's tax cuts boosted demand for its high-margin 350-cc motorcycles.
The Royal Enfield Himalayan 450 adventure bike manufacturer posted a near 12% rise in consolidated net profit to 15.2 billion rupees ($158.85 million) for the March quarter from a year ago.
Analysts had estimated a quarterly profit of 14.87 billion rupees, according to data compiled by LSEG.
India's top premium motorcycle maker was the biggest beneficiary of the September tax cuts that lowered duties from 28% to 18% on the 350-cc category, which occupies a large chunk of the company's portfolio.
Its total revenue jumped 16% to 60.80 billion rupees, beating analysts' average estimate of 59.98 billion rupees.
After posting higher quarterly profits, peers Bajaj Auto, TVS Motor and Hero MotoCorp are relying on a premium product mix, export expansion and cost controls to cushion higher shipping expenses and commodity prices stemming from the closure of the Strait of Hormuz.
Reporting by Kashish Tandon and Urvi Dugar in Bengaluru; Editing by Harikrishnan Nair and Shreya Biswas
Source: Reuters