In the CV segment, Eicher's joint-venture with Sweden's AB Volvo VE Commercial Vehicles (VECV) continued to perform well, in-line with the CV industry. VECV's Revenue from operations rose by 45% to Rs 2609 crores from 1803 crores in the same period last year; PAT rose by 78% to Rs 118 crores from 67 crores last year. VECV recorded a VECV sold 16,327 trucks and buses in the quarter, growing 41% over the same period last year. The growth in the CV industry is likely to continue due to a variety of factors including infrastructure development, growth in the manufacturing sector post GST and strong replacement demand. In the quarter, VECV launched the Pro 6049 and Pro 6041, which will continue to modernize the heavy duty segment in the 49 tonne and 41 tonne segments. We are also adding more variants powered by CNG in the light and medium duty segments, to cater to last mile connectivity.

Commenting on VE Commercial Vehicles (VECV)'s performance Siddhartha said, "We are working to strengthen our market share across segments over the forthcoming quarters. By leveraging new technologies and new products, by strengthening marketing activities and supply chain for faster availability of service and spares, VECV is truly gearing up for growth in the coming months."

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