Eicher Motors Registers Highest-Ever Total Income In Q2 2017
- Eicher Motors recorded highest ever total income from operations this Q2
- Royal Enfield registers a growth of 34.2% in the first half of this FY
- VECV sells 29,479 units as against 23,785 units (up by 14.4%)
The company also recorded the highest ever EBITA (Earnings Before Interest, Taxes, and Amortization) at Rs. 542 crore and highest ever PAT (Profit After Tax) at Rs. 413 crore. At the same time, the total income during the H1 of the ongoing fiscal year was recorded at Rs. 3,735.5 compared to last year's H1 income of Rs. 2,704.3, up by 38.1 per cent.
Commenting on the company's performance, Siddharth Lal Managing Director & CEO Eicher Motors, said, "Eicher Motors Ltd. has continued its strong run and reported its quarter results posting the highest ever quarterly income from operations at Rs 1981 crores for Q2 2016-17, a growth of 34.9% over the corresponding period last year. In this quarter, EML also recorded its highest ever and best-in-class EBITDA at 30.9 per cent."
VE Commercial Vehicles
On the other hand, the total sales of Eicher Motors' joint venture with the Volvo Group - VE Commercial Vehicles (VECV) in the Q2 stood at 13,408 units with 13. 6 per cent growth compared to last year's sales of 11,657 units during the same period. At the same time the total income during the H1 of the ongoing fiscal year was recorded at Rs. 29,479 compared to last year's H1 income of Rs. 23,785, up by 14.4 per cent.
Eicher Motors-owned motorcycle brand Royal Enfield sold 166,941 units in the Q2 (between July - September 2016) registering a growth of 30.8 per cent compared to last year's 127,611 units. Similarly, in H1, the popular motorcycle manufacturer sold 314,424 units compared to 234,224 recording a growth of 34.2 per cent.
Commenting on Royal Enfield's performance, Siddhartha said, "Royal Enfield has maintained its strong volume growth in the second quarter of FY 2016-17 and we continue to take more orders than our monthly supply. The recently launched Himalayan- Royal Enfield's first adventure-tourer, has been received well by the customers across the country and is paving the way for an accessible adventure touring segment in India. In addition to India, we also launched the Himalayan in Nepal this September, amongst a very encouraging response. We continue to expand our footprint in India with 605 dealerships now open across the country." Currently, the company has 605 Royal Enfield dealerships in India.
Talking about that current projects and plans Lal said that all key projects on capacity and product development are progressing as per plans. In fact, the company is almost ready with its third plant in Vallam-Vadagai, Tamil Nadu, which will start production by Q2 of 2017-18 FY. The company also has two upcoming technical centres one in the UK and the other one in Chennai India. The technical centre in the UK will start operations by the end if 2016-17, while the Chennai technical centre will commence operations by end of 2017-18.
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