For the consolidated business for the quarter ending September 30, 2016, Eicher Motors Ltd. (EML) recorded highest ever total income from operations at Rs. 1,981 crores, highest ever EBITDA at Rs. 542 crores and highest ever PAT at Rs. 413 crores.
Commenting on the company’s performance, Mr. Siddhartha 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. 1,981 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%.”
Commenting on VE Commercial Vehicles (VECV)’s performance, Mr. Siddhartha said: “VECV has demonstrated an impressive performance in Q2 2016-17 with sales of 13,408 units, recording a growth of 15% over the corresponding period last year. VECV has also significantly outperformed the industry in the first six months of FY 2016-17 with an impressive growth of 24% as compared to an industry growth of around 4%. This has led to improved market shares for us across all segments. VECV continues to make significant efforts towards cost reduction to deal with competitive pressure on margins, given the dynamics of the commercial vehicle industry.”
“Eicher Motors’ 50:50 joint venture with Polaris Industries, Eicher Polaris Private Ltd., through its product Multix is continuing to expand its distribution footprint. Multix is now available in 60 locations across 8 States and it continues to gain momentum in its target markets”, he added.
VE Commercial Vehicles maintains growth momentum
VE Commercial Vehicles Ltd., a Volvo Group and Eicher Motors joint venture, has sold 4560 units in October 2016 (FYTD 34039) as compared to 3985 units in October 2015 (LFYTD 27770) recording a growth of 14.4% (FYTD growth of 22.6%). This includes 4449 units of Eicher brand and 111 units of Volvo brand.
Eicher branded trucks and buses have recorded total sales of 4449 units in October 2016 (FYTD 33512) as compared to 3854 units in October 2015 (LFYTD 27027), representing a growth of 15.4% (FYTD growth of 24.0%).
In the domestic CV market, Eicher branded trucks & buses have recorded sales of 3854 units in October 2016 (FYTD 28718) as compared to 3466 units in October 2015 (LFYTD 23634), representing a growth of 11.2% (FYTD growth of 21.5%).
On the exports front, Eicher branded trucks & buses have recorded sales of 595 units in October 2016 (FYTD 4794) as compared to 388 units in October 2015 (LFYTD 3393), representing a growth of 53.4% (FYTD growth of 41.3%).
Volvo trucks have recorded sales of 111 units in October 2016 (FYTD 527) as compared to 131 units in October 2015 (LFYTD 743).