Eicher Motors Limited announces results for Q3, FY 2016-17
~ For the consolidated business for the quarter ending December 31, 2016, EML recorded highest ever total income from operations at Rs 2,071 crores, highest ever EBITDA at Rs 577 crores and highest ever PAT at Rs 417 crores~
New Delhi, February 01, 2017: Eicher Motors Limited (EML) today announced the unaudited consolidated financial results for the quarter ended December 31, 2016 for financial year 2016-17.
The Board of Directors at Eicher Motors Limited approved the results with the performance highlights as follows:
EML’s consolidated results for Q3 2016-17 ended December 31, 2016 as compared to corresponding period ended December 31, 2015
| Q3 2016-17 | Q3 2015-16 | % growth | 09 – month 2016-17 | 09 – month 2015-16 | % growth | |
| Total Income from operations (Inclusive of Excise Duty) | 2,071 | 1,452 | 42.7% | 5,807 | 4156 | 39.7% |
| Total Income from operations (Net of Excise Duty) | 1,835 | 1,284 | 42.9% | 5,145 | 3,680 | 39.8% |
| EBITDA | 577 | 358 | 61.3% | 1,589 | 994 | 59.9% |
| EBITDA %
(as a % of Income from operations (Net of Excise Duty) |
31.4% | 27.9% | – | 30.9% | 27% | – |
| EBIT | 541 | 326 | 66.3% | 1,479 | 913 | 61.9% |
| EBIT % | 29.5% | 25.4% | – | 28.7% | 24.8% | – |
| Profit After Tax | 399 | 247 | 61.7% | 1,117 | 700 | 59.6% |
| PAT (%) | 21.8% | 19.2% | – | 21.7% | 19% | |
| Share of EML in profit/(loss) of Joint ventures | 19 | 32 | -40.8% | 91 | 100 | -9.8% |
| Consolidated Profit After Tax | 417 | 278 | 49.9% | 1,205 | 800 | 50.5% |
Note:
- All figures are Rs. Crores except where specified
VE Commercial Vehicles’ consolidated results for Q3 2016-17 ended December 31st 2016 as compared to corresponding period ended December 31st 2015
| Q3 2016-17 | Q3 2015-16 | % growth | 09 – Month 2016-17 | 09 – Month 2015-16 | % growth | |
| Total Income from operations (Inclusive of Excise Duty) | 2026 | 2131 | -4.9% | 6491 | 5954 | 9.0% |
| Total Income from operations (Net of Excise Duty) | 1885 | 1991 | -5.3% | 5996 |
5558 |
7.9% |
| EBITDA | 130 | 170 | -23.8% | 466 | 458 | 1.7% |
| EBITDA %
(as a % of Income from operations (Net of Excise Duty) |
6.9% | 8.5% | – | 7.8% | 8.2% | – |
| Profit After Tax | 57 | 89 | -36.2% | 227 | 232 | -2.4% |
| PAT (%) | 3.0% | 4.5% | – | 3.8% | 4.2% | – |
Note:· All figures are Rs.crores except where specified
Eicher Motors Limited (EML) reported the following sales numbers and market share (MS) across both its businesses- Royal Enfield and EML’s joint venture with the Volvo Group – VE Commercial Vehicles (VECV)
| Royal Enfield | ||||||||
| Q3 2016-17 | Q3 2015-16 | Growth (%) | 09 Month 2016-17 | 09 Month 2015-16 | Growth (%) | |||
| Total motorcycle sales | 1,73,838 | 1,25,690 | 38.3% | 4,88,262 |
3,59,914 |
35.7% | ||
| VE Commercial Vehicles Limited | ||||||||
| Q3 2016-17 | Q3 2015-16 | MS Q3 2016-17 | MS Q3 2015-16 | 09 – Month 2016-17 | 09 – Month 2015-16 | MS 09 Month 2016-17 | MS 09 Month 2015-16 | |
| Eicher Cargo Trucks (3.5-5 tonne) | 460 | 23 | 18.8% | 0.9% | 1280 | 23 | 18.5% | 0.3% |
| Eicher Light & Medium Duty Trucks (5-14 tonne) | 5393 | 6722 | 31.7% | 35.4% | 17127 | 17423 | 32.7% | 33.9% |
| Eicher Heavy Duty Trucks (16 tonne & above) | 1960 | 2228 | 4.0% | 4.2% | 7466 | 5863 | 5.0% | 3.7% |
| Eicher Buses (5 tonne and above) | 1695 | 1507 | 12.8% | 14.0% | 8499 | 7339 | 16.5% | 15.7% |
| Total Domestic Sales- Eicher Trucks and Buses
(3.5 tonne and above) |
9508 | 10480 | 11.7% | 12.3% | 34372 | 30648 | 13.3% | 11.8% |
| Exports | 1954 | 1854 | 12.5% | 17.2% | 6153 | 4859 | 14.1% | 14.6% |
| Volvo | 322 | 353 | – | – | 738 | 965 | – | – |
| Total | 11784 | 12687 | 12.1% | 13.3% | 41263 | 36472 | 13.6% | 12.4% |
Commenting on the company’s performance Mr. Siddhartha Lal, Managing Director & CEO Eicher Motors Ltd said, “Eicher Motors Ltd. has continued its strong run and reported its quarter results posting the highest ever quarterly income from operations at Rs 2,071 crores for Q3 2016-17, a growth of 42.7% over the corresponding period last year. In this quarter, EML also recorded its highest ever and best-in-class EBITDA% at 31.4%.”
Commenting on Royal Enfield’s performance, Siddhartha said, “Despite demonetisation, Royal Enfield has maintained its strong volume growth in the third quarter of FY 2016-17. Our order book continues to be strong. After creating a new segment for adventure motorcycling in India with the Himalayan, Royal Enfield commercially launched the Himalayan for the first time outside India in Australia and Colombia in November 2016. Strengthening its global footprint, Royal Enfield launched its first exclusive store in Melbourne, Australia and first exclusive gear store outside India in Jakarta, Indonesia in December 2016. “
The Royal Enfield Himalayan continued to generate a lot of interest globally by showcasing the Euro-4 compliant Himalayan in Europe for the first time at EICMA show in Milan, Italy in November 2016. The brand also unveiled the Himalayan at the NEC show in UK later in the same month. In December 2016, Royal Enfield announced the launch of the Classic in the Redditch series which has been inspired by the paint schemes on 1950s-era Royal Enfield motorcycles that were produced in Redditch, UK. The motorcycles are now available for bookings across all dealerships in India.
Commenting on VE Commercial Vehicles (VECV)’s performance Siddhartha said, “During the months of November and December 2016, the Commercial Vehicle (CV) industry was severely impacted due to demonetisation. As a result, VECV performance was adversely affected in Q3 2016 with a drop of 9.3% in domestic sales compared to corresponding period last year. VECV outperformed the industry on year to date basis by registering a growth of 12.2% over same period last year while domestic CV industry degrew by 0.6% during the same period. The market conditions appear to be improving after sharp fall in sales immediately after demonetisation. VECV continues to make significant efforts towards cost reduction to deal with pressure on margins, given the dynamics of the commercial vehicle industry.”
