~ For the consolidated business for the quarter ending September 30, 2016, EML recorded highest ever total income from operations at Rs 1981 crores, highest ever EBITDA at Rs 542 crores and highest ever PAT at Rs 413 crores~
New Delhi, October 28, 2016: Eicher Motors Limited (EML) today announced the unaudited consolidated financial results for the quarter ended September 30, 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 Q2 2016-17 ended September 30th 2016 as compared to corresponding period ended September 30th 2015
| Q2 2016-17 | Q2 2015-16 | % growth | H1 2016-17 | H1 2015-16 | % growth | |
| Total Income from operations (Inclusive of Excise Duty) | 1,981.0 | 1,468.0 | 34.9% | 3,735.5 | 2,704.3 | 38.1% |
| Total Income from operations (Net of Excise Duty) | 1,754.9 | 1,299.7 | 35.0% | 3,310.5 | 2,395.6 | 38.2% |
| EBITDA | 542.2 | 350.7 | 54.6% | 1,012.1 | 636.4 | 59.0% |
| EBITDA %
(as a % of Income from operations (Net of Excise Duty) |
30.9% | 27.0% | – | 30.6% | 26.6% | – |
| EBIT | 506.3 | 324.5 | 56.1% | 937.1 | 587.7 | 59.5% |
| EBIT % | 28.9% | 25.0% | – | 28.3% | 24.5% | – |
| Profit After Tax | 387.9 | 254.2 | 52.6% | 717.5 | 453.0 | 58.4% |
| PAT (%) | 22.1% | 19.6% | – | 21.7% | 18.9% | |
| Share of EML in profit/(loss) of Joint ventures | 25.2 | 30.4 | -16.9% | 71.9 | 68.8 | 4.5% |
| Consolidated Profit After Tax | 413.2 | 284.6 | 45.2% | 789.5 | 521.8 | 51.3% |
Note:
- All figures are Rs. Crores except where specified
VE Commercial Vehicles’ consolidated results for Q2 2016-17 ended September 30th 2016 as compared to corresponding period ended September 30th 2015
| Q2 2016-17 | Q2 2015-16 | % growth | H1 2016-17 | H1 2015-16 | % growth | |
| Total Income from operations (Inclusive of Excise Duty) | 2,127.9 | 1,905.9 | 11.6% | 4,464.9 | 3,823.3 | 16.8% |
| Total Income from operations (Net of Excise Duty) | 1,971.6 | 1,782.5 | 10.6% | 4,111.1 | 3,567.7 | 15.2% |
| EBITDA | 142.8 | 141.8 | 0.7% | 336.6 | 288.1 | 16.8% |
| EBITDA %
(as a % of Income from operations (Net of Excise Duty) |
7.2% | 8.0% | – | 8.2% | 8.1% | – |
| EBIT | 75.4 | 82.0 | -8.1% | 203.6 | 171.4 | 18.8% |
| EBIT % | 3.8% | 4.6% | – | 5.0% | 4.8% | – |
| Profit After Tax | 65.7 | 67.7 | -3.0% | 173.8 | 144.5 | 33.5% |
| PAT (%) | 3.3% | 3.8% | – | 4.2% | 4.1% | – |
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)
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 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%.”
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.”
As part of its focussed thrust in international markets, Royal Enfield showcased Himalayan at Gaikindo Indonesia International auto show in August 2016. Marking a significant milestone, Royal Enfield opened its flagship store in Milwaukee, North America in September 2016. Two exclusive stores were also added in Europe in October 2016, one each in Barcelona and Valencia in Spain.
In India, Royal Enfield in collaboration with Happy Socks, a leading European brand, launched a limited edition collection of apparel & accessories for men that includes motorcycling jackets, sweatshirts, t-shirts, helmets and a series of socks and boxer briefs. In addition to the Royal Enfield Gear stores, this collection is displayed at Happy Socks exclusive brand stores in nodal cities like London, Stockholm, Copenhagen and Mumbai.
“All our key projects on capacity and product development are progressing as per plans. We held the ground-breaking ceremony of our third plant in Vallam Vadagal, Tamil Nadu in May this year and we are aiming start of commercial production by Q2 2017-18. Our technical centre in UK is in advanced stages of development and should be operational by end of 2016-17. We will soon commence work on the Chennai technical centre that is planned to be operational by end 2017-18”, added Siddhartha.
Commenting on VE Commercial Vehicles (VECV)’s performance 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 further added.
