Eicher Motors Limited announces its best-ever performance for the quarter ended June 30th, 2018
~ For the quarter ended June 30, 2018, EML recorded its highest ever total revenue from operations at Rs. 2,548 crores, highest ever EBITDA at Rs. 810 crores and Net Profit After Tax at Rs. 576 crores ~
New Delhi, August 09, 2018: Eicher Motors Limited (EML) today announced its unaudited consolidated financial results for the quarter ended June 30, 2018.
In the quarter ended June 2018, Royal Enfield posted its best ever performance. Revenue from operations rose 27% to a record Rs. 2,548 crores in the quarter, compared to the same period last year; Profit After Tax grew by 25% to Rs. 576 crores from Rs. 460 crores in the same period last year. The EBITDA margin increased to 31.8% this quarter from 31% in the same period last year last year. Royal Enfield sold 225,286 motorcycles in the Q1 2019, registering a growth of 23% over 183,731 motorcycles sold in the same period last year.
Commenting on Royal Enfield's performance, Siddhartha Lal, Managing Director and CEO Eicher Motors Ltd, said, “We continue to make significant progress on all the targets that we have set for ourselves. We are happy to report a strong financial performance for the quarter. Also, the 650 Twin motorcycles - Interceptor and Continental GT - are ready for the first global media ride planned for the last week of September in California.“
In May 2018, Royal Enfield launched the limited edition Classic 500 Pegasus, inspired by the Royal Enfield RE/WD 125 ‘Flying Flea’, the legendary lightweight World War 2 motorcycle, and paying homage to Royal Enfield’s military heritage. With only 1,000 motorcycles available globally, and 250 of them in India, the Classic 500 Pegasus, was a unique opportunity to own a piece of motorcycling history. In India, the Pegasus motorcycles were sold exclusively on the Royal Enfield website, and all 250 units were sold out within 178 seconds after the opening of the online booking.
In this quarter, Royal Enfield flagged off the 15th edition of the Himalayan Odyssey from India Gate, New Delhi on July 7, 2018. Considered the holy grail of motorcycle rides across the world, the Himalayan Odyssey witnessed a participation of 60 motorcyclists this year, including 10 women riders. On this epic ride, participants traversed some of the toughest terrains and highest mountain passes in the world, covering a distance of over 2,200 kilometres across 18 days on their Royal Enfield motorcycles.
In the Commercial Vehicles (CV) segment, Eicher’s joint-venture with Sweden’s AB Volvo VE Commercial Vehicles (VECV) continues to perform well. VECV’s Revenue from operations rose by 45% to Rs. 2,609 crores from Rs. 1,803 crores in the same period last year; PAT rose by 78% to Rs. 118 crores from Rs. 67 crores last year.
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. VECV is 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, “VECV is gearing up for strong growth in the coming months by leveraging new technologies and products, and by strengthening marketing activities and supply chain. We are working to strengthen our market share across segments.â€
About Eicher Motors Limited:
Eicher Motors Limited (EML) (Bloomberg: EIM IN Reuters: EICH.NS) is the listed parent of Royal Enfield, the global leader in middleweight motorcycles. The world’s oldest motorcycle brand in continuous production, Royal Enfield has made its distinctive motorcycles since 1901. Focussed on bringing back simple, yet engaging and accessible motorcycling, Royal Enfield operates in India, and over 40 countries around the world. With modern development facilities in Leicestershire, UK and Chennai, India, Royal Enfield makes its motorcycles in Tamil Nadu for the world. In addition to motorcycles, Eicher has a joint venture with Sweden’s AB Volvo - VE Commercial Vehicles Limited (VECV) - which is driving modernization in India's commercial vehicle space, and in other developing countries. VECV has a complete range of trucks and buses from 5-49 tonnes, and its integrated manufacturing plant in Pithampur, Madhya Pradesh is the global hub for medium duty five- and eight-litre engines for Volvo Group. For the twelve months ended March 2017, Eicher Motors recorded its highest ever total income of INR 7,033 crores (net of excise duty) which is approx USD 1.1 billion and is listed on the Bombay and National Stock Exchanges. As of April 1st 2016, Eicher Motors Limited became a part of the Nifty 50 Index.
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Disclaimer:
All statements included or incorporated by reference in this media release, other than statements or characterizations of historical fact, are forward-looking statements. These forward-looking statements are based on our current expectations, estimates and projections about our industry, management's beliefs and certain assumptions made by us. Although EML believes that the expectations reflected in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Any forward-looking statement speaks only as of the date on which such statement was made, and EML undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. No assurance can be given that actual results, performance or achievement expressed in, or implied by, forward looking statements within this disclosure will occur, or if they do, that any benefits may be derived from them.
