The Board of Directors at Eicher Motors Limited approved the results with the performance highlights as follows:
EML’s consolidated results for the Quarter ended and Nine Months ended December 31st, 2017 as compared to corresponding period ended December 31st, 2016
Particulars
|
Q3 2017-18
|
Q3 2016-17
|
% growth
|
9M 2017-18
|
9M 2016-17
|
% growth
|
Revenue from Operations (Net of Excise Duty)
|
2,269
|
1,835
|
23.7%
|
6,437
|
5,145
|
25.1%
|
EBITDA
|
707
|
577
|
22.6%
|
2,010
|
1,589
|
26.5%
|
EBITDA %
(as a % of Revenue from Operations (Net of Excise Duty)
|
31.2%
|
31.4%
|
31.2%
|
30.9%
| ||
EBIT
|
642
|
541
|
18.6%
|
1,851
|
1,479
|
25.2%
|
EBIT %
|
28.3%
|
29.5%
|
28.8%
|
28.7%
| ||
Share of EML in profit/(loss) of Joint ventures
|
62
|
19
|
230.8%
|
127
|
91
|
40.5%
|
Profit After Tax
|
520
|
418
|
24.5%
|
1,498
|
1,208
|
24.1%
|
PAT %
|
22.9%
|
22.8%
|
23.3%
|
23.5%
| ||
Total Comprehensive Income
|
519
|
417
|
24.4%
|
1,500
|
1,205
|
24.6%
|
VE Commercial Vehicles’ consolidated results for Q3 ended December 31st, 2017 as compared to corresponding period ended December 31st, 2016
VE Commercial Vehicles Limited
| ||||||
Particulars
|
Q3 2017-18
|
Q3 2016-17
|
% growth
|
9M 2017-18
|
9M 2016-17
|
% growth
|
Revenue from Operations (Net of Excise Duty)
|
2,590
|
1,885
|
37.5%
|
6,732
|
5,996
|
12.3%
|
EBITDA
|
226
|
130
|
74.7%
|
590
|
466
|
26.6%
|
EBITDA %
(as a % of Revenue from Operations
(Net of Excise Duty)
|
8.7%
|
6.9%
|
8.8%
|
7.8%
| ||
Profit After Tax
|
133
|
58
|
128.8%
|
295
|
231
|
27.3%
|
PAT %
|
5.1%
|
3.1%
|
4.4%
|
3.9%
| ||
Total Comprehensive Income
|
133
|
57
|
135.1%
|
294
|
227
|
29.5%
|
Eicher Motors Limited (EML)’s consolidated sales volume 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 2017-18
|
Q3 2016-17
|
Growth (%)
|
9M 2017-18
|
9M 2016-17
|
Growth (%)
| |||
Total motorcycle sales
|
206,736
|
173,859
|
18.9%
|
593,214
|
487,790
|
21.6%
| ||
VE Commercial Vehicles Limited
| ||||||||
Q3 2017-18
|
Q3 2016-17
|
MS Q3 2017-18
|
MS Q3 2016-17
|
9M 2017-18
|
9M 2016-17
|
MS 9M 2017-18
|
MS 9M 2016-17
| |
Eicher Cargo Trucks (3.5-5 tonne)
|
834
|
460
|
27.6%
|
18.8%
|
2107
|
1280
|
25.1%
|
18.5%
|
Eicher Light & Medium Duty Trucks (5-14 tonne)
|
7,767
|
5,393
|
30.7%
|
31.7%
|
19,145
|
17,127
|
31.0%
|
32.7%
|
Eicher Heavy Duty Trucks (16 tonne & above)
|
3,340
|
1,960
|
4.4%
|
4.0%
|
7,576
|
7,466
|
4.3%
|
5.0%
|
Eicher Buses (5 tonne and above)
|
1,629
|
1,695
|
14.8%
|
12.8%
|
7,275
|
8,499
|
17.6%
|
16.5%
|
Total Domestic Sales-
Eicher Trucks and Buses (3.5 tonne and above)
|
13,570
|
9,508
|
11.7%
|
11.7%
|
36,103
|
34,372
|
12.6%
|
13.3%
|
Exports
|
2,278
|
1,954
|
13.0%
|
12.5%
|
6,021
|
6,153
|
14.0%
|
14.1%
|
Volvo Trucks
|
383
|
322
|
88.0%
|
71.2%
|
707
|
738
|
89.5%
|
68.3%
|
Total
|
16,231
|
11,784
|
12.2%
|
12.1%
|
42,831
|
41,263
|
13.0%
| |
Royal Enfield posted its best ever performance in the quarter ended December 2017. In this quarter, Royal Enfield sold 206,736 motorcycles, its best ever quarterly sales volume with a growth of 18.9%, as compared to 173,859 motorcycles sold in the same period last year. Royal Enfield also posted highest ever net quarterly revenue from operations at Rs 2,269 crores for Q3 2017-18, a growth of 23.7% over the corresponding period last year.
Commenting on Royal Enfield’s performance, Siddhartha Lal, Managing Director and CEO Eicher Motors Ltd said, “Royal Enfield experienced a strong quarter with the domestic market share in 150cc and above segment increasing to 30.5% from 26.8% in the corresponding quarter of the previous financial year. Export volumes increased by 68% to 5,578 motorcycles in Q3 FY2018 over the same quarter last year on the back of increased focus and activity in international markets.”
Speaking about new initiatives at Royal Enfield, Siddhartha added, “This quarter marked the beginning of many new chapters for Royal Enfield. We had the global unveil of the Interceptor and Continental GT 650 Twins in November at the EICMA Motor Show. We introduced the Himalayan BS4 EFI version and more recently, we launched the adventure-ready Himalayan Sleet + Explorer Kit, that has been well-received by enthusiasts. We opened the first Royal Enfield Garage Cafe in Goa this January. The cafe is an inclusive and engaging space that reflects our motorcycling way of life and is designed to be a catalyst to deepen closer association with riding enthusiasts and customers.”
The new Interceptor and Continental GT Twins drew large crowds during the NEC Motorcycle Show at Birmingham (UK) , at the IMS Motor Show in the US and at the Sydney Auto Show in Australia. In India, the Interceptor and Continental GT 650 Twins were showcased at Rider Mania 2017 in November, for the community to have a first look the new motorcycles. Rider Mania 2017 was the biggest ever gathering of Royal Enfield enthusiasts and saw participation from over 6,500 Royal Enfield riders from India and across the world.
Royal Enfield reiterated its long-standing relationship with the Indian armed forces by partnering on the 8,000-km long NSG Motorcycle Expedition 2017. 15 NSG Black-Cat Commandos rode on Royal Enfield Stealth Black Classic 500 motorcycles across the length and breadth of the country to spread the message of collective responsibility towards fighting terror and commemorating NSG’s 33 years of service to the nation. These motorcycles were then sold online, and the proceeds of the sale were shared with NSG supported NGO Prerna Foundation.
In January 2018, Royal Enfield launched a new version of the Himalayan, its most versatile motorcycle. The all new Himalayan Sleet sports a new colour and pattern in shades of grey, taking inspiration from the mountains. To further strengthen its adventure touring proposition, 500 exclusive Himalayan Sleets were pre-fitted with the Explorer Kit, an assortment of Royal Enfield Genuine Motorcycle Accessories, and were made available online. All 500 motorcycles were successfully sold during the 12-hour online sale on January 30th.
In January, Royal Enfield opened the Garage Cafe in Arpora - Baga, Goa. Inspired by the Royal Enfield way of life and pure motorcycling culture, the Garage Cafe is a massive 120-seater cafe that also has a Royal Enfield motorcycle museum-and-exhibition area, an exclusive gear store, a motorcycle customization area and a service bay. The cafe offers a relaxed, unhurried experience and is conceptualized to be an inclusive, engaging space. The Garage Cafe is open to riders, non-riders, travelers, explorers, and families.
Royal Enfield recently concluded its first marquee ride for RE riders in Thailand - Tour of Thailand 2017. The picturesque and scenic ride covering over 1,557 kilometers from Bangkok to Chiang Mai in 7 days, had 30 owners and loyal fans of Royal Enfield motorcycles participating. Among many other rides, this was the first year of the annual ride, that the brand conducted for its customers in Thailand, to experience pure long distance riding and to reinforce the philosophy of ‘riding pure’ with its authentic and evocative motorcycles.
Commenting on VE Commercial Vehicles (VECV)’s performance Siddhartha said, “With almost all the disruptions and uncertainties now behind us, the CV industry is currently on an upward trend, with record sales in December and excellent potential for growth in the current quarter. Based on this, the industry has recorded strong double digit growth on YTD basis especially in trucks. As far as VECV is concerned, we are making steady progress in all the segments and currently we are operating at almost 100% capacity. With huge focus on material cost reductions as well as better price management, VECV has improved the operating margins in Q3 with EBITDA of 8.7% as against 6.9% in Q3 of last year; YTD 8.8% against 7.8% in corresponding period of last year. Another highlight is our readiness and successful homologation of 9 meter air-conditioned, zero emission, fully electric bus for intra-city commuting applications. We are now actively engaging with key customers to gain early mover advantage.”
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 - Volvo Eicher 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. Since 2012, Eicher has an equal joint venture with US-based Polaris Industries Inc - Eicher Polaris Private Limited - and introduced the Multix 3-in-1 vehicle, purpose built for the independent businessman.
Please visit our website: www.eichermotors.com
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