Eicher Motors has reported 71.3% growth in profit during
the quarter ended March 31, 2016, at Rs 334.5 crore, as compared to Rs 195.3
crore. For the whole year, the company's profit rose by 61.2% to Rs 1,082.6
crore from Rs 671.5 crore.
Siddhartha Lal, managing
director and CEO, Eicher Motors, said the company achieved this stupendous
growth due to Royal Enfield.
Eicher Motors —
standalone, ie: the Royal Enfield business, posted its best-ever performance in the
quarter ended March 2016. In this quarter, Royal Enfield sold 1,48,185
motorcycles, registering its best-ever quarterly sales and posting a growth of
59.6% over 92,845 motorcycles sold in the same period last year.
The company's standalone
profit rose by 68.3% to Rs 359.3 crore from Rs 213.5 crore, while total income
rose by 60.7% to Rs 1,545 crore from Rs 961.2 crore.
Lal said: “Royal Enfield
performed exceedingly well in the last quarter, bringing a phenomenal 2015-16
financial year to an end. This has been a milestone year for us with the launch
of Himalayan — our first-ever completely ground-up motorcycle.
With Himalayan we introduced a purpose-built and versatile motorcycle that
makes adventure touring more accessible in India. The motorcycle has been
extremely well received by the community and customers, which is reflected in
our strong order book for the Himalayan.”
He added that Royal
Enfield will be investing Rs 600 crore towards product development. It will be
setting up two technical centres, in Leicestershire, UK, and Chennai, India, in
a bid to enhance our manufacturing capacity and market development activities
across geographies.
In 2016-17, the company
plans to manufacture 6,75,000 motorcycles.
“Our immediate business
outlook remains strong and Royal Enfield continues to grow consistently,
competitively and profitably towards leading and expanding the mid-sized
motorcycle segment globally,” he added.
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