Eicher Motors Ltd on Friday reported a net profit of ₹388 crore for the quarter ended September, up over 52 per cent, compared with ₹254 crore in the corresponding period last year.
Total income from operations also rose 35 per cent to ₹1,981 crore from ₹1,468 crore in the July-October period previous year.
“Eicher Motors Ltd has continued its strong run and reported its quarterly results posting the highest-ever quarterly income from operations at ₹1,981 crore for the second quarter of 2016-17,” Siddhartha Lal, Managing Director and Chief Executive Officer, EML, said.
Commenting on Royal Enfield’s performance, he said, “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.”
“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 second quarter 2017-18,” Lal said.
“We will soon commence work on the Chennai technical centre that is planned to be operational by end 2017-18,” he said.
Commenting on VE Commercial Vehicles (VECV)’s performance Lal said, VECV has demonstrated an impressive performance in the second quarter with sales of 13,408 units, recording a growth of 15 per cent over the corresponding period last year.
“Eicher Motors’ 50:50 joint venture with Polaris Industries, Eicher Polaris Pvt Ltd, through its product Multix is continuing to expand its distribution footprint,” Lal said.
Multix is now available in 60 locations across eight states and it continues to gain momentum in its target markets, he added.