NEW DELHI, May 8: Eicher Motors today reported 38.5 per cent increase in its consolidated net profit at Rs 216 crore for the first quarter quarter ended March 31 on robust sales during the period.
The company had posted a net profit of Rs 156 crore during the same period of previous fiscal.
The company follows January-December financial year.
Consolidated total income of the company rose to Rs 2,568 crore for the first quarter, up 33.5 per cent, from Rs 1,924 crore for the same period of previous fiscal, Eicher Motors said in a statement.
Commenting on the results, Eicher Motors Managing Director and CEO Siddhartha Lal said the company has continued its strong run and reported its best ever quarter results.
On Royal Enfield, the two-wheeler division of the company, Lal said the first quarter has been the best ever quarter for the two-wheeler maker…With record sales of 92,845 units, a growth of 44.5 per cent over Q1 2014.
“Royal Enfield has maintained a very strong volume growth in Q1 2015 and moves ahead with an extremely healthy order book. We are working very hard towards creating a truly differentiated motorcycling experience across the world,” he said.
Royal Enfield is working on new platforms and products that will fuel the company’s growth in the coming years, Lal said.
“It is also expanding its footprint in India and in key markets across the world, to build its presence globally. We will continue to make higher investments into brand, distribution and globally relevant products that will be essential for us to achieve global leadership in the mid-size motorcycle category,” Lal added.
In February, Royal Enfield started retail operations in Colombia with the opening of two exclusive stores in Bogota and Medellin.
The new stores retail the full range of Royal Enfield motorcycles and gear. The stores have been designed not just as a point of purchase but as a meeting point for enthusiasts for conversations around motorcycling.
Further, to strengthen and expand its footprint across Spain and Australia, Royal Enfield appointed new channel partners in these regions.
Commenting on the VECV business, the 50:50 joint venture with Volvo, Lal said the entity continues to do well and has ended first quarter with sales of 11,020 units, up 10.4 per cent from 9,981 units in the same period of last year.
Eicher Motors shares closed 6.26 per cent up at Rs 15,722.20 apiece on the BSE. (PTI)
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