Eicher Motors' net up 52.6% at Rs 388 crore

Eicher Motors has posted a net profit of Rs 387.9 crore, up 52.6% from the Rs 284.56 crore profit posted in the same period last year.

The company's total income from operations was at Rs 1,981.01 crore, up from the Rs 1,468.48 crore posted in the same period last year. 

After the results, Siddhartha Lal, Managing Director and CEO, said, “Eicher Motors Ltd has continued its strong run and reported its quarterly results posting the highest-ever quarterly income from operations at Rs 1,981 crore for the second quarter of 2016-17.” 

Eicher Motors' EDITDA was at Rs 506.3 crore in the quarter under consideration compared to Rs 350.7 crore in the same period last year, a 54.6% jump. 

Eicher Motors-owned Royal Enfield sold 1,66,941 units of motorcycles in the July-September quarter, up 30% from the 1,27,611 units sold in the same period last year.  In the first six months of the fiscal, the bikemaker sold 3,14,424 units, up 34.2% from the 2,34,224 units sold in the same period last year.  About Royal Enfield, it 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."

At 1540 hours, Eicher Motors' stock was at Rs 23,990 apiece, down Rs 541.60 or 2.21% from previous day's close. 

Lal also said that operations at the Vallam Vadagal facility in Tamil Nadu, will start by second quarter of the FY18. He added that work at the Chennai technical centre is likely to start soon. It is expected that operations at the technical centre will commence by 2017-18 end.