Eicher Motors Limited announces robust results for CY 2011

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(added few years ago!)

Eicher Motors Limited announced the audited consolidated annual financial results for the year ended December 31, 2011 and the fourth quarter ended December 31, 2011. The Board of Directors at Eicher Motors Limited approved the results with the performance highlights. Reviewing the year, Siddhartha Lal, Managing Director & CEO, Eicher Motors Limited said, “This has been the best ever year for Eicher Motors Limited (EML) with the highest revenue at Rs 5716 crores and record operating profit at Rs 593 crores.”

EML’s joint venture with Volvo Group- VE Commercial Vehicles (VECV) reported a robust year with record volume numbers. ETB has continued to maintain its market share in the 5 to 12 T trucks segment at 30 percent plus in the calendar year 2011. In the bus segment too, ETB has maintained its momentum with 6496 unit sales in calendar year 2011, a growth of 34.8 percent over the corresponding period last year, market share for the same period has also gone up to 9.7 percent from 6.7 percent. In the Heavy Duty trucks segment, ETB bettered its performance by 74.3 percent at in calendar year 2011. Correspondingly, its market share has also improved from 2 percent in calendar year 2010 to 3.1 percent in 2011.

Siddhartha Lal said, “VECV has had an excellent year with record topline and bottomline growth and achieved progress in qualitative areas towards our goal of driving modernisation in commercial transportation. In the calendar year 2011, VECV registered a volume growth of 24.8 percent, outpacing the industry which grew by 10 percent and increasing its corresponding market share. Our continued success in Heavy Duty is manifested in the volume growth of 74.3 percent in the calendar year 2011. In the month of December 2011, for the first time, VECV registered Heavy Duty platform monthly sales of over 1100 units that increased its market share to 4.7 percent for the month.”

Elucidating on the numbers posted by Royal Enfield, Siddhartha Lal said, “Royal Enfield has recorded a volume growth of 42 percent with 74626 units being sold in the calendar year 2011. We have successfully achieved our target to produce and sell 7000 motorcycles per month by the end of calendar year 2011. Royal Enfield also carries forward a very healthy order book to 2012. The capacity expansion plans for Royal Enfield is progressing as planned and the production at the new plant will start by Q1 2013.”

“At the 2012 Auto Expo, Royal Enfield previewed the all new Thunderbird 500, fitted with the Unit Construction Engine and a host of design enhancements. With this new product, Royal Enfield has again upped the ante in leisure motorcycling which we have been pioneering for over half a century in India. Royal Enfield also showcased a range of well crafted, meticulously detailed, purpose built motorcycle gear at the Auto Expo. The Royal Enfield accessories both add flair and enhance the riding experience. The collection includes biker apparel, bike and riding accessories.”

“While the growth sentiment in the market is currently not so strong, at Eicher we are committed to our investments in capacity expansion, product development and strategic projects. Work is on schedule for VECV’s Medium Duty Engine Project and the new paint-shop at ETB. Earlier this week, we also announced a new Eicher bus manufacturing plant near Indore at Dhar, Madhya Pradesh. The plant is being set up with an investment of Rs 125 Crores in the first phase and would commence production by the second quarter of 2013. The plant will have a capacity to produce 10,000 buses when fully operational.”

“We are bullish on the long term growth and apart from capacity will also continue to invest in product development. We are upgrading our existing range and developing new products such as a new product line for ETB by 2013. With the expected easing of interest rates in the coming months and stabilization of commodity prices compared to last year, we look forward to another year of profitable growth.”

Tags : Eicher Motors Limited, CY, 2011, December

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