Eicher Motors posts 35% growth

Chennai: Eicher Motors Ltd on Wednesday said it closed the first six months with around 35 percent growth in its net profit.

In a statement, the company said it closed the first half of the current year with a net profit of Rs.397 crore, up from Rs.293.9 crore posted during corresponding period of the previous year.

Eicher Motors logged a total income of Rs.2,058 crore during the first half of the current year as against Rs.1,381.9 crore logged during corresponding period of the previous year.

During the period under review the company sold 199,458 units of up from 138,400 units during first six months of 2014.

“We continue to make investments as per our plans towards capacity expansion, enhancing our brand experience and in product development,” Siddhartha Lal, the company`s managing director was quoted as saying in the statement.

Eicher Motors acquired Harris Performance, a UK company in June 2015.

In order to accelerate Royal Enfield`s – two wheeler division – international thrust, Lal, will be relocating to UK for a year, starting August 2015.

This move will take him closer to Royal Enfield`s target markets, as well as to the new technical centre in UK, which is leading the development of motorcycles for international markets, the company said.

On a consolidated basis taking into account the figures of VE Commercial Vehicles Ltd, the 50:50 commercial vehicle joint venture with Volvo, Eicher Motors posted a total income of Rs.5,487.7 crore and a net profit of Rs.417.1 crore after taking the minority interest.