Eicher Motors Ltd has posted the highest ever quarterly income from operations at Rs 2,071 crores for Q3 2016-17, a growth of 42.7% over the corresponding period last year. In this quarter, EML also recorded its highest ever and best-in-class at 31.4%.
Commenting on Royal Enfield’s performance, Managing Director & CEO Eicher Motors Ltd Siddhartha Lal said, “Despite demonetisation, Royal Enfield has maintained its strong volume growth in the third quarter of FY 2016-17. Our order book continues to be strong. After creating a new segment for adventure motorcycling in India with the Himalayan, Royal Enfield commercially launched the Himalayan for the first time outside India in Australia and Colombia in November 2016. Strengthening its global footprint, Royal Enfield launched its first exclusive store in Melbourne, Australia and first exclusive gear store outside India in Jakarta, Indonesia in December 2016."
Royal Enfield Himalayan continued to generate a lot of interest globally by showcasing the Euro-4 compliant Himalayan in Europe for the first time at EICMA show in Milan, Italy in November 2016. The brand also unveiled the Himalayan at the NEC show in UK later in the same month.
In December 2016, Royal Enfield announced the launch of the Classic in the Redditch series which has been inspired by the paint schemes on 1950s-era Royal Enfield motorcycles that were produced in Redditch, UK. The motorcycles are now available for bookings across all dealerships in India.Also read: Royal Enfield Sales Rise 42 Percent in December 2016
Commenting on VE Commercial Vehicles (VECV)’s performance Siddhartha said, “During the months of November and December 2016, the Commercial Vehicle (CV) industry was severely impacted due to demonetisation. As a result, VECV performance was adversely affected in Q3 2016 with a drop of 9.3% in domestic sales compared to corresponding period last year.
"VECV outperformed the industry on year to date basis by registering a growth of 12.2% over same period last year while domestic CV industry degrew by 0.6% during the same period. The market conditions appear to be improving after sharp fall in sales immediately after demonetisation. VECV continues to make significant efforts towards cost reduction to deal with pressure on margins, given the dynamics of the commercial vehicle industry.Also read: Royal Enfield Classic 350 Redditch Series Launched at Rs 1.46 Lakh
“Eicher Motors’ 50:50 joint venture with Polaris Industries, Eicher Polaris Private Ltd., through its product Multix is continuing to expand its distribution footprint and launched BS-IV variant in December 2016.” he further added.
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