Eicher Motors Limited CY 2014 Q1 results

Through Q1 ending March 31, 2014 Eicher Motors Ltd announced the unaudited consolidated financial results and reports its highest ever total income from operations at Rs 1924.2 crore. Keeping pace, this is the company’s highest ever EBIT at Rs 174.2 crores and highest ever PAT at Rs 156.2 crores.

Eicher Pro Series India 2014Commenting on the company’s performance Mr. Siddhartha Lal, Managing Director & CEO Eicher Motors Ltd said “While the industry continues to decline, Eicher Motors continued with its strong run and reported its best ever quarter results registering a 11.6% growth and posting the highest ever quarterly income from operations at Rs 1924.2 crores for Q1 2014”

Commenting on VECV’s performance Mr Siddhartha Lal, said, “The commercial vehicle industry continues to battle the enormous downturn that has been affecting this sector for more than 30 months now. The first quarter of 2014 has been particularly tough that saw the domestic industry (5 tonne and above) decline by 18.3%. Despite tough conditions, VECV has continued to perform well. With the recent commercial launch of the Eicher Pro-1000 and Pro-3000 range of trucks and buses, we aim to meet the needs of the emerging mid-premium market segment.”

Eicher Heavy Duty Trucks (16 Tonne and above) sales stood at 1420 units for Q1 2014 as compared to 2109 units sold in Q1 2013 equating to 32.7% sales decline. Eicher Light and Medium Duty Trucks segment, (5 Tonne – 14 Tonne) sales stood at 5413 units for Q1 2014 over 7639 units sold in Q1 2013 resulting in 29.1% sales decline. Eicher Buses (5 Tonne and above) segment sold 1859 units in 2014 Q1 when compared with 2188 units sold in Q1 2013 equating to 15.0% sales decline.

Collectively, total domestic sales- Eicher Trucks and Buses (5 Tonne and above) stood at 8692 in Q1 2014 compared to 11936 units sold in 2013 Q1 equating to 27.2% sales decline.

Growth was registered in exports with 1122 units sold in Q1 2014 over 452 units in Q1 2013 to report 48.2% sales growth. Volvo Trucks sold 167 units over 141 units in Q1 2013 to mark 18.4% growth. Total Sales – VECV stand at 9981 units in Q1 2014 compared to 12529 units sold in Q1 2013 to report 20.3% sales decline.

The Board of Directors at Eicher Motors Limited approved the results with the performance highlights as follows:

Consolidated Results for quarter ended 31st March 2014 as compared to quarter ended 31st March 2013

Q1 2014

Q1 2013

% Growth

Total income from operations

1924.2

1724.3

11.6%

Earnings before interest and tax (EBIT)

174.2

143.0

21.8%

EBIT %

9.1%

8.3%

-

Profit After Tax

156.2

132.8

17.6%

Note:  All figures are Rs. crores except where specified

Standalone Results for quarter ended 31st March 2014 as compared to quarter ended 31st March 2013

Q1 2014

Q1 2013

% Growth

Total income from operations

635.7

333.8

90.5%

Earnings before interest and tax (EBIT)

135.9

53.1

155.9%

EBIT %

21.4%

15.9%

-

Profit After Tax (PAT)

160.6

97.2

65.2%

Note:  All figures are Rs. crores except where specified

Eicher Motors Limited (EML) reported the following sales numbers and market share (MS) across both its businesses- Royal Enfield and EML’s 50:50 joint venture with the Volvo Group – VE Commercial Vehicles (VECV)

 

Q1 2014

Q1 2013

% Growth

MS Q1 2014

MS Q1 2013

VE Commercial Vehicles Ltd (VECV)

Eicher Heavy Duty Trucks

(16 Tonne and above)

1420

2109

(32.7%)

3.7%

4.9%

Eicher Light and Medium

Duty Trucks

(5 Tonne – 14 Tonne)

5413

7639

(29.1%)

32.0%

30.8%

Eicher Buses

(5 Tonne and above)

1859

2188

(15.0%)

12.6%

12.3%

Total Domestic Sales- Eicher Trucks and Buses

(5 Tonne and above)

8692

11936

(27.2%)

12.4%

13.9%

Exports

1122

452

148.2%

-

-

Volvo Trucks

167

141

18.4%

-

-

Total Sales – VECV

9981

12529

(20.3%)

-

-

Royal Enfield

Motorcycles                                                                                                                                                                                                                                                                       

64268

34736

85.0%

-

-