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Eicher: Enfield keeps the momentum going - Views on News from Equitymaster

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Eicher: Enfield keeps the momentum going
Sep 4, 2013

Eicher Motors declared its results for the quarter ended June 2013. While the company reported a 5% YoY growth in consolidated net sales, its consolidated net profits came in higher by 22% YoY during the quarter. Here is our analysis of the results.

Performance summary
  • Consolidated revenues rise by 5% YoY led by a strong growth in the company's standalone revenues (two-wheeler business).
  • Consolidated operating margins expand to 10% from 8.8% last year. This is largely on the back of lower costs of raw materials.
  • Consolidated net profits increase by 22% YoY on lower tax outgo and lower minority interests charges.
  • Overall commercial vehicle volumes of the company decline by 8% YoY as compared to corresponding quarter last year.
  • Standalone revenues grow by 50% YoY during the quarter ended June 2013. Growth is led by a 46% YoY increase in two-wheeler volumes. The same stood at 40,040 units for the period.

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