Eicher Motors Q2 net up by 151%

By siliconindia   |   Tuesday, 22 October 2002, 07:00 Hrs
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MUMBAI: Eicher Motors Ltd recorded a whopping 151 per cent growth in its net profit for the second quarter of 2002-03, the company said in a statement

Net profit of the company for the period stood at Rs 11.86 crore over Rs 4.73 crore in the corresponding quarter a year ago. Net sales increased to Rs 162.99 crore from Rs 112.57 crore.

"The reason for the increase in net profit in the second quarter is because of the heavy volume growth and our sharp focus on cost cutting efforts," said Rakesh Kalra, chief executive officer of the company.

During the second quarter, Eicher Motors sold 3,296 vehicles as compared to the sale of 2,228 in the corresponding quarter, registering a growth of 48 per cent. Total expenditure as a per cent of sales has come down by four per cent points at 86.4 per cent over 90.4 per cent in the same quarter last year.

For the first half of the year, net profit was Rs 17.23 crore vis-à-vis Rs 7.27 crore a year ago. The company sold 5,799 vehicles in the period as against 3,959 in the first half of 2001-02.

Kalra said the company was optimistic of continuing its performance in the coming months. "We hope to maintain our growth and beat the industry average," he said

"EML's strong performance is reflective of our continued focus on developing application-based vehicles to suit the requirements of specific customer segments in both the domestic and international markets," said S. Sandilya, Group Chairman and CEO of the Eicher Group.

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