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Eicher Q2 net up 205 per cent

Posted by Yogesh on Wednesday, 29 October, 2008

NEW DELHI: Eicher Motors on Wednesday posted a net profit of Rs 429 million ($9.5 million), up from Rs 140 million for the second quarter of fiscal 2008-09.

The 205 per cent growth in net was mainly accounted for the Rs 393.5 million the company received from Swedish automaker AB Volvo as part of a non-compete arrangement.

The two companies signed a join venture agreement in May for manufacturing light and medium commercial vehicles. As part of the pact, the Indian automaker relinquished its own medium and light commercial vehicle business and received the non-competing amount.

The company’s total operating income came down from $1.23 billion in the second quarter of the last fiscal to $1.09 billion in the corresponding period of the current fiscal. Source The Economic Times

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