Eicher Motors net at Rs 1,712 cr, dividend proposed Rs 110

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New Delhi, May 9 (IANS) Two-wheeler maker Eicher Motors Ltd on Wednesday said it closed last fiscal with a net profit of Rs 1,712.91 crore.

In a regulatory filing in BSE, Eicher Motors said it had posted a net profit of Rs 1,712.91 crore for the year ended on March 31, 2018 up from Rs 1,560.02 crore logged during the previous fiscal.

The Board of Directors has recommended a dividend of Rs 110 per share of Rs 10 each for the year 2017-18.

The profit would have been much higher had it not been for the impairment loss of Rs 311.98 crore following the decision to wind up the joint venture company Eicher Polaris Pvt Ltd last fiscal.

During the year under review, the company earned a total income of Rs 9,544.24 crore, up from Rs 8,171.37 crore earned for the year ended on March 31, 2017.

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According to the company, it would invest Rs 800 crore during 2018-19 in all areas of its business — setting up Phase-2 of the company’s third plant at Vallam Vadagal near Chennai, completing construction of the Technology Centre in Chennai this year, investing towards the development of new products to meet upcoming regulations and to expand the product portfolio for global markets.

The planned capacity for FY 2018-19 is 950,000 units.

Last fiscal, Eicher Motors sold 820,121 units, up from 666,135 units sold during 2016-17.

–IANS

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