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	5	+= Company Overview =
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7		-Company Overview
	7	+Eicher Motors Limited (NSE:EICHERMOT) is the listed parent of Royal Enfield, the global leader in middleweight motorcycles. The world’s oldest motorcycle brand in continuous production, Royal Enfield has made its distinctive motorcycles since 1901. Focussed on bringing back simple, yet engaging and accessible motorcycling, Royal Enfield operates in India, and over 50 countries around the world. With modern development facilities in Leicestershire, UK and Chennai, India, Royal Enfield makes its motorcycles in Tamil Nadu for the world.{{footnote}}https://www.eicher.in/about-us{{/footnote}}
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9		-Eicher Motors Limited (NSE:EICHERMOT) is the listed parent of Royal Enfield, the global leader in middleweight motorcycles. The world’s oldest motorcycle brand in continuous production, Royal Enfield has made its distinctive motorcycles since 1901. Focussed on bringing back simple, yet engaging and accessible motorcycling, Royal Enfield operates in India, and over 50 countries around the world. With modern development facilities in Leicestershire, UK and Chennai, India, Royal Enfield makes its motorcycles in Tamil Nadu for the world.
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11		-[[https:~~/~~/www.eicher.in/about-us>>url:https://www.eicher.in/about-us]]
12		-
13	13	In addition to motorcycles, Eicher has a joint venture with Sweden’s AB Volvo - Volvo Eicher Commercial Vehicles Limited (VECV) - which is driving modernization in India's commercial vehicle space, and in other developing countries. VECV has a complete range of trucks and buses from 5-55 tonnes, and its integrated manufacturing plant in Pithampur, Madhya Pradesh is the global hub for medium duty five- and eight-litre engines for Volvo Group.
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15	15	For the twelve months ended March 2019, Eicher Motors recorded its highest ever total income of INR crores 9797 crores (net of excise duty) (approx 1.4 USD). Eicher Motors is listed on the BSE and National Stock Exchange, and has been part of the NSE’s benchmark Nifty 50 Index since April 1, 2016.
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	13	+= Royal Enfield =
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	15	+The oldest motorcycle brand in continuous production, Royal Enfield made its first motorcycle in 1901. A division of Eicher Motors Limited, Royal Enfield has created the mid-sized motorcycle segment in India with its unique and distinctive modern classic bikes. With its new manufacturing base in Chennai, India, Royal Enfield is able to grow its production rapidly against a surge in demand for its motorcycles. With more than 40% growth every year for the last 5 years, Royal Enfield is fast becoming a very important player in the global mid-size motorcycle market and is working towards re-inventing this space with motorcycles that are evocative and engaging and great fun to ride.{{footnote}}https://www.eicher.in/our-business{{/footnote}}
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19		-Royal Enfield
20		-
21		-
22		-The oldest motorcycle brand in continuous production, Royal Enfield made its first motorcycle in 1901. A division of Eicher Motors Limited, Royal Enfield has created the mid-sized motorcycle segment in India with its unique and distinctive modern classic bikes. With its new manufacturing base in Chennai, India, Royal Enfield is able to grow its production rapidly against a surge in demand for its motorcycles. With more than 40% growth every year for the last 5 years, Royal Enfield is fast becoming a very important player in the global mid-size motorcycle market and is working towards re-inventing this space with motorcycles that are evocative and engaging and great fun to ride.
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24		-[[https:~~/~~/www.eicher.in/our-business>>url:https://www.eicher.in/our-business]]
25		-
26	26	Royal Enfield’s motorcycle line-up includes the newly launched Interceptor 650 and the Continental GT 650, powered by a modern 648cc twin cylinder engine. Royal Enfield also manufactures the Classic, Bullet and Thunderbird models in 350 and 500cc displacement and the purpose-built adventure tourer - Himalayan, powered by the new LS410 engine. Royal Enfield operates through 18 company-operated stores and 850+ dealers in all major cities and towns in India, and exports to over 50 countries across the world including the USA, UK, several European and Latin American countries, as well as the Middle East and South-East Asia.
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29	29	Royal Enfield also organizes and supports many motorcycling events and rides globally, more prominently the Rider Mania – an annual gathering of Royal Enfield riders from all over the world to the lovely beaches of Goa, and the Himalayan Odyssey, the most arduous motorcycle ride over some of the toughest roads and highest mountain passes in the Himalayas. Royal Enfield also conducts the popular ‘One Ride’ where people around the world ride out on their motorcycles on the first Sunday of April.
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	21	+== Two-Wheeler Industry ==
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32		-Two-Wheeler Industry
	23	+Momentum of a strong growth in the two-wheeler industry in 2017-18 continued in the first quarter of 2018-19. The overall two-wheeler industry grew by 16% in the quarter ended June 30, 2018 as compared to the corresponding period in the previous year. By the end of first half of the financial year 2018-19, the industry began experiencing headwinds primarily on account of regulatory changes associated with insurance and safety norms which dampened consumer sentiment. These continued through the end of the financial year.{{footnote}}https://www.eicher.in/uploads/1563260440_eicher-motors-annual-report-2018-19.pdf{{/footnote}}
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34		-Momentum of a strong growth in the two-wheeler industry in 2017-18 continued in the first quarter of 2018-19. The overall two-wheeler industry grew by 16% in the quarter ended June 30, 2018 as compared to the corresponding period in the previous year. By the end of first half of the financial year 2018-19, the industry began experiencing headwinds primarily on account of regulatory changes associated with insurance and safety norms which dampened consumer sentiment. These continued through the end of the financial year.
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36		-[[https:~~/~~/www.eicher.in/uploads/1563260440_eicher-motors-annual-report-2018-19.pdf>>url:https://www.eicher.in/uploads/1563260440_eicher-motors-annual-report-2018-19.pdf]]
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38	38	Despite this, the overall two-wheeler industry volume in India reached an all-time high of 21.2 million in 2018-19, a growth of 5% over 20.2 million in 2017-18. Driven by a growth in motorcycles with engine displacement of up to 150cc, the motorcycle segment volume grew by 8% from 12.6 million in 2017-18 to 13.6 million in 2018-19. In contrast, after over a decade of consistent growth, the scooter segment recorded a 0.3% decline year-on-year with total volume remaining at about 6.7 million in 2018-19.
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	27	+== Royal Enfield Performance ==
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41		-Royal Enfield
42		-
43	43	India continued to remain Royal Enfield’s primary market with 98% of the total volume being contributed by India and the remaining being exported to over 50 countries. The company’s total volume including exports increased by 0.3% from 8,20,121 units in 2017-18 to 8,22,724 units in 2018-19.
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45	45	In India, the company was not immune to the industry headwinds and weak consumer sentiments. These factors, coupled with regulation-driven price increases and floods in its largest market Kerala in August 2018, resulted in India volume growing by 0.2% from 8,01,230 in 2017-18 to 8,03,003 in 2018-19.
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49	49	The industry volume for motorcycles with engine displacement of above 250cc declined by 1% on year-on-year basis. Royal Enfield continues to maintain its dominance in this segment with more than 95% market share. As a testament of Royal Enfield’s commanding position in premium motorcycle market in India, the introduction of the 650 Twins motorcycles increased the industry volume of above 500cc segment by almost 70% from 6,700 in 2017-18 to 11,257 in 2018-19.
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	37	+== Dealership Network ==
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52		-Dealership Network
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54	54	Royal Enfield continued to expand its distribution network to enhance accessibility across cities in India. The company added 90 stores during the year, increasing the total count to 915 stores with a presence in over 680 cities. To keep up with rising aspiration levels beyond the large urban cities, Royal Enfield is making inroads to the newer markets and expanding its footprints beyond these cities. During the year, the company opened more than 70% of the new stores in small cities and towns.
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	41	+== Apparel ==
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57		-Apparel
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59	59	Inspired by a motorcycling way of life, Royal Enfield Apparel comprises riding gear, apparel and lifestyle accessories, which enable riders explore and express themselves, on and off the motorcycle.
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	45	+== International business ==
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62		-International business
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64	64	To establish Royal Enfield as a global brand and lead the middle-weight motorcycle segment in international markets, the company is building capabilities and brand equity across key geographies. Developing world-class products which are simple and fun to ride, expanding distribution network and implementing ‘Brand Led Growth’ initiatives are helping the company make inroads to developed and developing world alike. International sales volume grew by 4% from 18,891 in 2017-18 to 19,721 in 2018-19.
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	49	+= VE Commercial Vehicle Limited =
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67		-
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69		-VE Commercial Vehicle Limited
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71	71	VE Commercial Vehicles Limited (VECV) is a joint venture between Eicher Motors Limited and the Volvo Group. In operation since July 2008, the company includes the complete range of Eicher branded trucks and buses, VE Powertrain, Eicher’s components and engineering design services businesses, the sales and distribution business of Volvo Trucks as well as aftermarket support to Volvo Buses in India. VECV vision is to be recognized as the industry leader driving modernization in commercial transportation in India and the developing world.
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74	74	The first Eicher truck was rolled out from its manufacturing plant at Pithampur, Madhya Pradesh in 1986, and after completing 33 years of operations in June 2019, the products have got endorsement from happy customers of over 7,41,786 vehicles.
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76	76	[[http:~~/~~/www.vecv.in/company>>url:http://www.vecv.in/company]]
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276	276	References
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