Wednesday, March 29, 2023

Eicher Motors Limited (EML) today announced unaudited consolidated financial results for the quarter ended September 30, 2022. Eicher  Motors’  total revenue from operations for the quarter was recorded at ₹  3,519 up 56.4%   as compared to ₹ 2,250 crores in the corresponding quarter of FY 2021-22; EBITDA was ₹ 822 crores, up 74.9% as compared to ₹ 470 in the same quarter of the previous financial year. Profit After Tax was ₹ 657 crores, an increase of 76.1% as compared to a profit of ₹ 373 during the same period last year. Royal Enfield sold 203,451 motorcycles in the quarter, an increase of 64.7% from 123,515 motorcycles sold over the same period in FY 2021-22.

Talking  about  Eicher  Motors’  performance  through  the  last  quarter,  Siddhartha  Lal,  Managing Director, Eicher Motors Ltd., said, “At the halfway mark, our overall performance has been very encouraging, we have witnessed great uptick in the momentum with launch of new Hunter 350. Further we are super happy at having showcased our spectacular new cruiser, the Super Meteor 650 at EICMA just earlier this week. This motorcycle immensely elevates our portfolio in the 650 twin category. On the commercial vehicles side, VECV delivered its first large order of 40 Skyline Pro E electric buses to the prestigious city of Chandigarh. During the quarter we also strengthened our market share in the Heavy Duty trucks and buses segment while launching a slate of new products and improving our distribution reach. At EML, our business performance has been quite promising and we continue to focus on the next stage of our growth with a robust ESG vision”

Speaking  on  Royal  Enfield’s  performance,  B.  Govindarajan,  CEO  –  Royal  Enfield  and  Wholetime Director, EML said, “In this quarter we have seen excellent performance, we have registered 65% growth over corresponding period last year, with motorcycles across the portfolio showing uptick in demand. Our newest motorcycle on the block – the remixed Roadster, Hunter 350 – has seen extremely positive consumer response. We have registered healthy growth in the festive season and are confident of continuing this trend over the next quarter as well. In October we registered our highest ever sales in a month with 80,792 motorcycles and growth of 79% over the same period last year. We are gearing up to bring great motorcycles and motorcycling experiences to our consumers. While we have unveiled the Super Meteor 650 in Milan this week, we are also preparing for a spectacular comeback of Rider Mania later this month.”

Speaking on VECV’s performance Vinod Aggarwal, MD and CEO VECV said “During the second quarter VECV strengthened market share particularly in heavy duty truck and bus segments for both Eicher and Volvo brands. Vehicle sales for the first half stand at 35,085 vehicles marking a growth of 67.6% over corresponding period last year. I am happy to note the recognition of VECV by Federation of Automotive Dealer Association (FADA) as #1 in CV Segment in Dealer Satisfaction for 2nd year in a row. This demonstrates our continuing focus on improving dealer and customer satisfaction. During the quarter we delivered and operationalized 40 Eicher Skyline Pro E electric buses in Chandigarh. We continued to  expand our product range to meet the customer needs in various truck and bus applications for both domestic and export markets”