Eicher Motors on Friday reported an 18.2% increase in consolidated net profit at Rs 1,070 crore for the quarter ended March 31, 2024, from Rs 906 crore for the same quarter of the previous financial year.
According to the company, the total revenue during the quarter under review rose by 11.87% to Rs 4,256 crore as compared to Rs 3,804 crore reported for the corresponding period of 2022–23.
Eicher Motors’ EBITDA stood at Rs 1,129 crore, up 20.88% as compared to Rs 934 crore in the same quarter of the previous financial year.
During the quarter, Royal Enfield recorded sales of 227,925 motorcycles, up by 6.17% from 214,685 motorcycles sold during the same period in FY 2022–23.
For the financial year ended March 31, 2024, the company’s net profit grew by 37.31% to Rs 4,001 crore as compared to Rs 2,914 crore for the same period last year.
The company’s Board of Directors recommended a final dividend aggregating to Rs 1,396.41 crore at Rs 51 per share (a nominal value of Rs 1 per share) for the financial year ended March 31, 2024.
The Royal Enfield maker said the recommended dividend per share is the highest ever for the company and is 37.1% higher than the FY 2023 dividend per share.
“We’ve had a remarkable year at EML and have reported exceptional performance across both Royal Enfield and VE Commercial Vehicles. In the motorcycle business, last year was an action packed one as the middleweight segment in the industry witnessed a considerable number of launches by international brands in partnership with Indian OEMs,” said Siddhartha Lal, managing director & CEO, Eicher Motors.
“At VECV, we have recorded the highest ever sales of Eicher trucks and buses, Volvo trucks, VE powertrains, components, and power solutions. We also made tremendous progress on EV vehicles with commencement of sales of EV trucks and the global unveiling of the new electric-first small commercial vehicle. With an expanding product range backed by cutting edge connected and efficient solutions, we are quite upbeat for the growth potential for VECV.”
