Eicher Motors’ total revenue from operations for Q3FY2023 came in at Rs 3,721 crore, up 29% YoY from Rs 2,881 crore in Q3FY2022.
Profit After Tax came in Rs 741 crore, up 62 percent from Rs 456 crore during the same period last year. EBITDA for Q3 came in at Rs 857 crore, up 47 percent YoY from Rs 582 crore.
Royal Enfield sales for the quarter clocked a 31 percent increase to 219,898 motorcycles from 167,664 motorcycles sold over the same period in FY2022.
Talking about Eicher Motors’ performance through the last quarter, Siddhartha Lal, Managing Director, Eicher Motors said, “The last few months have been extremely exciting for us at Royal Enfield as our new motorcycles, the Hunter 350, and the recently launched Super Meteor 650, have been very successful and received amazing response from experts and consumers across the globe. With these motorcycles, and with upcoming launches at Royal Enfield, we intend to bring a strong and compelling portfolio in the middleweight segment which has immense growth potential in markets around the world.
Speaking on Royal Enfield’s performance, B Govindarajan, CEO – Royal Enfield and Whole time Director, EML added that, “Taking our aspirations further to be a strong global consumer brand from India, we strengthened our foothold in overseas markets with the inauguration of our fourth international CKD in Brazil and also signed an MoU to set up CKD facilities in Nepal and Bangladesh. Another highlight for us this quarter was sharing the joy of motorcycling with more than 14,000 riders of our community at the annual festival Rider Mania in a brand new avatar of Motoverse.”
With the increasing focus and opportunities in the electric vehicles industry, Eicher Motorshas made a strategic investment of 50 million euro in the European, high-performance electric motorcycle manufacturer Stark Future.
Lal also highlighted the company’s EV plans going forward and VECV’s growth drivers, “During the last quarter, we also stepped up our work in the EV space with a strategic investment in Stark Future. The team at Stark are hugely focused and passionate about disrupting the EV mobility space and we see immense synergies in this partnership. At VE Commercial Vehicles as well, we recorded solid performance this quarter with strong sales and improved market share in the Buses and Heavy Duty trucks segment. We continue to remain focused on expanding our distribution and service network and deliver consistent uptime to our customers.”
VECV recorded highest ever third quarter sales at 18,162 units, a growth of 13.2% over the corresponding period last year.
