Eicher Motors (EML) has announced its financial results for the Q3 FY2024.
The company recorded its highest ever revenue from operations at Rs 4,179 crore, up 12% compared to Rs 3,721 crore a year ago; EBITDA at Rs 1,090 crore, up 27% compared to Rs 857 crore a year ago. The profit after tax came at Rs 996 crore, up 34% in comparison to Rs 741 crore for the same period last year.
During the quarter, Royal Enfield sold 229,214 motorcycles, up 4% as against 219,898 motorcycles last year.
Siddhartha Lal, MD, Eicher Motors said, “It has been a good quarter for us at Eicher Motors, as we recorded solid business and financial performance across the board. We have strengthened our portfolio and further built on our success as we launched two new motorcycles – the much awaited new Himalayan, and the stunning Shotgun 650 – and we closed the year with an amazing edition of the Motoverse. We believe the Himalayan on the new Sherpa 450 platform has the potential to change adventure touring around the world, and significantly grow the middleweight motorcycling segment. At VE Commercials Vehicles, we recorded our best third quarter ever, with strong sales and improved market share across all business segments. We have recently announced our entry into the growing SCV segment with an electric-first offer which will be available from 2025.”
B Govindarajan, CEO – Royal Enfield and Wholetime Director, Eicher Motors said, “It has been a great quarter at Royal Enfield as we’ve continued on our strong growth momentum and have registered our highest ever sales for the quarter. In an effort to bring more value-added services and seamless experiences, we launched the industry-first Assured Buyback, and REOWN programmes as well. We’ve made significant steps in our sustainability journey and the recent recognition we’ve received from CII’s Indian Green Building Council (IGBC) for our global headquarters in Chennai is a testament to our consistent efforts towards attaining a greener future.”
Vinod Aggarwal, MD & CEO, VE Commercial Vehicles said, “VECV delivered a strong performance in the quarter, with market share gains across business segments. We recorded our highest-ever Q3 sales at 20,706 units. As of December 2023, YTD sales reached 59,828 units, marking a 12.4% increase from the previous year’s 53,247 units. During the quarter, we also began deliveries of India’s first electric 5.5 T truck and continued delivering electric buses to customers across the country.”
During the quarter, Royal Enfield signed a non-binding Memorandum of Understanding (MoU) with the Government of Tamil Nadu at the Global Investors Meet 2024, in Chennai. The company has proposed to invest close to Rs 3,000 crore which will be majorly used for the development of new products including EVs (product development and capacity building) and also additionally for any capacity enhancement for Internal Combustion Engine, whenever required.
