Eicher Motors on Monday said that its board has approved the appointment of Siddhartha Lal as the executive chairman following the retirement of chairman S Sandilya. In addition, the board appointed Vinod Aggarwal as the vice chairman (non-executive), and B Govindarajan as the new managing director of the company.
Aggarwal will continue to be MD and CEO at VECV while Govindarajan will retain his role as the CEO of Royal Enfield.
Meanwhile, Eicher Motors consolidated net profit increased by 18% year-on-year to Rs 1,171 crore for the third quarter ended December 31, 2024, riding on higher sales.
Revenue from operations rose to Rs 4,973 crore compared to Rs 4,179 crore in the corresponding quarter of 2023-24 fiscal.
Royal Enfield recorded its highest-ever quarterly sales volume of 2,69,039 motorcycles in the December quarter, a growth of 17% over 2,29,214 units sold in the year-ago period.
“The past quarter has been incredibly rewarding for Eicher with an all-round record performance across the board. We recorded our best-ever festive performance, introduced exciting new motorcycles, and took our first step into electric mobility with the debut of our EV brand, Flying Flea,” Eicher Motors managing director Siddhartha Lal said.
Even as the commercial vehicle industry remained sluggish, VE Commercial Vehicles (VECV) grew volumes quarter-on-quarter with strengthened market share in all segments, he added.
VECV’s revenue from operations in the third quarter rose to Rs 5,801 crore from Rs 5,483 crore in the same quarter of FY24.
