Eicher Motors Q3 Results FY2024, Net profit at Rs.995.97 crores

On 13th February, Eicher Motors announced its quarterly results.

Key Highlights:

- The Company recorded its highest-ever revenue from operations at Rs. 4,178.84 crores, up 12.30% YoY
- EBITDA was reported at Rs. 1,090 crores, up 27% YoY
- Profit after Tax stood at Rs. 995.97 crores, registering a strong growth of 34.44% YoY
 

Business Highlights:

- Royal Enfield sold 229,214 motorcycles in the quarter, an increase of 4% compared to 219,898 motorcycles sold over the same period in FY 2022-23. 
- The company has strengthened its product portfolio with the launches of Himalayan, the Shotgun 650, and new colorways on the Meteor 350.
- VE Commercial Vehicles delivered a strong performance in the quarter, with market share gains across business segments. As of December 2023, YTD sales reached 59,828 units, marking a 12.4% increase from the previous year’s 53,247 units.
- Royal Enfield signed a non-binding Memorandum of Understanding (MoU) with the Government of Tamil Nadu at the Global Investors Meet 2024, in Chennai. Under the MoU, the company has proposed to invest close to INR 3,000 crores which will be majorly used for developing new products including EVs (product development and capacity building), and additionally for any capacity enhancement for Internal Combustion Engine, whenever required.
-  During the quarter, Royal Enfield introduced REOWN. This new company-operated, pre-owned motorcycle business initiative facilitates the purchase or sale of Royal Enfield motorcycles and exchanges any OE motorcycles to upgrade to a Royal Enfield with ease.  

Commenting on the results,  Siddhartha Lal, Managing Director, Eicher Motors Ltd, 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. The new motorcycles have created waves across the globe and have earned us love, appreciation and accolades. 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. The new Himalayan won the Indian Motorcycle of the Year - IMOTY; our 4th IMOTY in the last six years. 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 Small Commercial Vehicle segment with an Electric-First offer which will be available from 2025”.