Eicher Motors Limited reports results for period ended December 31, 2023

Eicher Motors Limited (EML) today announced unaudited consolidated financial results for the quarter ended December 31, 2023.

The Company recorded its highest ever revenue from operations at Rs. 4,179 crores, up 12% compared to Rs. 3,721 crores in the corresponding quarter of FY 2022-23 and EBITDA was Rs. 1,090 crores, up 27% compared to Rs. 857 crores in the same quarter of the previous financial year. The company registered Profit after Tax at Rs. 996 crores, registering a strong growth of 34% in comparison to Rs. 741 crores during the same period last year. 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.

Reflecting on Eicher Motors' performance in the quarter gone by, 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."

Speaking about Royal Enfield's exhilarating performance, B. Govindarajan, CEO - Royal Enfield and Wholetime Director, EML 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. We have further strengthened our product portfolio with the launches of the all-new Himalayan, the Shotgun 650 and new colourways on the Meteor 350. These motorcycles have resonated very strongly with consumers across the world. We also launched our new connected-vehicle solution, Royal Enfield Wingman, on the Super Meteor 650. 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. Also, we are proud to announce that our Oragadam facility has been awarded Future Ready Factory Of The Year 2023 by Frost Sullivan's India Manufacturing Excellence Awards."

Commenting on the quarter, 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. At the recent Bharat Mobility 2024 show, we unveiled our Electric First entry into the large and dynamic Small Commercial Vehicle segment."

After making a powerful debut at EICMA 2023, the all-new Himalayan was launched at Motoverse in November 2023. The motorcycle has been gaining huge popularity amongst enthusiasts across the globe and also won the very prestigious Indian Motorcycle of the year Award 2024 - constituted and adjudicated by 14 of India's top automotive editors and publications. Experts and explorers from around the world have lauded the new motorcycle for its capabilities. Soon to be launched across Europe and other countries, the new Himalayan has the potential to transform motorcycle adventure touring globally.

Royal Enfield's annual motorcycling festival, Motoverse, was held in Goa over three power-packed days welcoming nearly 15,000 attendees, and motorcyclists from across the world. The highlight was the official launch of Royal Enfield's adventure tourer - the all-new Himalayan - and the surprise unveiling and exclusive drop of the custom-inspired Shotgun 650 Motoverse Edition exclusively for Motoverse participants.

After its Motoverse debut, the Shotgun 650 was globally showcased at Los Angeles in December 2023, which saw the congregation of global media experts, custom motorcycle builders and enthusiasts. A true embodiment of customization culture, the Shotgun 650 has been launched for Europe and UK markets to begin with in January. In India, the Shotgun will be available starting March, 2024.

Further enhancing its product offerings, Royal Enfield launched a new range of features and colorways on the globally awarded easy cruiser, the Meteor 350. In addition to this, Royal Enfield also introduced the WINGMAN, a rider-centered connected vehicle system that offers proactive support and motorcycle information. This feature comes standard with the Super Meteor 650 for now. During the quarter, Royal Enfield also introduced REOWN, a new company-operated, pre-owned motorcycle business initiative that facilitates the purchase or sale of Royal Enfield motorcycles, and exchange any OE motorcycles to upgrade to a Royal Enfield with ease.

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 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.

Shares of Eicher Motors Limited was last trading in BSE at Rs. 3857.10 as compared to the previous close of Rs. 3872.30. The total number of shares traded during the day was 35065 in over 5428 trades.

The stock hit an intraday high of Rs. 3935.00 and intraday low of 3768.90. The net turnover during the day was Rs. 135774083.00.

Source : Equity Bulls

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EicherMotors INE066A01021 Q3FY24 9MFY24 ResultUpdate