Eicher Motors Q1 results: Highest-ever quarterly revenue, Ebitda, profit for Royal Enfield parent
Eicher Motors continued its strong run with its best-ever performance for the fourth consecutive quarter.
By Varun Singh: Eicher Motors today reported its highest-ever quarterly consolidated net profit at Rs 918 crore for the April-June period, logging in a rise of 50.24% year-on-year (y-o-y), owing to handsome volumes at Royal Enfield as well as Volvo-Eicher Commercial Vehicles (VECV).
The total revenue from operations increased 17.34% y-o-y at Rs 3,986 crore in Q1 FY24. While Ebitda (earnings before interest, taxes, depreciation, and amortization) jumped 22.86% y-o-y at Rs 1,021 crore, the operating margin climbed 115 basis points y-o-y at 25.61% during the quarter.
Both revenue and Ebitda were the highest ever recorded by Eicher Motors in a quarter.
| Category | Q1 FY24 | Q1 FY23 | Growth (y-o-y) |
| Total revenue from operations | Rs 3,986 cr | Rs 3,397 cr | 17.34% |
| Ebitda | Rs 1,021 cr | Rs 831 cr | 22.86% |
| Ebitda margin | 25.61% | 24.46% | 115 bps |
| Profit after tax | Rs 918 cr | Rs 611 cr | 50.24% |
Source - Company/BSE
Royal Enfield's cumulative motorcycle volumes rose 21.14% at 225,368 units in Q1 FY24 as against 186,032 units in the same quarter last year. VECV clocked its best-ever first-quarter volumes at 19,571 units in Q1 FY24, which was 12.03% higher than 17,469 units sold in the year-ago quarter.
"We recorded an excellent performance in FY23, and we have had a solid start to FY24. Q1 has been significant for Eicher Motors Ltd as both Royal Enfield and VECV have registered their best-ever first quarter performance, and have recorded tremendous growth," said Siddhartha Lal, Managing Director and CEO, Eicher Motors.
Lal said that the Hunter 350 and the Super Meteor 650 have significantly helped Royal Enfield in growing market and continue to bring in a new set of consumers from across the globe. At VECV, we registered our highest-ever sales and revenue for Q1 and made strong market share gains in both light-medium duty trucks and heavy-duty trucks, he added.
During the June quarter, Royal Enfield strengthened its global presence with the inauguration of its fifth CKD assembly unit outside India in Birgunj, Nepal. The commencement of operations at this facility is expected to give a significant boost to the company's business in the SAARC region.
Eicher Motors stock ended the day on the BSE at Rs 3,380.10 apiece, rising 1.41% over the previous close.
