Demand for newly-launched Royal Enfield Hunter 350 and Super Meteor 650 drove the company’s motorcycle sales enabling highest-ever quarterly revenues and profit after tax.
Eicher Motors has announced its unaudited consolidated financial results for Q3 FY2023, and the company has registered a 29 percent year-on-year (YoY) uptick in its total operational revenues that stood at Rs 3,721 crore (Q3 FY2022: Rs 2,881 crore). Its profit after tax (PAT) for the quarter stood at Rs 741 crore, registering a growth of 62% over FY2022’s Rs 456 crore.
According to the company, the positive performance is majorly attributed to the rising sales of Royal Enfield motorcycles which recorded a 31 percent YoY growth to 219,898 units in the October-December 2022 quarter (April-December 2021: 167,664 units). The sales of two of Royal Enfield’s latest products – Hunter 350 and Super Meteor 650 – have been the key drivers for this aggressive volume growth.
Eicher Motors’ EBITDA for Q3 FY2023 emerged at Rs 857 crore, up 47 percent compared to Rs 582 crore in the same quarter in the previous fiscal. According to Siddhartha Lal, managing director, Eicher Motors, “The last few months have been extremely exciting for us at Royal Enfield as our new motorcycles, the Hunter 350, and the recently launched Super Meteor 650, have been very successful and received amazing response from experts and consumers across the globe. With these motorcycles, and with upcoming launches at Royal Enfield, we intend to bring a strong and compelling portfolio in the middleweight segment which has immense growth potential in markets around the world. During the last quarter, we also stepped up our work in the EV space with a strategic investment in Stark Future. The team at Stark are hugely focused and passionate about disrupting the EV mobility space and we see immense synergies in this partnership.”
“Furthermore, at Volvo Eicher Commercial Vehicles, we recorded robust performance this quarter with strong sales and improved market share in the Buses and Heavy-Duty trucks segments. We continue to remain focused on expanding our distribution and service network and deliver consistent uptime to our customers,” Lal added.
While the Q3 numbers indicate Eicher Motors’ highest-ever quarterly revenue and PAT for the fourth consecutive quarter in a row, it witnessed its second-highest retail of Royal Enfield motorcycles in the festive season of CY2022.
“We also recorded our highest ever market share in the motorcycle segment, with 8.1% during the quarter, and a close to 33% market share in the above 125cc segment. Recently we launched our eagerly anticipated cruiser - the new Royal Enfield Super Meteor 650 - to resounding response from consumers across the world. Taking our aspirations further to be a strong global consumer brand from India, we strengthened our foothold in overseas markets with the inauguration of our fourth international CKD in Brazil and also signed an MoU to set up CKD facilities in Nepal and Bangladesh,” added B. Govindarajan, CEO – Royal Enfield – and Wholetime Director, Eicher Motors.
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