Royal Enfield sees 2.67 percent Y-o-Y growth in October 2023

Royal Enfield has recorded a marginal 2.67 percent year-on-year (Y-o-Y) increase in its sales at 84,435 motorcycles in October 2023 as against 82,235 motorcycles sold during the same period in the previous financial year.

Sharing the October results B Govindarajan, CEO, Royal Enfield said, “With the recently launched Bullet 350 seeing an encouraging response, we are soon getting ready to launch the most awaited motorcycle of the year, next month. We are confident that our upcoming motorcycles and initiatives will propel our growth momentum further."

The company’s domestic sales for the month of October saw an overall 6 percent month-on-month increase (MoM) from 80,958 units as compared to 76,528 units in the same corresponding month last year. Exports of Royal Enfield declined by a massive 39 percent from 5,707 units in October 2022 to 3,477 units. 

The decline in exports according to analysts is due to Royal Enfield having a large 350cc and above portfolio and export markets demanding much more from lower cc bikes.

In terms of model mix, sales of models with engine capacity upto 350cc increased by 2 percent to 76,075 units, whereas models with engine capacity exceeding 350cc shot up by 13 percent to 8,360 units.