Eicher Motors Limited announces financial results for the quarter ended December 31, 2022
Eicher Motors Limited announces financial results for the quarter ended December 31, 2022
New Delhi, February 14, 2023: Eicher Motors Limited (EML) today announced unaudited consolidated financial results for the quarter ended December 31, 2022. Eicher Motors’ total revenue from operations for the quarter was recorded at ₹ 3,721 Cr, up 29% as compared to ₹ 2,881 Cr in the corresponding quarter of FY 2021-22; EBITDA was ₹ 857 Cr, up 47% compared to ₹ 582 Cr in the same quarter of the previous financial year. Profit After Tax was ₹ 741 Cr, registering a strong growth of 62% in comparison to ₹ 456 Cr during the same period last year. Royal Enfield sold 219,898 motorcycles in the quarter, an increase of 31% from 167,664 motorcycles sold over the same period in FY 2021-22.
Talking about Eicher Motors’ performance through the last quarter, Siddhartha Lal, Managing Director, Eicher Motors Ltd, said, “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. At VE Commercial Vehicles as well, we recorded solid performance this quarter with strong sales and improved market share in the Buses and Heavy Duty trucks segment. We continue to remain focused on expanding our distribution and service network and deliver consistent uptime to our customers”
Speaking on Royal Enfield’s performance, B. Govindarajan, CEO – Royal Enfield and Whole time Director, EML said, “We’ve witnessed tremendous growth in the last quarter as we registered a 31% increase in wholesale and our second-highest retail for the festive season. 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. Another highlight for us this quarter was sharing the joy of motorcycling with more than 14,000 riders of our community at the annual festival Rider Mania in a brand new avatar of Motoverse.”
With the increasing focus and opportunities in the electric vehicles industry, Eicher Motors Ltd. (EML) has made a strategic investment of € 50 million in the European, high-performance electric motorcycle manufacturer Stark Future SL. EML has also nominated a director on the board of Stark Future and executed a technical collaboration agreement for collaborative research and development in electric motorcycles, technology sharing, technical licensing, and manufacturing. In a bid to strengthen its global footprint, Royal Enfield announced a new CKD facility in Brazil. This is a significant step forward in Royal Enfield’s plans in LatAm, and reiterates the brand commitment to the region, as Brazil is a strong market for Royal Enfield. Located in Manaus, capital of Amazonas state, the new facility is the fourth Royal Enfield CKD assembly unit across the world – after Thailand, Colombia and Argentina – in addition to its state-of-the-art manufacturing and ancillary facilities located in India. In addition to this, Royal Enfield also signed MoUs for setting up CKD facilities in Nepal and Bangladesh. With a focus of creating Pure Motorcycling experiences for consumers, the much-awaited Royal Enfield Rider Mania concluded its 2022 edition in Goa. Themed ‘Into the Motoverse’, Rider Mania this year, brought together close to 14,000 riders, their journeys and stories, their machines, and much more, in one inclusive space. Also in addition to this, Season 2 of Royal Enfield Continental GT Cup concluded at Kari Motor Speedway where the audiences witnessed a spectacular season closure of the championship, in a knee-scraping action-packed race weekend. Royal Enfield’s eagerly anticipated thoroughbred highway cruiser- Super Meteor 650 was launched across India and Europe, as the brand announced retail availability and price of the motorcycle. Built as two distinct variants – Super Meteor 650 and the Super Meteor 650 Tourer – and in seven distinct colourways.
Speaking on VECV’s performance Vinod Aggarwal, MD and CEO VECV said “During the third quarter VECV continued to strengthen market share in HD Trucks and Bus segments for both Eicher and Volvo brands. We recorded our highest 3rd quarter ever at 18,162 units, a growth of 13.2% over the corresponding period last year. Our continuing focus on improving Dealer Satisfaction and Uptime for our Customers is showing in high levels of service and parts sales as our customers leverage our expanded dealer network. As part of our clean alternative fuel strategy, we have also commenced trials of LNG powered vehicles targeting long haul applications. At the Auto Expo in January,, VECV demonstrated the complete suite of alternate fuels covering Hydrogen Fuel Cell, Hydrogen ICE, Electric and Natural Gas supported by our bouquet of Smart Uptime Solutions.”
Author: Jaun Shahi
Journalist, Sub-Editor, Travellers’ World Jaun is a soft-spoken and gentle soul who thrives as a Journalist with his exceptional observation skills and an eye for intricate details. He is a true multitasker who efficiently handles various tasks and always brings a professional approach to everything he does. His genuine team spirit makes him an integral part of the TW family, as he consistently collaborates and supports his colleagues.
