Eicher Motors Records Over Twofold Growth In Net Profit In Q1 FY2023

Eicher Motors has reported over twofold increase in consolidated net profit at Rs. 611 crore for the first quarter ending June 30, led by the strong performance of Royal Enfield. The profits were driven by robust sales in both domestic and international markets. The company had reported a net profit of Rs 237 crore in the corresponding quarter of the last fiscal. Revenue from operations rose to Rs. 3,397 crore in the April-June period as compared with Rs 1,974 crore in the same period a year ago, witnessing a growth of 72.08 per cent.

In its filing, the company said its two-wheeler division Royal Enfield sold 1,86,032 motorcycles in the quarter reporting a growth of 52 per cent as compared to 1,22,170 units sold in the corresponding quarter in the last fiscal. Siddharth Lal, Managing Director- Eicher Motors said, "Our international volumes continued to record consistent growth with more than 60 per cent increase as compared to the previous year. We have registered the highest ever quarterly revenues and EBITDA on the back of record international sales volumes."

Royal Enfield ended the first quarter with its best ever exports to its international markets with total dispatches at 28,390 units reporting an uptick of 62 per cent over 17,493 units in the same period last year. VECV, the company's commercial vehicle joint venture with the Volvo Group, recorded its highest ever first quarter volumes as well. Royal Enfield also recently launched its new entry-level motorcycle, the Hunter 350 which is further expected to add to its volumes substantially.