Eicher Motors Q3 profit rises 34% to ₹996 cr

Auto major Eicher Motors released its Q3 results today, with 34.43% YoY surge in its net profit. Eicher Motors' consolidated profit was ₹995.97 crore for the quarter ending December 31, 2023, while profit after tax stood at ₹996 crore vs ₹741 crore during the same period last year. Eicher Motors Ltd stock closed 0.69% up at ₹3,898.75 on Tuesday.

The company's revenue from operations totalled ₹4,179 crore, marking a 12% increase from ₹3,721 crore in the corresponding quarter of FY 2022-23. In Q2 FY24, EML’s consolidated revenue had increased 16.8% YoY to Rs 4,033 crore, driven by robust growth in the sales volume of both motorcycles and VECV and price hikes.

Additionally, in Q3 FY24, Eicher's EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) stood at ₹1,090 crore, marking a 27% increase from ₹857 crore in the same quarter of the previous financial year, the company states in an exchange filing.

Siddhartha Lal, managing director, Eicher Motors Ltd, says: “It has been a good quarter for us at Eicher Motors, as we recorded solid business and financial performance across the board. We have strengthened our portfolio and further built on our success as we launched two new motorcycles - the much awaited new Himalayan, and the stunning Shotgun 650 - and we closed the year with an amazing edition of the Motoverse."

Lal says the new motorcycles have created waves. "At VE Commercials Vehicles, we recorded our best third quarter ever, with strong sales and improved market share across all business segments. We have recently announced our entry into the growing Small Commercial Vehicle segment with an Electric-First offer which will be available from 2025.”

B. Govindarajan, CEO - Royal Enfield and wholetime director, EML says: “We also launched our new connected-vehicle solution, Royal Enfield Wingman, on the Super Meteor 650. In an effort to bring more value-added services and seamless experiences, we launched the industry-first Assured Buyback, and REOWN programmes as well.”

Eicher Motors Limited (EML) manufactures motorcycles and accessories under the iconic Royal Enfield (RE) brand. It also has a joint venture, Volvo Eicher Commercial Vehicles (VECV), with AB Volvo.