Eicher Motors' Q4 PAT rises 18%, Royal Enfield sales hit record high

On a sequential basis, the company's PAT rose 7.48%, while the revenue rose by 1.85%

Eicher Motors posted a 18.20 per cent Year-on-Year (YoY) increase in Profit After Tax (PAT) during Q4FY24 at Rs 1,070.45 crore. The company also posted an 11.87 per cent increase in its consolidated revenue from operations, which came in at Rs 4,256.04 crore. This increase in PAT was attributed to the good performance of newly launched products such as the all-new Bullet 350, the all-new Himalayan, and the Shotgun 650.

On a sequential basis, the company's PAT rose 7.48 per cent, while the revenue rose by 1.85 per cent. The Earnings before Interest, Tax, Depreciation and Amortisation (EBITDA) rose 20.88 per cent YoY to Rs 1,129 crore.

Speaking on the results, Siddhartha Lal, MD & CEO, Eicher Motors stated, “We’ve had a remarkable year at EML and have reported exceptional performance across both Royal Enfield and VE Commercial Vehicles. In the motorcycle business, last year was an action packed one as the middleweight segment in the industry witnessed a considerable number of launches by international brands in partnership with Indian OEMs. Royal Enfield launched three motorcycles including the all-new Himalayan built ground-up on the brand-new Sherpa 450, liquid-cooled engine platform - to overwhelming love and appreciation from across the globe. At VECV, we have recorded the highest ever sales of Eicher Trucks and Buses, Volvo Trucks, VE Powertrain, Components and Power solutions. We also made tremendous progress on EV vehicles with commencement of sales of EV trucks and the global unveiling of the new electric-first Small Commercial Vehicle.”

For FY24, Eicher Motors posted a 14.49 per cent YoY increase in revenue and 37.31 per cent increase in PAT at Rs 16,535.78 crore and Rs 4,001.01 crore, respectively. The EBITDA was up 25.65 per cent at Rs 4,327 crore.

Speaking on small commercial vehicles, Lal sid, "We are first going to come out with an electric range of the small commercial vehicle. We have already seen the product and unveiled it in the Bharat Mobility Expo. Everything is on track, and we've already handed over the first pilot vehicles. It's a full program, including 2.5 tonne electric, diesel, CNG, and various body options. So, it's a really solid program, and we are very excited."

Speaking on Royal Enfield’s performance, B. Govindarajan, CEO - Royal Enfield, and wholetime director, EML said, “2023–24 has been a hugely significant and high-adrenaline year for us, as we recorded our best ever performance, successfully surpassing our pre-COVID levels of growth. What’s really encouraging is the fact that while our recently launched products - the all-new Bullet 350, the all-new Himalayan, and the Shotgun 650 - have performed admirably well, our existing portfolio has also contributed significantly to our growth. Moving in line with our ambition to expand our reach in international markets, we’ve made considerable progress by setting up our fifth CKD assembly unit outside India in Nepal. This year also saw Royal Enfield mark its debut in Turkey, which has huge potential for leisure motorcycling, and also set up a wholly-owned subsidiary in the Netherlands to cater to evolving consumers in the EU.”

Speaking on VECV’s performance, Vinod Aggarwal, MD and CEO, VECV, said, “FY24 was a strong year for all our businesses. Our modern, connected and efficient products, backed by our Uptime Promise, have been well received by customers looking to modernize logistics and we have gained market share as a result. We took another big step towards sustainable transport by delivering the Eicher Pro 2055 EV, -India’s first 5.5tonne distribution truck in the year, while continuing to deliver electric buses into various segments.”

In FY24, Royal Enfield introduced three motorcycles: the Bullet 350, the adventure tourer Himalayan on the Sherpa 450 platform, and the Shotgun 650. These models garnered global acclaim, with the Himalayan receiving the Indian Motorcycle of the Year 2024 award.

Royal Enfield enhanced its existing models by introducing new colorways and upgrades for the Meteor 350 and Hunter 350. Venturing into electric mobility, the brand unveiled its first electric vehicle concept, the Electric Himalayan Testbed, at EICMA 2023.

Expanding its global footprint, Royal Enfield established its fifth CKD unit in Nepal and in the Middle East and Africa they partnered with AW Rostamani Group in the UAE and entered the Turkish market through K-Rides Motosiklet.