Eicher Motors' consolidated net profit jumped 76% to Rs 656.86 crore in Q2 FY23 from Rs 373.20 crore in Q2 FY22.
Total revenue from operations was recorded at Rs 3,519.40 crore, up 56.4% as compared to Rs 2,249.56 crore in the corresponding quarter previous year.EBITDA improved to Rs 822 crore as compared to Rs 470 crore in the same quarter of the last financial year.
Royal Enfield sold 203,451 motorcycles in the quarter, an increase of 64.7% from 123,515 motorcycles sold over the same period in FY 2021-22.
Siddhartha Lal, managing director of Eicher Motors, said, At the halfway mark, our overall performance has been very encouraging, we have witnessed great uptick in the momentum with launch of new Hunter 350. Further we are super happy at having showcased our spectacular new cruiser, the Super Meteor 650 at EICMA just earlier this week. This motorcycle immensely elevates our portfolio in the 650 twin category.
On the commercial vehicles side, VECV delivered its first large order of 40 Skyline Pro E electric buses to the prestigious city of Chandigarh. During the quarter we also strengthened our market share in the Heavy Duty trucks and buses segment while launching a slate of new products and improving our distribution reach. At EML, our business performance has been quite promising and we continue to focus on the next stage of our growth with a robust ESG vision
B. Govindarajan, CEO - Royal Enfield and Wholetime Director, EML said, In this quarter we have seen excellent performance, we have registered 65% growth over corresponding period last year, with motorcycles across the portfolio showing uptick in demand. Our newest motorcycle on the block - the remixed Roadster, Hunter 350 - has seen extremely positive consumer response.
In October we registered our highest ever sales in a month with 80,792 motorcycles and growth of 79% over the same period last year. We are gearing up to bring great motorcycles and motorcycling experiences to our consumers. While we have unveiled the Super Meteor 650 in Milan this week, we are also preparing for a spectacular comeback of Rider Mania later this month.
Vinod Aggarwal, MD and CEO VECV said During the second quarter VECV strengthened market share particularly in heavy duty truck and bus segments for both Eicher and Volvo brands. Vehicle sales for the first half stood at 35,085 vehicles marking a growth of 67.6% over corresponding period last year.
During the quarter we delivered and operationalized 40 Eicher Skyline Pro E electric buses in Chandigarh. We continued to expand our product range to meet the customer needs in various truck and bus applications for both domestic and export markets
Eicher Motors is the listed parent of Royal Enfield, the global leader in middleweight motorcycles. In addition to motorcycles, Eicher has a joint venture with Sweden's AB Volvo - Volvo Eicher Commercial Vehicles which operates in India's commercial vehicle space.
The scrip declined 0.83% to end at Rs 3,702 on the BSE.
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