Eicher Motors' consolidated net profit surged 62.42% to Rs 740.84 crore in Q3 FY23 from Rs 456.13 crore in Q3 FY22.
Total revenue from operations was recorded at Rs 3,721 crore, up 29% as compared to Rs 2,880.65 crore in the corresponding quarter previous year.EBITDA grew 47% to Rs 857 crore as compared to Rs 582 crore in the same quarter of the last financial 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.
Siddhartha Lal, managing director of Eicher Motors, 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.
B. Govindarajan, CEO - Royal Enfield and wholetime 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. 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, Govindarajan added.
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.
As part of our clean alternate 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.
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 slipped 2.38% to end at Rs 3,174.85 on the BSE.
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