The automobile major's consolidated net profit jumped 34.43% to Rs 995.97 crore in Q3 FY24 from Rs 740.84 crore posted in Q3 FY23.
Revenue from operations stood at Rs 4,178.84 crore in the third quarter of FY24, registering a growth of 12.30% YoY.Profit before tax jumped 33.66% YoY to Rs 1,297.88 crore in the quarter ended 31 December 2023.
EBITDA jumped 27.19% to Rs 1,090 crore as compared to Rs 857 crore in the same quarter of the previous financial year. EBITDA margin improved to 26.1% in Q3 FY24 as against 23% posted in Q3 FY23.
Royal Enfield sold 229,214 motorcycles in the third quarter of FY24, up 4% compared from 219,898 motorcycles sold over the same period in FY23.
During the quarter, VE Commercial Vehicles (VECV) recorded the third quarter sales of 20,706 units, exceeding previous record of 18,162 units in Q3 FY23.
On nine months basis, the company's consolidated net profit jumped 45.91% to Rs 2,930.56 crore on 15.43% increase in revenue from operations to Rs 12,279.74 crore in 9M FY24 over 9M FY23.
Siddhartha Lal, managing director, Eicher Motors, said, 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. The new motorcycles have created waves across the globe and have earned us love, appreciation and accolades.
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, said, It has been a great quarter at Royal Enfield as weve continued on our strong growth momentum and have registered our highest ever sales for the quarter. We have further strengthened our product portfolio with the launches of the all-new Himalayan, the Shotgun 650 and new colourways on the Meteor 350. These motorcycles have resonated very strongly with consumers across the world.
We 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. we are proud to announce that our Oragadam facility has been awarded Future Ready Factory Of The Year 2023 by Frost Sullivans India Manufacturing Excellence Awards''
Vinod Aggarwal, MD & CEO, VE commercial vehicles (VECV), said, VECV delivered a strong performance in the quarter, with market share gains across business segments. We recorded our highest ever Q3 sales at 20,706 units. As of December 2023, YTD sales reached 59,828 units, marking a 12.4% increase from the previous years 53,247 units.
During the quarter, we began deliveries of Indias first electric 5.5 T truck and continued delivering electric buses to customers across the country. At the recent Bharat Mobility 2024 show, we unveiled our Electric First entry into the large and dynamic Small Commercial Vehicle segment.
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.
Shares of Eicher Motors rose 0.48% to Rs 3,890.95 on the BSE.
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