For the quarter ending March 2022, consolidated net sales (including other operating income) of Eicher Motors has increased 8.60% to Rs 3193.32 crore compared to quarter ended march 2021.
Operating profit margin has jumped from 21.58% to 23.71%, leading to 19.34% rise in operating profit to Rs 757.05 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 58.17% to 54.97%. Purchase of finished goods cost rose from 2.78% to 3.15%. Employee cost decreased from 7.33% to 6.66%. Other expenses rose from 11.10% to 12.51%. Other income rose 3.58% to Rs 118.02 crore. PBIDT rose 16.94% to Rs 875.07 crore. Provision for interest fell 20.56% to Rs 3.13 crore. Loan funds declined from Rs 219.25 crore as of 31 March 2021 to Rs 107.71 crore as of 31 March 2022. Inventories rose to Rs 1,132.40 crore as of 31 March 2022 from Rs 874.60 crore as of 31 March 2021. Sundry debtors were higher at Rs 302.04 crore as of 31 March 2022 compared to Rs 158.16 crore as of 31 March 2021. Cash and bank balance declined from Rs 5,830.36 crore as of 31 March 2021 to Rs 2,722.47 crore as of 31 March 2022. Investments rose to Rs 7,720.58 crore as of 31 March 2022 from Rs 3,902.14 crore as of 31 March 2021 . PBDT rose 17.13% to Rs 871.94 crore. Provision for depreciation fell 4.29% to Rs 119.44 crore. Fixed assets increased to Rs 2,228.42 crore as of 31 March 2022 from Rs 2,156.04 crore as of 31 March 2021. Intangible assets increased from Rs 591.55 crore to Rs 700.64 crore. Profit before tax grew 21.45% to Rs 752.50 crore. Share of profit/loss was 22.04% lower at Rs 53.79 crore. Provision for tax was expense of Rs 196.15 crore, compared to Rs 162.45 crore. Effective tax rate was 24.33% compared to 23.59%.Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 15.97% to Rs 610.14 crore. Equity capital increased from Rs 27.33 crore as of 31 March 2021 to Rs 27.34 crore as of 31 March 2022. Per share face Value remained same at Rs 1.00. Promoters stake was 49.21% as of 31 March 2022 ,compared to 49.23% as of 31 March 2021 .
Full year results analysis.
Net sales (including other operating income) of Eicher Motors has increased 18.09% to Rs 10297.83 crore. Operating profit margin has jumped from 20.43% to 21.09%, leading to 21.95% rise in operating profit to Rs 2,172.25 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 56.60% to 55.19%. Purchase of finished goods cost rose from 2.98% to 3.25%. Employee cost decreased from 9.45% to 7.86%. Other expenses rose from 11.01% to 12.91%. Other income fell 2.73% to Rs 440.82 crore. PBIDT rose 16.95% to Rs 2613.07 crore. Provision for interest rose 14.16% to Rs 18.78 crore. Loan funds declined from Rs 219.25 crore as of 31 March 2021 to Rs 107.71 crore as of 31 March 2022. Inventories rose to Rs 1,132.40 crore as of 31 March 2022 from Rs 874.60 crore as of 31 March 2021. Sundry debtors were higher at Rs 302.04 crore as of 31 March 2022 compared to Rs 158.16 crore as of 31 March 2021. Cash and bank balance declined from Rs 5,830.36 crore as of 31 March 2021 to Rs 2,722.47 crore as of 31 March 2022. Investments rose to Rs 7,720.58 crore as of 31 March 2022 from Rs 3,902.14 crore as of 31 March 2021 . PBDT rose 16.97% to Rs 2594.29 crore. Provision for depreciation rose 0.27% to Rs 451.93 crore. Fixed assets increased to Rs 2,228.42 crore as of 31 March 2022 from Rs 2,156.04 crore as of 31 March 2021. Intangible assets increased from Rs 591.55 crore to Rs 700.64 crore. Profit before tax grew 21.22% to Rs 2,142.36 crore. Share of profit/loss was 93.22% higher at Rs 60.15 crore. Provision for tax was expense of Rs 525.91 crore, compared to Rs 451.5 crore. Effective tax rate was 23.88% compared to 25.11%.Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 24.48% to Rs 1,676.60 crore. Equity capital increased from Rs 27.33 crore as of 31 March 2021 to Rs 27.34 crore as of 31 March 2022. Per share face Value remained same at Rs 1.00. Promoters stake was 49.21% as of 31 March 2022 ,compared to 49.23% as of 31 March 2021 . Other Highlights Board approved dividend of Rs 21 per equity share of face value of Re 1 each for the financial year ended March 31, 2022. The Dividend shall be paid/ dispatched within 30 days from the date of shareholders approval. VECV recorded sales of 57,077 vehicles for FY22, marking a growth of 38.3% over 41,268 vehicles in FY21. On 13th May 2022, company announced appointment of B Govindarajan as CEO royal enfield. In FY22, Royal Enfield recorded sales of 182,125 motorcycles, down by 10.4% from 203,343 motorcycles sold during the same period in FY21. Royal Enfield registered record volumes in exports markets for the year marking a growth of over 108% over FY21. During the year, Royal Enfield strengthened its global presence by adding two new local assembly units in Colombia and Thailand.
Management Comments :
Siddhartha Lal, Managing Director, Eicher Motors Ltd., said, ?The year gone by was very significant for Eicher Motors Limited, as we registered considerable progress towards our long term strategic business vision. Over the last eight years, we have made concerted efforts in becoming a premium, global player, concentrating on some of the toughest motorcycle markets in the world, with an ambition to sustainably grow our overseas presence and business. Through a strong product strategy and development process and with a focused business approach, we have carved a space for ourselves globally. During this year, our international markets growth story showed stellar performance with more than 100% growth YoY as we continued to deliver sustained results in the domestic market. Since its launch in 2008, the Royal Enfield Classic 350 has been the most popular motorcycle within our portfolio, and this year we achieved a critical milestone with the transition of the Classic to the all-new J-series platform. The new launch has been a huge success and the Classic continues to remain the highest sold motorcycle in the middleweight segment in India. At VECV, our performance was extremely encouraging. With a resilient business model, and strong planning and execution, we have remained profitable across business cycles. We have continued to strengthen market presence with expansion in our distribution network as well as a strong product range, including the widest range of CNG trucks. With the commercial vehicle industry back on the growth path, we are confident about maintaining our strong momentum.? B. Govindarajan, CEO – Royal Enfield and Wholetime Director, EML said, ?Despite persistent challenges on the supply front and Covid induced disruptions last year, at Royal Enfield, we have made remarkable progress on our strategic long term vision. We continued to deliver on our global focus with unprecedented growth and strengthened our international operations with the setting up of two CKD facilities this year, in Colombia and Thailand, and expanding our global retail network to close to 3000 stores during the year. The year saw the popular Royal Enfield Classic 350 switching over to the new J-series platform. This was a major transition in a year that was marked with huge supply chain challenges. With this switchover, our core product portfolio is now all-new, with world-class standards of quality and refinement. The launch of the all-new Classic 350 and the new ADV Crossover – Scram 411 received an extremely positive response from the community. The Classic 350 has been recognised with a host of awards and accolades from experts in India since its debut in September last year. Meteor 350, our thoroughbred cruiser, continues to garner global acclaim winning coveted awards such as MCN magazines Retro Bike of the Year. Our consistent efforts to unlock the potential of fostering a pure motorcycling ecosystem has resulted in a 45% year-on-year growth in our non-motorcycling business backed by razor sharp focus on growing service and spares business, as well as our motorcycle apparel and accessories business. As we move forward, we remain focused on creating products and offering experiences that stay true to our philosophy of pure motorcycling. As the supply chain settles and the market starts getting buoyant, we are ready to ramp up and grow Royal Enfield to new heights? Speaking on VECVs performance Vinod Aggarwal, MD and CEO VECV said ?Despite the challenges posed by two waves of the Covid pandemic, supply chain disruptions caused by lockdowns and the situation in Ukraine, VECV registered handsome growth both in volumes as well as total Income. Sales of trucks and buses grew by 38.3% to 57,077 units during FY22. Our new truck plant at Bhopal became fully operational that puts us in a good situation as far as capacity is concerned and we are well placed to take advantage of the expected growth in the industry, supported by our award winning range of products.?
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