Eicher Motors Reports Stellar Q1 Growth: Net Profit Soars 50% to Rs 918 Crore

4 Aug 2023 , 10:11 AM

Eicher Motors reports a net profit of Rs 918 crore in Q1FY24, marking a 50% growth compared to the same period last year. The company’s revenue from operations rises to Rs 3,986 crore in the first quarter from Rs 3,397 crore in the year-ago period.

This Q1 performance is the best-ever for Eicher Motors, with the fourth consecutive quarter of highest-ever revenue and profit. Royal Enfield, a subsidiary of Eicher Motors, sells 2,25,368 motorcycles in Q1, witnessing a 21% increase from the previous year.

EBITDA margin stands at 25.6% in the reporting quarter, compared to 24.5% in the corresponding period last year. Eicher Motors has a capital expenditure of around Rs 1,000 crore planned for this fiscal, focusing on product development and EV sales infrastructure.

Royal Enfield CEO, B Govindarajan, states that the company has already hired around 100 people for its electric vehicle space and expects to launch the first product in approximately two years.

VECV, a joint venture between Volvo Group and Eicher Motors, also records its best-ever Q1 performance with sales of 19,571 units. 

On August 3, Eicher Motors’ shares close 1.41% higher at Rs 3,380.10 apiece on the BSE, reflecting investor confidence in the company’s performance and EV prospects.

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