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Automobiles company Eicher Motors announced Q4FY24 & FY24 results:
Q4FY24 Financial Highlights:
- Eicher Motors Ltd. (EML) recorded a total Revenue of Rs 4,256 crore, up 11.87% as compared to Rs 3,804 crore in the corresponding quarter of FY23.
- EBITDA was Rs 1,129 crore, up 20.88% as compared to Rs 934 crore in the same quarter of the previous financial year.
- Profit After Tax was Rs 1,070 crore, an increase of 18.20% as compared to Rs 906 crore during the same period last year.
- During the quarter, Royal Enfield recorded sales of 2,27,925 motorcycles, up by 6.17% from 2,14,685 motorcycles sold during the same period in FY23.
FY24 Financial Highlights:
- Eicher Motors Ltd. - EML’s total Revenue from operations was at Rs 16,536 crore up by 14.50% as compared to Rs 14,442 crore recorded for FY23.
- EBITDA was Rs 4,327 crore, up by 25.65% as compared to Rs 3,444 crore in FY23, and Profit After Tax was recorded at Rs 4,001 crore, up by 37.31% as compared to Rs 2,914 crore for the same period last year.
- During FY 2023-24, Royal Enfield registered motorcycle sales at 9,12,732 (standalone), up by 9% from 8,34,895 (standalone) in FY23.
- VECV’s Revenue from operations was Rs 21,868 crore, up by 15.38% over the previous year’s revenue of Rs 18,952 crore. EBITDA for FY 2023-24 was Rs 1,715 crore, 25.27% higher than Rs 1,369 crore last year.
- Profit after tax stood at Rs 823 crore, up 42.06% from Rs 579 crore last year.
- VECV recorded sales of 85,560 vehicles for FY 2023-24, marking a growth of 7.46% over 79,623 vehicles in FY23.
- The Board of Directors of the Company at their meeting held on May 10, 2024, considered and recommended a final dividend aggregating to Rs1,396.41 crore (34.9% of PAT) at Rs 51 per share (nominal value of Rs 1 per share) for the financial year ended March 31, 2024. The dividend per share is the highest ever for EML and is 37.1% higher than the FY 2023 dividend per share.
Talking about Eicher Motors’ performance, Siddhartha Lal, Managing Director & CEO, Eicher Motors Ltd., said, “We’ve had a remarkable year at EML and have reported exceptional performance across both Royal Enfield and VE Commercial Vehicles. In the motorcycle business, last year was an action packed one as the middleweight segment in the industry witnessed a considerable number of launches by international brands in partnership with Indian OEMs. Remaining unfazed and maintaining focus on our strategic goals and community, Royal Enfield stood head and shoulders above everyone else, and launched three spectacular motorcycles including the all-new Himalayan built ground-up on the brand-new Sherpa 450, liquid-cooled engine platform - to overwhelming love and appreciation from across the globe. With several global award winning and category defining motorcycles now sitting within the Royal Enfield portfolio, and with strong product plans for the upcoming year, we are super excited and confident about the possibilities that lie ahead of us. At VECV, we have recorded the highest ever sales of Eicher Trucks and Buses, Volvo Trucks, VE Powertrain, Components and Power solutions. We also made tremendous progress on EV vehicles with commencement of sales of EV trucks and the global unveil of the new electric-first Small Commercial Vehicle. With an expanding product range, backed by cutting edge connected and efficient solutions, we are quite upbeat for the growth potential for VECV ”
Speaking about Royal Enfield’s performance, B. Govindarajan, CEO - Royal Enfield, and Wholetime Director, EML said, “2023–24 has been a hugely significant and high-adrenaline year for us, as we recorded our best ever performance, successfully surpassing our pre-COVID levels of growth. What’s really encouraging is the fact that while our recently launched products - the all-new Bullet 350, the all-new Himalayan, and the Shotgun 650 - have performed admirably well, our existing portfolio has also contributed significantly to our growth. Moving in line with our ambition to expand our reach in international markets, we’ve made considerable progress by setting up our fifth CKD assembly unit outside India in Nepal. This year also saw Royal Enfield mark its debut in Turkey, which has huge potential for leisure motorcycling, and also set up a wholly-owned subsidiary in the Netherlands to cater to evolving consumers in the EU. With our upcoming portfolio of products, I can confidently say that we are on a strong path to growth and will continue to deliver world-class motorcycles and pure motorcycling experiences to riders across the globe.“
Speaking on VECV’s performance Vinod Aggarwal, MD and CEO VECV said “FY24 was a strong year for all our businesses. Our modern, connected and efficient products, backed by our Uptime Promise, have been well received by customers looking to modernize logistics and we have gained market share as a result. We took another big step towards sustainable transport by delivering the Eicher Pro 2055 EV, -India’s first 5.5tonne distribution truck in the year, while continuing to deliver electric buses into various segments. Our Small commercial vehicle (SCV), showcased at Bharat Mobility Global Expo, will mark a new growth segment for VECV in the 2.5T - 3.5T category. Our efforts were recognized by stakeholders as we ranked #1 in the Dealer Satisfaction Survey conducted by FADA for a third year in a row and won the CV Maker of the Year at the 2023 Apollo Tyres CV awards. With a strong Indian economy, backed by strong investments in infrastructure and modernization, we see strong growth potential in the period ahead.”
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