Eicher Motors records strong revenues and profit in Q1 FY2023

Eicher Motors Ltd (EML) has reported total revenue from operations for the first quarter of FY2023 (April-June 2022) at Rs 3,397 crore, up 72% (Q1 FY2022: Rs 1,974 crore). EBITDA was Rs 831 crore as compared to Rs 363 crore a year ago and Profit After Tax was Rs 611 crore versus Rs 237 crore during the same period last year. 

Commenting on Eicher Motors’ Q1 performance, Siddhartha Lal, Managing Director, Eicher Motors, said, “We have had an excellent quarter to begin this financial year. Our international volumes continued to record consistent growth with more than 60% increase as compared to the previous year. We have registered the highest ever quarterly revenues and EBITDA on the back of record international sales volumes. We recently launched the exciting new, neo-retro styled roadster, the Hunter 350. We are confident that the Hunter will usher in new audiences and newer geographies into the brand fold. VECV, our commercial vehicle JV with the Volvo Group, recorded its highest ever first quarter volumes. The quarter also witnessed the inauguration of the first electric city bus delivered to the city of Chandigarh. ”

Speaking on Royal Enfield’s performance, B Govindarajan, CEO, Royal Enfield and Wholetime Director, EML said, “Continuing to work towards our vision of becoming a truly global motorcycle brand, our growth momentum at Royal Enfield continues to remain promising, spearheaded by some fantastic numbers from our international markets. As we begin retail in India, we are confident that the Hunter 350 will open up a new market for us, thereby bringing in new customers to Royal Enfield. With products like the Scram 411 and the Hunter 350, we are building refreshed formats to experience pure motorcycling. With the upcoming festive season, uptick in market and consumer sentiment, and improvement in supply chain and part availability, we are confident about continued and sustained growth for Royal Enfield in forthcoming quarters.”

Speaking on VECV’s performance, Vinod Aggarwal, MD and CEO VECV said “With the Indian commercial vehicle market on the recovery path supported by government spending in infrastructure and pent-up fleet replacement, there are huge opportunities in the market. It is heartening to note that we are developing well in all segments by following a customer centric approach, expanding our distribution network reach, and broadening our product range. Margins remained under pressure in the quarter largely due to high inflation in a competitive marketplace.”

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