New Delhi: For the Financial Year ended March 31, 2023, Eicher Motors recorded Profit After Tax at INR 2,914 crore, up by 73.8% compared to INR 1,677 crore during the same period last year. Total revenue from operations stood at INR 14,442 crore which is up by 40.2% from last year.
During the same period, Royal Enfield registered the highest- ever motorcycle sales at 834,895 units on a standalone basis, which is up by 38.4% from 6,02,268 units during the same period last year. The company also crossed the 100,000 export shipments milestone for the first time.
For the Year Ended March 31, 2023, the revenue from operations of VE Commercial Vehicles Limited (VECV), a joint venture between the Volvo Group and Eicher Motors Limited, was at INR 18,952 crore, up by 48.9% over the previous year’s revenue of INR 12,724 crore. Profit after tax stood at INR 581 crore as against INR111 crore last year. VECV recorded sales of 79,623 vehicles for FY 2022-23, marking a growth of 39.5% over 57,077 vehicles in FY 2021-22.
Quarter Results: For the quarter ended March 31, 2023, Eicher Motor’s Profit After Tax stood at INR 906 crore, an increase of 48.4% compared to INR 610 crore during the same period last year. The company’s highest ever quarterly revenue from operations stood at INR 3,804 crore.
During the quarter, Royal Enfield recorded sales of 214,685 motorcycles, up 17.9% from 182,125 motorcycles sold during the same period in FY 22.
For the quarter ended March 31, 2023, VECV recorded its highest ever quarterly revenue from operations at INR 6,200 crore, up 43.9% from INR 4,307 crore in the corresponding period of FY 2021-22.Profit After Tax was INR 319 crore, an increase of 222.2% from INR 99 crores in the same quarter of the previous financial year.
“The world has settled into a ‘new normal’ after two years of chaos and uncertainties that kept throwing business out of gear. In line with that, this was an outstanding year for Eicher Motors Ltd. We saw overall stabilization of supply chain, markets, and also the organization, and made significant progress on all important initiatives resulting in our best ever business and financial performance, both at Royal Enfield and VE Commercial Vehicles. This is a strong testament to our strategic vision, direction and business approach. At Royal Enfield, we launched the Hunter 350 and the Super Meteor 650 this year, and the consumer response to these motorcycles has been incredible across the world. We are also making confident strides in our EV journey as we’ve made considerable progress on our EV motorcycle plans, and also had a great start to our partnership with Stark Future,” Siddhartha Lal, Managing Director, Eicher Motors Ltd., said.
“At VE Commercial Vehicles as well, we have recorded a brilliant performance this year, as we registered our highest ever sales, revenue and made strong market-share gains across segments. We also showcased an array of alternative fuel and future-ready options at the Auto Expo 2023. Going ahead, we firmly believe that Eicher Motors Ltd is set for the next phase of growth and we look forward to bringing new ideas and innovations, across both companies,” he added.
