Illustration: Ajay Mohanty3 min read Last Updated : Aug 09 2024 | 12:01 AM IST Eicher Motors has posted a 20 per cent rise in net profit during the first quarter of the current financial year to Rs 1,101 crore, compared to Rs 918 crore during the same period last year. For Q1 FY 2024-25, Eicher Motors reported revenue from operations at Rs 4,393 crore, up 10.2 per cent compared to Rs 3,986 crore in the corresponding quarter of FY 2023-24.
The rise in net profit was attributed to improved sales, with a better performance in international markets.
During the quarter, Royal Enfield recorded sales of 2,27,736 motorcycles compared to 2,25,368 motorcycles sold during the same period in FY 2023-24.
"The quarter saw the company's highest ever Q1 revenue and EBITDA.
Our international volume increased by 26 per cent to 23,050 units," said B Govindarajan, chief executive officer of Royal Enfield.
During the period, EBITDA was Rs 1,165 crore, up 14.1 per cent compared to Rs 1,021 crore in the same quarter of the previous financial year. For Q1 FY 2024-25, VECV’s profit after tax stood at Rs 319 crore against Rs 181 crore last year.
The company's revenue from operations was Rs 5,070 crore, up by 1.8 per cent over the previous year’s revenue of Rs 4,980 crore.
EBITDA for the first quarter was Rs 385 crore compared to Rs 387 crore last year.
VECV recorded its highest ever first-quarter sales of 19,702 vehicles for FY 2024-25 compared to 19,571 vehicles in FY 2023-24. Siddhartha Lal, managing director, Eicher Motors Ltd., said, “After a strong performance in FY24, we have started this year on a confident note, registering our best ever quarterly financial performance with both Royal Enfield and VECV reporting steady growth.
At Royal Enfield, we launched the Guerrilla 450, our premium, modern roadster on the Sherpa platform.
We believe the Guerrilla is a formidable motorcycle with strong potential and will be a game changer in the category." The company said that it is getting ready to launch the 2024 Classic very soon.
"VE Commercial Vehicles recorded its best ever first-quarter sales, gaining volumes in key segments, and reflecting its commitment to excellence and customer satisfaction," he added. "Royal Enfield has witnessed a good start to FY25.
Our diverse product range strengthened our position in the mid-size segment across the globe.
This quarter has been particularly notable for our performance in the international markets.
We have launched Himalayan 450 across APAC, EU, UK, and Mexico," said Govindarajan. Vinod Aggarwal, managing director and chief executive officer of VECV, said, “VECV delivered its highest ever first-quarter sales during Q1 FY25, growing 0.7 per cent over Q1 FY24.
This is a testament to our focus on delivering uptime to customers backed by a fast-expanding service and parts network."First Published: Aug 09 2024 | 12:01 AMIST