Conference Call with Eicher Motors Management and Analysts on Q1FY24 Performance and Outlook. Listen to the full earnings transcript. Management in attendance: Siddhartha Lal and Senior Team
2/3 Wheelers company Eicher Motors announced Q1FY24 results: Revenue from operations for Q1FY24 was at Rs 3,986 crore, up 17.3% as compared to Rs 3,397 crore in Q1FY23. EBITDA was Rs 1,021 crore, up 22.8% as compared to Rs 831 crore in Q1FY23. Profit after tax was Rs 918 crore, up 50.4% as compared to a profit of Rs 611 crore during Q1FY23. This is the best-ever Q1 performance for the company and is also the fourth consecutive quarter of the highest ever Revenue from operations and PAT. Royal Enfield sold 2,25,368 (consolidated) motorcycles in Q1FY24, an increase of 21.1% from 1,86,032 (consolidated) motorcycles sold over Q1FY23. Talking about Eicher Motors’ performance, Siddhartha Lal, Managing Director & CEO, Eicher Motors, said, “We recorded an excellent performance in FY23, and we have had a solid start to FY24. Q1 has been significant for Eicher Motors Limited as both Royal Enfield and VECV have registered their best-ever first-quarter performance, and have recorded tremendous growth. At Royal Enfield, the Hunter 350 and Super Meteor 650 have significantly helped us in growing the market and continue to bring in a new set of consumers from across the globe, which has further increased the addressable market for us. As we continue to strengthen our product portfolio we have some really exciting and amazing motorcycles being launched in the forthcoming quarters. At VE Commercial Vehicles, we registered our highest-ever sales and revenue for Q1 and made strong market-share gains in both - Light Medium duty and Heavy duty trucks. Overall, we are on a solid growth path and have a resolute focus on our long-term strategic business objectives” Speaking on Royal Enfield’s performance, B. Govindarajan, CEO, Royal Enfield, and Wholetime Director, EML said, “At Royal Enfield we continue on our robust growth momentum, and have registered our highest ever Q1 sales, beating our previous high of Q1FY19. With our diverse range of products, we have been able to maintain a healthy market share in the mid-size segment not only in India but have also been able to sustain our standing in overseas markets. A big highlight for us during the quarter was the spectacular performance of the Hunter 350 as the motorcycle recently crossed the 2,00,000 global sales mark in just eleven months since launch. In June, we announced our fifth global CKD facility outside India in Nepal. This facility will help us cater to the growing and expanding Nepal and SAARC region. We are fueled by consumer responses to our new motorcycles, and by our commitment towards our long-term strategic vision. We will continue to strive to offer best-in-class products and experiences for our consumers.” Result PDF