Conference Call with Eicher Motors Ltd. Management and Analysts on Q2FY24 Performance and Outlook. Listen to the full earnings transcript. Management in attendance: Siddharth Lall and Senior Team
Automobile company Eicher Motors announced Q2FY24 results: Highest ever revenue from operations at Rs 4,115 crore, up 17% as compared to Rs 3,519 crore in Q2FY23 EBITDA was Rs 1,087 crore, up 32% compared to Rs 822 crore in Q2FY23. The company also registered its highest-ever Profit after tax at Rs 1,016 crore, registering a strong growth of 55% in comparison to Rs 657 crore during Q2FY23. Royal Enfield sold 2,29,496 motorcycles in the quarter, an increase of 13% from 2,03,451 motorcycles sold over Q2FY23. Talking about Eicher Motors’ performance, Siddhartha Lal, Managing Director, Eicher Motors Ltd, said, “At the halfway mark for the financial year, we have registered remarkable performance both at Royal Enfield and VE Commercial Vehicles. At Royal Enfield, we’ve had a very busy few months, as we launched the iconic Bullet on the super refined J-series engine, thereby completing our 350cc portfolio transition to the new engine platform. We showcased the most anticipated adventure motorcycle of the year, the all-new Himalayan at the EICMA Motor Show. Both motorcycles have spurred immense consumer interest across the world. At EICMA, we also presented our vision for the future of sustainable mobility with the Electric Himalayan Testbed - a concept electric adventure motorcycle. The feedback we’ve received on this from global experts reiterates our confidence in our approach and enthuses us to power ahead with more ideas that are well underway. At VECV, we have had the best second quarter in terms of sales across all the segments. We continued on our sustainability mobility journey with deliveries of our electric buses to the customers and signed MoUs with leading e-commerce and mobility firms for the supply of over 1000 electric trucks and buses.” Speaking on Royal Enfield’s performance, B. Govindarajan, CEO - of Royal Enfield and Wholetime Director, EML said, “It has indeed been a very exciting and busy quarter for us at Royal Enfield, as we registered our highest-ever sales performance with close to 2,29,500 motorcycles. We’ve had a very exciting quarter as our key project on the adventure motorcycle front, the all-new Himalayan 450 came alive, at the EICMA Motor Show. Based on Royal Enfield’s first liquid-cooled, all-new Sherpa-450 engine, this motorcycle has been tested across a wide range of terrains and conditions and has even been ridden to the world’s highest motorable pass at Umling-La. The new Himalayan is a truly capable motorcycle that is ready for anything, and we will be launching this very soon at our annual motorcycling festival - Motoverse - in November. At an overall level, we are well poised for the rest of the festive season. Consumer response to our new launches has been spectacular and we are encouraged by the confidence and support of our stakeholders, as we have emerged as First Runner Up in the dealer satisfaction survey conducted by the Federation of Automobile Dealers Association (FADA).” Result PDF