Eicher Motors Q2 Results FY2023, Profit at Rs. 657 crores

On 10th November 2022, Eicher Motors announced its quarterly results for the second quarter of FY2023.
 

Q2FY23 Performance updates:

- Eicher Motors’ total revenue from operations for the quarter was recorded at Rs. 3,519 up 56.4% 
- EBITDA was Rs. 822 crores, up 74.9% 
- Profit After Tax was Rs. 657 crores, an increase of 76.1% 
- Royal Enfield sold 203,451 motorcycles in the quarter, an increase of 64.7% from 123,515 motorcycles sold over the same period in FY 2021-22. 

Business Highlights:

- Eicher Motors have registered 65% growth over corresponding period last year, with motorcycles across the portfolio showing uptick in demand. 
- The newest motorcycle on the block - the remixed Roadster, Hunter 350 - has seen extremely positive consumer response. 
- In October, the company registered its highest ever sales in a month with 80,792 motorcycles and growth of 79% over the same period last year.
- During the second quarter VECV strengthened market share particularly in heavy duty truck and bus segments for both Eicher and Volvo brands. 
- Vehicle sales for the first half stand at 35,085 vehicles marking a growth of 67.6% over corresponding period last year. 
- The company launched all-new Hunter 350 for the global audience earlier this quarter which received an overwhelming response from global and Indian audiences alike.

Commenting on the results, Siddhartha Lal, Managing Director, Eicher Motors Ltd., said, “At the halfway mark, our overall performance has been very encouraging, we have witnessed great uptick in the momentum with launch of new Hunter 350. Further we are super happy at having showcased our spectacular new cruiser, the Super Meteor 650 at EICMA just earlier this week. This motorcycle immensely elevates our portfolio in the 650 twin category. On the commercial vehicles side, VECV delivered its first large order of 40 Skyline Pro E electric buses to the prestigious city of Chandigarh. During the quarter we also strengthened our market share in the Heavy Duty trucks and buses segment while launching a slate of new products and improving our distribution reach. At EML, our business performance has been quite promising and we continue to focus on the next stage of our growth with a robust ESG vision”.