Eicher Motors Q1 net profit increases by 50% to Rs 918 crore

According to a report from Eicher Motors Limited (EML) on August 3, its consolidated net profit increased by 50% to Rs 918.34 crore in the first quarter of the financial year 2023–2024 due to lower commodity prices, benefits from product line inventories, and positive volume growth at the bike-making subsidiary Royal Enfield (RE).

In the first quarter of the fiscal year 2022–23, EML's Profit after Tax (PAT) was Rs 610.66 crore. The company asserted that this was its best-ever first-quarter performance and the fourth consecutive quarter with the highest-ever operating revenue and PAT.

In addition, Royal Enfield had its greatest Q1 FY2024 ever performance. The company's quarterly sales for the months of April and June were as follows: Royal Enfield sold 225,368 (consolidated) bikes during the quarter, up 21.1% from the 186,032 (consolidated) motorcycles sold during the same period in FY 2022–23.

Domestic sales increased by 31% from 157,642 units in Q1 FY2023, contributing 207,171 units to overall sales. However, compared to the same quarter previous fiscal year, when there were 29,563 units, exports fell by 31% to 20,535 units.

Source: Media Reports