Eicher Motors garnered a net profit of Rs237cr for the quarter ending June 2021 (Q1FY22) compared to a loss of Rs55cr during the same period last year. EBITDA was Rs363cr as compared to Rs4cr in the same quarter of the previous financial year.
The company's total revenue from operations was recorded at Rs1,974cr up 141% as compared to Rs818cr in the corresponding quarter of FY 2020-21.
Siddhartha Lal, Managing Director of Eicher Motors Ltd., said, “With the second wave of the pandemic sweeping across the country and making its impact felt through the economic cycle, the previous quarter presented a challenging environment for the automotive sector overall. However, we continue to believe in our strong business fundamentals and are positive about the long-term prospects and performance of both Royal Enfield and VECV. Despite the unprecedented situation, we stayed resilient and delivered the strongest ever quarter for Royal Enfield in international markets."
"In India, our bookings saw an uptick in the month of June as local lockdowns and restrictions were gradually lifted across the country. The global shortage of semiconductors continues to be a concern, and is likely to hamper production for the ongoing quarter, and possibly through the rest of the year as well. While the economy continues to recover, we remain optimistic and committed to our strategic focus areas moving forward,” MD added.
Vinod K. Dasari, CEO, Royal Enfield said, “Despite challenging market conditions, we continued to stay committed to our core objective of being a truly global motorcycling brand. Our razor-sharp business focus, long-term thinking and commitment to the market, complemented by our digital initiatives helped us navigate through the challenges and register an overall buoyant performance during the quarter."
Royal Enfield ended the quarter with its best-ever performance in international markets with total exports at 17,493 units, a more than 400% increase over 3,444 in the same period last year; and an 83% increase over 9,572 in Q1 of FY20.
Royal Enfield sold 122,170 motorcycles in the quarter, an increase of 109% from 58,383 motorcycles sold over the same period in FY 2020-21.
For the quarter ended 30 June 2021, VECV’s revenue from operations was Rs1,639cr, up by 156% from Rs641cr in the same period last year; EBITDA for the quarter was Rs18cr which are significantly higher as compared to an EBITDA loss of Rs72cr in the corresponding quarter of the previous year. There was a net loss of Rs72cr for the quarter, as compared to a net loss of Rs120cr for the same period last year. VECV sold 5,806 trucks and buses in the quarter, a notable increase of 173% from 2,129 trucks and buses sold over the same period in the last financial year.
At around 11.30 AM, Eicher is trading at Rs2543 per piece down by Rs72.45 or 2.8% on Sensex.