Eicher Motors reports impressive Q4 results with 48% increase in net profit
Eicher Motors announced its consolidated financial results for the quarter ended March, revealing a significant growth in net profit. The company reported a consolidated net profit of Rs 905.58 crore, marking a substantial increase of 48.42 percent compared to the Rs 610.14 crore recorded in the same quarter last year. The revenue from operations also […]
Eicher Motors announced its consolidated financial results for the quarter ended March, revealing a significant growth in net profit. The company reported a consolidated net profit of Rs 905.58 crore, marking a substantial increase of 48.42 percent compared to the Rs 610.14 crore recorded in the same quarter last year.
The revenue from operations also showed a positive trend, reaching Rs 3,804.32 crore during the quarter. This figure represents a growth of 19.13 percent in comparison to the Rs 3,193.32 crore achieved in the corresponding period of the previous year. Eicher Motors, known for its flagship brand Royal Enfield, shared these details through an exchange filing.
In addition to the impressive financial performance, the company’s board recommended a final dividend of Rs 37 per share for the fiscal year that ended on March 31, 2023. This recommendation is subject to the approval of the shareholders at the Annual General Meeting, emphasizing the company’s commitment to providing returns to its investors.
Eicher Motors’ subsidiary, VECV (Volvo Eicher Commercial Vehicles), also delivered strong results during the quarter. VECV reported its highest-ever quarterly sales of 26,376 units, indicating a substantial growth of 31.3 percent compared to the 20,093 units sold in the same period last year. This achievement reflects the company’s continued success in the commercial vehicle segment.
To support its future growth and development initiatives, the board of Eicher Motors has approved a cash outlay of Rs 1,000 crores for the financial year 2023-24. This investment will encompass various aspects, including the establishment of an electric vehicle manufacturing facility, product development, and the introduction of new products in the Internal Combustion Engine portfolio.
The financial performance of Eicher Motors highlights the company’s strong position in the market and its ability to adapt to changing dynamics. With robust sales figures and a strategic focus on new technologies, Eicher Motors remains poised for continued growth and success in the automotive industry.
“We are also making confident strides in our EV journey as we’ve made considerable progress on our EV motorcycle plans, and also had a great start to our partnership with Stark Future,” said Siddhartha Lal, Managing Director, Eicher Motors Ltd.
“At VE Commercial Vehicles as well, we have recorded a brilliant performance this year, as we registered our highest ever sales, revenue and
made strong market-share gains across segments.”