Eicher Motors, a renowned manufacturer of commercial vehicles and Royal Enfield motorcycles, has announced a consolidated net profit of ₹1,070.45 crore for the fourth quarter of FY24, marking an impressive 18.2% increase from ₹905.58 crore reported in the corresponding quarter of the previous fiscal year. The company’s stellar financial performance was underscored by robust growth in total revenue from operations, which surged by 11.87% to ₹4,256.04 crore in Q4FY24 from ₹3,804.32 crore in Q4FY23.
At the operating level, Eicher Motors achieved substantial growth, with Earnings Before Interest Tax Depreciation and Amortisation (EBITDA) reaching ₹1,129 crore in the March quarter, reflecting a remarkable 20.88% increase compared to ₹934 crore recorded in the same period last year.
During the quarter, Royal Enfield, a subsidiary of Eicher Motors, recorded sales of 227,925 motorcycles, marking a notable 6.17% growth from 214,685 motorcycles sold in the corresponding period of FY23. For the full fiscal year FY24, Royal Enfield registered standalone motorcycle sales of 9,12,732, representing a commendable 9% increase from 834,895 motorcycles sold in FY23.
Additionally, VE Commercial Vehicles (VECV), a joint venture between Volvo Group and Eicher Motors, reported a significant surge in net profit, recording ₹823 crore in FY24, up by 42.06% from ₹579 crores in the previous year. VECV’s revenue from operations also witnessed a robust growth of 15.38%, reaching ₹21,868 crore in FY24 compared to ₹18,952 crore in the previous fiscal year. Furthermore, EBITDA for FY24 stood at ₹1,715 crore, marking a substantial 25.27% increase from ₹1,369 crore in the previous year. VECV achieved sales of 85,560 vehicles in FY 2023-24, indicating a noteworthy growth of 7.46% over 79,623 vehicles sold in FY 2022-23.
The board of directors of Eicher Motors has recommended a final dividend of ₹51 per equity share for the financial year ended March 31, 2024, subject to approval by the shareholders. This final dividend amounts to ₹1,396.41 crore, representing 34.9% of the company’s Profit After Tax (PAT) for FY24. Eicher Motors highlighted that this dividend per share is the highest ever recorded, marking a 37.1% increase from the dividend per share for FY 2023.
Eicher Motors’ exceptional financial performance and commitment to shareholder value underscore its position as a leader in the automotive industry, setting new benchmarks for excellence and growth in the market.
