New Delhi:
Eicher Motors on Friday posted a 16% increase in its consolidated net profit after tax at INR 610 crore for the fourth quarter ended March 2022, on the back of steady growth across business verticals.The company had reported INR 526 crore during the January-March period of 2021-2022 fiscal.
Total consolidated revenue from operations rose to INR 3,193.32 crore, up 8.60%, as compared with INR 2,940.33 crore in the year-ago period, Eicher Motors said in a release.
During the quarter under review, EBITDA was INR 757 crore, up 19.3% as compared to INR 634 crore in the same quarter of the previous financial year.
In fourth quarter FY22, Royal Enfield recorded sales of 182,125 motorcycles, down by 10.4% from 203,343 motorcycles sold during the same period in FY 2020-21.
According to Siddhartha Lal, Managing Director, Eicher Motors the year gone by was very significant for Eicher Motors Limited, as the company registered considerable progress towards our long term strategic business vision.
“Over the last eight years, we have made concerted efforts in becoming a premium, global player, concentrating on some of the toughest motorcycle markets in the world, with an ambition to sustainably grow our overseas presence and business. Through a strong product strategy and development process and with a focused business approach, we have carved a space for ourselves globally,” Lal said.
At VECV, he further said, the company performance was extremely encouraging. “With a resilient business model, and strong planning and execution, we have remained profitable across business cycles. We have continued to strengthen market presence with expansion in our distribution network as well as a strong product range, including the widest range of CNG trucks. With the commercial vehicle industry back on the growth path, we are confident about maintaining our strong momentum,” Lal added.
According to Vinod Aggarwal, MD and CEO VECV said despite the challenges posed by two waves of the Covid pandemic, supply chain disruptions caused by lockdowns and the situation in Ukraine, VECV registered handsome growth both in volumes as well as total Income.
“Sales of trucks and buses grew by 38.3% to 57,077 units during FY22. Our new truck plant at Bhopal became fully operational that puts us in a good situation as far as capacity is concerned and we are well placed to take advantage of the expected growth in the industry, supported by our award winning range of products,” he added.
CEO APPOINTMENT
Meanwhile, the company has elevated B Govindarajan as Chief Executive Officer (CEO) of Royal Enfield. Govind has spent more than 23 years across Royal Enfield and Eicher Motors. He has been the Executive Director of Royal Enfield since August 2021, and was Chief Operating Officer of the company since 2013.
“He has led several turnkey projects and has been instrumental in growing and expanding the company’s manufacturing facilities, in addition to bringing a paradigm shift in the product quality and new product development process.” the company said in a statement.
He has actively led the production ramp up at Royal Enfield and spearheaded the establishment of its two new world-class manufacturing facilities at Oragadam and Vallam Vadagal near Chennai and the state-of-the-art Technology Centres in the UK and in Chennai, India. During his tenure, Govind has ably straddled business and technical roles with ease and has led commercial operations between 2013 and 2015.
He has led the successful development and launch of several award winning motorcycles at Royal Enfield including the Himalayan, the 650 Twin platform and motorcycles, and more recently, the J-series platform with the all-new Meteor and Classic 350. He has been instrumental in furthering the company’s global ambitions by establishing subsidiaries, and CKD operations across critical markets.
