On consolidated basis
Quarter ended September 2024 compared with Quarter ended September 2023.
Net sales (including other operating income) of Eicher Motors has increased 3.61% to Rs 4263.07 crore. Operating profit margin has declined from 26.42% to 25.51%, leading to 0.05% rise in operating profit to Rs 1,087.72 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 53.07% to 52.33%. Purchase of finished goods cost rose from 2.88% to 4.12%. Employee cost increased from 7.12% to 7.62%. Other expenses rose from 11.65% to 12.02%. Other income rose 29.22% to Rs 353.78 crore. PBIDT rose 5.92% to Rs 1441.5 crore. Provision for interest rose 3.63% to Rs 13.14 crore. Loan funds declined from Rs 416.16 crore as of 30 September 2023 to Rs 403.86 crore as of 30 September 2024. Inventories rose to Rs 1,792.25 crore as of 30 September 2024 from Rs 1,570.50 crore as of 30 September 2023. Sundry debtors were higher at Rs 313.35 crore as of 30 September 2024 compared to Rs 287.86 crore as of 30 September 2023. Cash and bank balance declined from Rs 1,228.11 crore as of 30 September 2023 to Rs 207.88 crore as of 30 September 2024. Investments rose to Rs 14,692.55 crore as of 30 September 2024 from Rs 12,965.48 crore as of 30 September 2023 . PBDT rose 5.94% to Rs 1428.36 crore. Provision for depreciation rose 26.32% to Rs 180.06 crore. Fixed assets increased to Rs 2,549.63 crore as of 30 September 2024 from Rs 2,388.66 crore as of 30 September 2023. Intangible assets increased from Rs 935.73 crore to Rs 1,169.77 crore. Profit before tax grew 3.53% to Rs 1,248.30 crore. Share of profit/loss was 11.94% higher at Rs 113.75 crore. Provision for tax was expense of Rs 261.72 crore, compared to Rs 291.09 crore. Effective tax rate was 19.22% compared to 22.27%. Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 8.27% to Rs 1,100.33 crore. Equity capital increased from Rs 27.38 crore as of 30 September 2023 to Rs 27.41 crore as of 30 September 2024. Per share face Value remained same at Rs 1.00. Promoters’ stake was 49.10% as of 30 September 2024 ,compared to 49.16% as of 30 September 2023 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of Eicher Motors has increased 6.85% to Rs 8656.12 crore. Operating profit margin has jumped from 26.02% to 26.03%, leading to 6.89% rise in operating profit to Rs 2,253.15 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 53.80% to 52.30%. Purchase of finished goods cost rose from 2.63% to 3.22%. Employee cost increased from 7.14% to 7.75%. Other expenses rose from 11.29% to 11.79%. Other income rose 22.97% to Rs 635.73 crore. PBIDT rose 10.05% to Rs 2888.88 crore. Provision for interest rose 9.95% to Rs 25.41 crore. Loan funds declined from Rs 416.16 crore as of 30 September 2023 to Rs 403.86 crore as of 30 September 2024. Inventories rose to Rs 1,792.25 crore as of 30 September 2024 from Rs 1,570.50 crore as of 30 September 2023. Sundry debtors were higher at Rs 313.35 crore as of 30 September 2024 compared to Rs 287.86 crore as of 30 September 2023. Cash and bank balance declined from Rs 1,228.11 crore as of 30 September 2023 to Rs 207.88 crore as of 30 September 2024. Investments rose to Rs 14,692.55 crore as of 30 September 2024 from Rs 12,965.48 crore as of 30 September 2023 . PBDT rose 10.05% to Rs 2863.47 crore. Provision for depreciation rose 22.43% to Rs 348.69 crore. Fixed assets increased to Rs 2,549.63 crore as of 30 September 2024 from Rs 2,388.66 crore as of 30 September 2023. Intangible assets increased from Rs 935.73 crore to Rs 1,169.77 crore. Profit before tax grew 8.53% to Rs 2,514.78 crore. Share of profit/loss was 42.69% higher at Rs 288.31 crore. Provision for tax was expense of Rs 601.3 crore, compared to Rs 584.54 crore. Effective tax rate was 21.45% compared to 23.20%.Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 13.81% to Rs 2,201.79 crore. Equity capital increased from Rs 27.38 crore as of 30 September 2023 to Rs 27.41 crore as of 30 September 2024. Per share face Value remained same at Rs 1.00. Promoters’ stake was 49.10% as of 30 September 2024 ,compared to 49.16% as of 30 September 2023 .
Full year results analysis.
Net sales (including other operating income) of Eicher Motors has increased 14.50% to Rs 16535.78 crore. Operating profit margin has jumped from 23.84% to 26.17%, leading to 25.65% rise in operating profit to Rs 4,326.91 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 54.08% to 52.13%. Purchase of finished goods cost fell from 2.97% to 2.72%. Employee cost increased from 6.91% to 7.38%. Other expenses fell from 12.30% to 11.91%. Other income rose 80.79% to Rs 1075.87 crore. PBIDT rose 33.78% to Rs 5402.78 crore. Provision for interest rose 81.58% to Rs 50.88 crore. Loan funds rose to Rs 419.44 crore as of 31 March 2024 from Rs 288.41 crore as of 31 March 2023. Inventories rose to Rs 1,409.64 crore as of 31 March 2024 from Rs 1,278.44 crore as of 31 March 2023. Sundry debtors were higher at Rs 373.78 crore as of 31 March 2024 compared to Rs 368.92 crore as of 31 March 2023. Cash and bank balance declined from Rs 765.58 crore as of 31 March 2023 to Rs 146.31 crore as of 31 March 2024. Investments rose to Rs 13,526.96 crore as of 31 March 2024 from Rs 12,320.66 crore as of 31 March 2023 . PBDT rose 33.44% to Rs 5351.9 crore. Provision for depreciation rose 13.57% to Rs 597.6 crore. Fixed assets increased to Rs 2,433.90 crore as of 31 March 2024 from Rs 2,303.53 crore as of 31 March 2023. Intangible assets increased from Rs 858.53 crore to Rs 1,035.58 crore. Profit before tax grew 36.44% to Rs 4,754.30 crore. Share of profit/loss was 42.06% higher at Rs 447.72 crore. Provision for tax was expense of Rs 1201.01 crore, compared to Rs 885.69 crore. Effective tax rate was 23.09% compared to 23.31%. Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 37.31% to Rs 4,001.01 crore. Equity capital increased from Rs 27.35 crore as of 31 March 2023 to Rs 27.38 crore as of 31 March 2024. Per share face Value remained same at Rs 1.00. Promoters’ stake was 49.15% as of 31 March 2024 ,compared to 49.20% as of 31 March 2023 . Cash flow from operating activities increased to Rs 3,723.71 crore for year ended March 2024 from Rs 2,822.66 crore for year ended March 2023. Cash flow used in acquiring fixed assets during the year ended March 2024 stood at Rs 818.51 crore, compared to Rs 682.49 crore during the year ended March 2023. Other Highlights
The company strengthened its global
footprint with a manufacturing and assembly unit and a flagship store in
Bangladesh, and announced plans to set up a second CKD facility in Brazil.
During the quarter, Royal Enfield recorded
sales of 2,25,317 motorcycles as compared to 2,29,496 motorcycles sold during
the same period in FY 2023-24.
In Q2 FY25, VECV recorded sales of 20,774
vehicles compared to 19,551 vehicles in Q2 FY24.
Management Comments :
Siddhartha
Lal, Managing Director, Eicher Motors, said, “During
this quarter, we have continued to sustain the momentum both at Royal Enfield
and VECV. At EICMA, earlier this month, we launched two motorcycles on our
650-Twin platform; the Bear 650, and the Classic 650. In addition to this,
Royal Enfield marked its foray into electric mobility with a new EV brand - the
Flying Flea. With an intent to disrupt and grow the electric motorcycle
segment, we are approaching it with the same singularity, focus and
unconventionality with which we have grown and energized the global mid-size
segment over the last several years. Under the Flying Flea we will have a
portfolio of differentiated electric motorcycles for city+ mobility. On the
commercial vehicle front, VE Commercial Vehicles delivered its best Q2 ever,
with strengthened market shares in truck segments. This is commendable against
the backdrop of lower industry volumes as compared to Q2 of last year.”
B. Govindarajan, CEO - Royal Enfield and
Wholetime Director, EML said, "This quarter we launched two stellar
motorcycles - the Guerrilla 450 and the 2024 Classic 350 in an all new avatar
and response to both these motorcycles has been remarkable. We have also made
significant progress on expanding and strengthening our footprint outside India
as we debuted the brand in Bangladesh with our new flagship store in Dhaka, and
a manufacturing and assembly unit in the country. We are also setting up a
second CKD in Brazil early next year. Basis the strong legwork that we put in
during Q2 this year, we were able to achieve a very special milestone for Royal
Enfield in terms of our festive sales performance in October. We outperformed
all our previous monthly sales performance and achieved 1,00,000+ sales in a
single month. These initiatives underscore our commitment to our long term
strategic goals and to continue delivering pure motorcycling experiences across
the globe.”
Vinod Aggarwal, MD & CEO, VE Commercial
Vehicles said, "This quarter we launched two stellar motorcycles - the
Guerrilla 450 and the 2024 Classic 350 in an all new avatar and response to
both these motorcycles has been remarkable. We have also made significant
progress on expanding and strengthening our footprint outside India as we
debuted the brand in Bangladesh with our new flagship store in Dhaka, and a
manufacturing and assembly unit in the country. We are also setting up a second
CKD in Brazil early next year. Basis the strong legwork that we put in during
Q2 this year, we were able to achieve a very special milestone for Royal
Enfield in terms of our festive sales performance in October. We outperformed
all our previous monthly sales performance and achieved 1,00,000+ sales in a
single month. These initiatives underscore our commitment to our long term
strategic goals and to continue delivering pure motorcycling experiences across
the globe.”
| Eicher Motors : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202409 | 202309 | Var.(%) | 202409 | 202309 | Var.(%) | 202403 | 202303 | Var.(%) |
|---|
| Net Sales (including other operating income) | 4,263.07 | 4,114.53 | 3.61 | 8,656.12 | 8,100.90 | 6.85 | 16,535.78 | 14,442.18 | 14.50 | | OPM (%) | 25.51 | 26.42 | -91 bps | 26.03 | 26.02 | 1 bps | 26.17 | 23.84 | 232 bps | | OP | 1,087.72 | 1,087.16 | 0.05 | 2,253.15 | 2,108.00 | 6.89 | 4,326.91 | 3,443.58 | 25.65 | | Other Inc. | 353.78 | 273.78 | 29.22 | 635.73 | 516.99 | 22.97 | 1,075.87 | 595.11 | 80.79 | | PBIDT | 1,441.50 | 1,360.94 | 5.92 | 2,888.88 | 2,624.99 | 10.05 | 5,402.78 | 4,038.69 | 33.78 | | Interest | 13.14 | 12.68 | 3.63 | 25.41 | 23.11 | 9.95 | 50.88 | 28.02 | 81.58 | | PBDT | 1,428.36 | 1,348.26 | 5.94 | 2,863.47 | 2,601.88 | 10.05 | 5,351.90 | 4,010.67 | 33.44 | | Depreciation | 180.06 | 142.54 | 26.32 | 348.69 | 284.81 | 22.43 | 597.6 | 526.21 | 13.57 | | PBT | 1,248.30 | 1,205.72 | 3.53 | 2514.78 | 2317.07 | 8.53 | 4754.3 | 3484.46 | 36.44 | | Share of Profit/(Loss) from Associates | 113.75 | 101.62 | 11.94 | 288.31 | 202.06 | 42.69 | 447.72 | 315.17 | 42.06 | | PBT before EO | 1362.05 | 1307.34 | 4.18 | 2803.09 | 2519.13 | 11.27 | 5202.02 | 3799.63 | 36.91 | | EO Income | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 1362.05 | 1307.34 | 4.18 | 2803.09 | 2519.13 | 11.27 | 5202.02 | 3799.63 | 36.91 | | Taxation | 261.72 | 291.09 | -10.09 | 601.3 | 584.54 | 2.87 | 1201.01 | 885.69 | 35.60 | | PAT | 1100.33 | 1016.25 | 8.27 | 2201.79 | 1934.59 | 13.81 | 4001.01 | 2913.94 | 37.31 | | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit | 1100.33 | 1016.25 | 8.27 | 2201.79 | 1934.59 | 13.81 | 4001.01 | 2913.94 | 37.31 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 1100.33 | 1016.25 | 8.27 | 2201.79 | 1934.59 | 13.81 | 4001.01 | 2913.94 | 37.31 | | EPS (Rs)* | 40.15 | 37.08 | 8.27 | 80.34 | 70.59 | 13.81 | 145.99 | 106.32 | 37.31 | | | * EPS is on current equity of Rs 27.41 crore, Face value of Rs 1, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
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