The average selling price (ASP) improved reasonably. Volvo-Eicher Commercial Vehicles (VECV) witnessed strong growth.
(Image: Royal Enfield)
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Eicher Motors Ltd, maker of the iconic Royal Enfield (RE) motorcycle, commercial vehicles and tractors, has declared a consolidated profit after tax (PAT) of Rs 373 crore for the September quarter, which is a 9% increase from a PAT of Rs 343 crore in the same quarter last fiscal and 57% increase from Rs 237 crore in the preceding quarter.
The consolidated revenues at Rs 2,250 crore was a 5% increase over Q2FY21’s Rs 2,134 crore and 14% increase over Q1FY22’s Rs 1,974 crore.
Employee cost as a percentage of revenue was 8%, a drop from 10% in the same quarter last year and 11% in the preceding quarter. However, the cost of materials as a percentage of revenues increased to 61%, from 59% in the same quarter last year and 58% in the preceding quarter.
The company saw a shrinking in EBITDA to Rs 470 crores, compared to Rs. 471 crores in the same quarter last fiscal.
Royal Enfield
The performance of Royal Enfield in international markets improved strongly for the second successive quarter. Total exports were at 17,922 units, up 132% over 7,714 units in the same period last year.
“Performance in international markets has been consistently improving with close to 4X growth in exports as compared to FY2018-19 when annual exports stood at 19,721 motorcycles,” the company said.
The bike’s sales volume however declined by 17.2% to 123,515 motorcycles, from 149,120 motorcycles in the same period last year.
The company has strengthened its product portfolio with the launch of the all new Classic 350. Siddhartha Lal, managing director of Eicher Motors, said that the model has been well received across the country.
To mark the brand’s 120th anniversary, the company is launching a first-of-a-kind motorcycle expedition called 90° South. The expedition will be done on two Himalayan motorcycles, specially built for this purpose, and will attempt to reach the South Pole this December.
To mark the anniversary, the company has also launched a number of accessories including helmets and apparel.
Volvo Eicher Commercial Vehicles (VECV)
Lal praised the performance of VECV business and said, “We continued to deliver on our sustained growth momentum backed by a robust recovery in all the segments. We see that demand continues to be strong and is outstripping supply.”
VECV recorded overall sales of 15,134 units in Q2FY22 (20,940 units in H1FY22) as against 8,167 units in Q2FY21 (10,296 units in H1FY21), thus registering a handsome growth of 85%.
VECV’s revenue from operations was Rs 3,153 crore, up by 80% from Rs 1,753 crore in the same period last year; and its EBITDA was Rs 170 crore, up by 44% from Rs. 118 crores in the same period last year.
Profit after tax for VECV stood at Rs. 18 crore, against a loss of Rs 7.2 crore in the same period last year.
Vinod Aggarwal, MD and CEO of VECV said, “With a focused approach, we have been able to achieve a growth of 85% in volumes in Q2 despite challenges on the supply side.”
CV industry is expected to grow on pent up, replacement demand as well as on demand construction trucks. With their strong product portfolio and focus on retail excellence, the company is in a good position to continue on its growth path, he added.
In this quarter, the company launched a state-of-the-art line up of high-end premium Volvo Heavy Duty trucks, suitable for rigorous mining.
The stock closed at Rs 2,521.85 on today, down Rs 20.6 from its previous close. The stock has gone up 20% over the past year but has remained flat in this financial year. The stock has gone down 5% over the past three months and has gone down 9% over the past one year.
