Eicher Motors Ltd. (EML) reported 18% growth in consolidated net profit to ₹1,171 crore for the third quarter ended December 31, 2024, from ₹996 crore in the same period last year.
The company posted 19% growth in consolidated revenue from operations at ₹4,973 crore from ₹4,179 crore in the year ago period.
Royal Enfield also recorded its highest-ever quarterly sales volume of 2,69,039 motorcycles, up 17% from 2,29,214 motorcycles sold during the year earlier.
VE Commercial Vehicles’ (VECV) revenue from operations grew 6% year on year (YoY) to ₹5,801 crore. Profit after tax grew 44% to ₹301 crore YoY. VECV sold 21,012 vehicles in the third quarter, up from 20,706 vehicles a year ago.
Siddhartha Lal, Managing Director, Eicher Motors Ltd, said, “The past quarter has been incredibly rewarding for Eicher with an all-round record performance across the board.”
On VECV’s performance, Vinod Aggarwal, MD and CEO, said, “VECV posted market-share gains in all segments and recorded a solid third quarter in a market that had still not recovered from the slowdown during the elections and uneven monsoon season.”
On Royal Enfield’s performance, B. Govindarajan, CEO, Royal Enfield and Wholetime Director, EML, said, “Royal Enfield has continued to strengthen its position in the mid-size motorcycle segment recording its best-ever quarter, driven by a robust demand for our motorcycles across the globe.”
Board changes
EML also announced the appointment of Siddhartha Lal as the Executive Chairman of the Board, following the retirement of Chairman, S. Sandilya. In addition, the board also appointed Vinod Aggarwal as the Vice Chairman (Non Executive), and B. Govindarajan as the new Managing Director of EML.
Vinod Aggarwal will continue to be MD and CEO at VE Commercial Vehicles (EML’s joint venture with the Volvo Group), while B. Govindarajan will retain his role as the CEO of Royal Enfield. The Board also appointed Ira Gupta and Arun Vasu as Independent Directors. While Ms Gupta will assume her role on the board starting February 10, all other appointments are effective February 13, 2025.
Manvi Sinha, an Independent Director on EML’s board, will be retiring on February 12, 2025 after the completion of her tenure.
Published – February 10, 2025 11:22 pm IST
