The maker of Royal Enfield motorcycles, Eicher Motors, reported a PAT of INR 526 crore in Q4FY21, up by 73% compared to INR 304 crore during the same period last year. Royal Enfield sold 203,343 motorcycles in the quarter, increasing 25% from 163,083 motorcycles sold over the same period in FY 2019-20.
Eicher Motors’ total revenue from operations was at an all-time high at INR 2,940 crore, up 33% compared to INR 2,208 crore in the corresponding quarter of FY 2019-20. EBITDA was INR 634 crore, up 47% compared to INR 432 crore in the same quarter of the previous financial year.
Siddhartha Lal, Managing Director of Eicher Motors, said the past fiscal was challenging for the industry with the COVID-19 pandemic leading to disruption in production, supply chain and retail operations. The commercial vehicle industry also showed equal resilience and saw good recovery in the latter half of the year., he said.
VECV gained market share across segments. In the heavy-duty segment, the volume grew by 6% in FY21 against a decline of 21% in industry volume. “Overall, both at Royal Enfield and at VECV, we have managed to tide over a tough year, and despite imminent challenges that persist, we remain steadfast on our strategic long term goals,” he said.
Royal Enfield focused on expanding its business in India from 1,521 stores in 1,200 cities to 2,056 stores in 1,750 cities during the year. The company opened more than 100 dealerships and more than 430 studio stores in India during FY 2020-21.
In terms of global business, the company currently has 130 exclusive stores and 760 stores in more than 60 countries/regions. Last year, the company added new markets to its portfolio, such as Japan, Cambodia, Costa Rica and the Dominican Republic. During the year, the company also opened its first CKD department in Buenos Aires, Argentina.
This year Royal Enfield launched the new cruise motorcycle Royal Enfield Meteor 350. Since its launch in India, Meteor 350 has been launched in Europe, Thailand, Indonesia, Australia, Japan and North America. And Europe.
Speaking about Royal Enfield’s performance, Vinod K Dasari, CEO, Royal Enfield, said that in spite of several external factors in the automotive industry last year, the company continued its growth momentum. “We continue to ride ahead and are committed to re-energise our growth plans with a firm vision on our long term goals,” Dasari added.