Eicher Motors records 18% surge in Q4 net profit
Eicher Motors, renowned for manufacturing commercial vehicles and Royal Enfield motorcycles, has announced an 18.2% year-on-year (YoY) increase in its consolidated net profit for the fourth quarter of FY24. The company's net profit climbed to ₹1,070.45 crore, from ₹905.58 crore during the same period last year. Additionally, Eicher Motors's total revenue from operations also experienced a boost, climbing 11.87% to ₹4,256.04 crore from ₹3,804.32 crore YoY.
Significant growth at operating level
At the operating level, Eicher Motors recorded a 20.88% growth in its EBITDA, which amounted to ₹1,129 crore in the March quarter, compared to ₹934 crore in the same period of FY23. In terms of sales, Royal Enfield saw a 6.17% increase during the quarter with sales of 2,27,925 bikes, up from 2,14,685 units sold during the same period in FY23. For FY24 as a whole, Royal Enfield registered bike sales at 9,12,732 (standalone), marking a 9% rise from FY23.
VE Commercial Vehicles reports significant profit growth
VE Commercial Vehicles (VECV), a joint venture between Volvo Group and Eicher Motors, clocked net profit growth of 42.06% to ₹823 crore in FY24, up from ₹579 crore previous year. VECV's revenue from operations also saw an increase of 15.38%, touching ₹21,868 crore, from the previous year's revenue of ₹18,952 crore. The firm's EBITDA for FY24 was at ₹1,715 crore, marking a 25.27% increase from ₹1,369 crore in FY23. Additionally, VECV recorded a 7.46% growth in vehicle sales for FY24.
Eicher Motors announces dividend for FY24
Eicher Motors's board of directors has announced a final dividend of ₹51 per equity share, of face value of ₹1 each for the financial year (FY) ended March 31, 2024, subject to shareholder approval. The proposed dividend aggregates to ₹1,396.41 crore (around 34.9% of PAT) for the FY ended March 31, 2024. According to the firm, this dividend per stock is the highest ever for Eicher Motors, and is 37.1% higher than the FY23 dividend per share.
