Eicher Q4 wins 16pc at Rs 610 cr; aligns Rs 1,100 cr capex for the current fiscal year
Eicher Motors said on Friday that its consolidated net profit after tax rose 16% to Rs 610 crore for the fourth quarter ended March 31, 2022.
The company had reported a net profit after tax of Rs 526 crore in the January-March quarter of the 2020-21 financial year.
Total revenue from operations reached Rs 3,193 crore in the fourth quarter, compared to Rs 2,940 crore in the same period of FY21, Eicher Motors said in a regulatory filing.
For the financial year ended 31 March 2022, the company recorded a consolidated net profit after tax of Rs 1,677 crore compared to Rs 1,347 crore in the financial year 2020-21. 8,720 crores in FY21.
This is the highest revenue ever for the company in the fourth quarter as well as for the full fiscal year, he added.
The company said its board had approved a dividend of Rs 21 per share of par value Re 1 each for 2021-22.
Royal Enfield, the company’s two-wheeler arm, sold 1,82,125 motorcycles in the fourth quarter, down 10% from 2,03,343 units sold a year ago.
In 2021-22, Royal Enfield recorded motorcycle sales of 5,95,474, down 2% from 6,09,403 units in 2020-21.
VECV, the company’s joint venture with Volvo Group, reported operating revenue of Rs 12,724 crore for the last fiscal year, compared to Rs 8,676 crore in FY21.
Profit after tax stood at Rs 111 crore against Rs 57 crore last year.
“The past year has been very significant for Eicher Motors as we have made significant progress towards our long-term strategic business vision,” said Eicher Motors Managing Director Siddhartha Lal.
Over the past eight years, the company has made a concerted effort to become a leading global player, focusing on some of the world’s most challenging motorcycle markets, with the ambition to sustainably grow its presence and business. abroad, he added.
“During this year, our growth story in international markets has shown outstanding performance with over 100% year-on-year growth as we continue to deliver sustained results in the domestic market,” Lal said.
At VECV, the company’s performance has been extremely encouraging, he added. Royal Enfield’s newly appointed CEO, B Govindarajan, noted that despite continuing challenges on the supply front and COVID-induced disruptions over the past year, the two-wheeler manufacturer has made remarkable progress in relates to the long-term strategy. -term vision.
“As we move forward, we remain focused on creating products and delivering experiences that stay true to our philosophy of pure motorcycling. As the supply chain stabilizes and the market begins to pick up momentum, we we are ready to accelerate and grow Royal Enfield to new heights,” he added.
In an online press conference, the company’s management said that the automaker had planned capital expenditure of around 1,100 crore rupees (capex) for the Royal Enfield and VECV businesses over the course of the current exercise.
Regarding its plans for entering the EV space, Lal said the company has made a lot of progress internally.
“We are not a company that would rush to market with a half-baked product and hope for the best…we are not going to see them in the next few years…we may not be the first on the market, but we will make it be the best in the market for sure,” he noted.