Royal Enfield motorcycle manufacturer, Eicher Motors Ltd on Friday (November 10) reported the highest-ever net profit of ₹1,016.3 crore, registering a growth of 55% for the second quarter that ended September 30, 2023.

In the corresponding quarter last year, Eicher Motors posted a net profit of ₹656.9 crore, the company said in a regulatory filing. The CNBC-TV18 poll had predicted a profit of ₹911 crore for the quarter under review.

The company's revenue from operations increased 16.9% to ₹4,114.5 crore against ₹3,519.4 crore in the corresponding period of the preceding fiscal. This was above CNBC-TV18 poll's estimated revenue figure of ₹4,040 crore for the quarter under review.

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At the operating level, EBITDA jumped 32.3% to ₹1,087.1 crore in the second quarter of this fiscal over ₹821.6 crore in the corresponding period in the previous fiscal. The CNBC-TV18 poll had predicted an EBITDA of ₹1,041 crore for the quarter under review.

The EBITDA margin stood at 26.4% in the reporting quarter against 23.3% in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation. The CNBC-TV18 poll had predicted a margin of 25.8% for the quarter under review.

Royal Enfield sold 229,496 motorcycles in the quarter, an increase of 13% from 203,451 motorcycles sold over the same period in FY 2022-23.

Siddhartha Lal, managing director of Eicher Motors Ltd, said, "At the halfway mark for the financial year, we have registered remarkable performance both at Royal Enfield and VE Commercial Vehicles.

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We continued on our sustainability mobility journey with deliveries of our electric buses to the customers and signed MoUs with leading e-commerce and mobility firms for the supply of over 1,000 electric trucks and buses."

The results came after the close of the market hours. Shares of Eicher Motors Ltd ended at ₹3,564.05, up by ₹22.65, or 0.64%, on the BSE.

(Edited by : Shoma Bhattacharjee)

First Published:Nov 10, 2023 9:04 PM IST