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View Promises →Eicher Motors Limited — Q2 FY24
Eicher Motors reported a stellar Q2 FY24 with consolidated revenue of ₹4,115 crore (up 17% YoY), EBITDA of ₹1,087 crore (up 32% YoY), and PAT of ₹1,016 crore (up 55% YoY), all record highs.
bullish
high
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Eicher Motors reported a stellar Q2 FY24 with consolidated revenue of ₹4,115 crore (up 17% YoY), EBITDA of ₹1,087 crore (up 32% YoY), and PAT of ₹1,016 crore (up 55% YoY), all record highs. Royal Enfield volumes grew 14.6% domestically to 209,700 units, driven by strong festive demand and the successful launch of the new Bullet 350. The all-new Himalayan 452, based on the Sherpa engine, received rave global reviews and is expected to be a game-changer in the adventure touring segment. VECV also posted its best-ever Q2 with revenue of ₹5,129 crore (up 22% YoY) and market share gains. Management remains bullish on the medium-term outlook, with a full product pipeline and no immediate capacity constraints. Key risk: intensifying competition in the premium motorcycle segment could pressure market share.
एचर मोटर्स ने दूसरी तिमाही में शानदार प्रदर्शन किया। कंपनी की कुल कमाई ₹4,115 करोड़ रही, जो पिछले साल से 17% ज्यादा है। मुनाफा ₹1,016 करोड़ रहा, जो 55% बढ़ा है। रॉयल एनफील्ड की बिक्री 14.6% बढ़कर 2,09,700 यूनिट हो गई, त्योहारी मांग और नई बुलेट 350 की सफलता से। नई हिमालयन 452 को दुनिया भर में सराहा गया और यह एडवेंचर बाइक सेगमेंट में गेम-चेंजर साबित हो सकती है। वीईसीवी ने भी अपनी सबसे अच्छी तिमाही दर्ज की। कंपनी का भविष्य के लिए भरोसा मजबूत है, लेकिन प्रीमियम मोटरसाइकिल सेगमेंट में बढ़ती प्रतिस्पर्धा एक चुनौती हो सकती है।
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Read Transcript →Quarter Snapshot
Royal Enfield domestic volumes
209,700
+14.6% YoY
Highest ever quarterly domestic sales for Royal Enfield.
Royal Enfield international volumes
19,780
+9% QoQ
International sales grew sequentially; retail momentum strong.
VECV total sales
19,551
+22% YoY
Highest ever Q2 sales for VECV across all categories.
VECV EBIT margin
7.8%
+200bps YoY
VECV EBIT margin expanded 200 bps YoY to 7.8%.
What Changed vs Last Quarter
NEW
New Himalayan 452 to be a global volume driver
The all-new Himalayan 452, based on the Sherpa engine, is expected to significantly boost volumes and brand stature globally, with potential to disrupt the adventure touring segment.
NEW
Capacity of 1.2 million units with modular expansion
Current installed capacity is ~1.2 million units across both plants, with modular lines allowing further expansion as needed.
NEW
Capex spend at 2-3% of revenue
Capital expenditure is expected to remain around 2-3% of revenue, with flexibility to invest more as product portfolio evolves.
DROPPED
Price increase of ~1.5% on select models in Q2
Management confirmed a price increase of about 1.5% on certain models in the domestic market during Q2 FY24.
DROPPED
New product launches planned over 3-4 years
Royal Enfield has a pipeline of 13-14 new products, with launches spaced out over the medium term (3-4 years).
DROPPED
Focus on growing mid-size motorcycle market to 1.5M units
Management expects the Indian mid-size (250-750cc) motorcycle market to grow from ~1M to 1.5M units in the next few years.
NEW RISK
Competition in premium motorcycle segment
Bajaj and Hero have launched new premium vehicles, potentially eroding Royal Enfield's dominant market share.
NEW RISK
Export wholesale volatility
International wholesale volumes have been volatile due to cautious inventory management amid macro uncertainty, though retail remains strong.
NEW RISK
EV transition uncertainty
Electric motorcycles remain uneconomical for the premium segment; the Electric Himalayan is a concept, not a production vehicle, and timing of viable EV launch is unclear.
RISK GONE
Export market weakness
International markets remain under pressure due to macroeconomic headwinds, with VECV exports down 58% YoY and Royal Enfield exports also weak.
RISK GONE
Competitive intensity in mid-size segment
New credible competitors are entering the mid-size motorcycle segment, which could pressure Royal Enfield's dominant market share.
RISK GONE
Dependence on Hunter 350 for volume growth
While Hunter 350 has been a strong driver, its high mix may weigh on margins and brand positioning if not managed carefully.
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Guidance and risk preview
The all-new Himalayan 452, based on the Sherpa engine, is expected to significantly boost volumes and brand stature globally, with potential to dis...
Bajaj and Hero have launched new premium vehicles, potentially eroding Royal Enfield's dominant market share.
View Risks →