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View Promises →Eicher Motors Limited — Q3 FY24
Eicher Motors delivered a record Q3 with consolidated revenue of ₹4,179 crore (+12.3% YoY), EBITDA of ₹1,090 crore (+27.2% YoY), and PAT of ₹996 crore (+34.4% YoY), driven by strong Royal Enfield performance and market share gains at VECV.
bullish
high
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Eicher Motors delivered a record Q3 with consolidated revenue of ₹4,179 crore (+12.3% YoY), EBITDA of ₹1,090 crore (+27.2% YoY), and PAT of ₹996 crore (+34.4% YoY), driven by strong Royal Enfield performance and market share gains at VECV. Royal Enfield sold 229,214 units (+4% YoY), with domestic retail hitting a record and new Himalayan (6,500 units sold) and Shotgun 650 receiving strong response. VECV posted record Q3 sales of 20,706 units (+12.4% YoY) and revenue of ₹5,483 crore (+19% YoY). Management remains confident on medium-term demand, citing infrastructure investments and replacement cycle tailwinds. Key risk: export wholesale recovery may take 2-3 quarters due to macroeconomic headwinds in Europe and Australia.
ईचर मोटर्स ने तीसरी तिमाही में शानदार प्रदर्शन किया। कंपनी की कुल कमाई ₹4,179 करोड़ रही, जो पिछले साल से 12.3% ज़्यादा है। मुनाफा ₹996 करोड़ हुआ, जो 34.4% बढ़ा। इसकी वजह रॉयल एनफील्ड की मज़बूत बिक्री और VECV में बाज़ार हिस्सेदारी बढ़ना है। रॉयल एनफील्ड ने 2,29,214 गाड़ियाँ बेचीं, जो 4% ज़्यादा हैं। नई हिमालयन और शॉटगन 650 को अच्छा रिस्पॉन्स मिला। VECV ने रिकॉर्ड 20,706 गाड़ियाँ बेचीं और ₹5,483 करोड़ की कमाई की। कंपनी को सड़कों और पुरानी गाड़ियों के बदलने से आगे भी अच्छी माँग दिख रही है। हालांकि, यूरोप और ऑस्ट्रेलिया में मुश्किलों के कारण निर्यात में सुधार में 2-3 तिमाही लग सकती है।
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Export wholesale recovery may be delayed
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Read Transcript →Quarter Snapshot
Royal Enfield unit sales
229,214
+4% YoY
Q3 FY24 sales, including 213,385 domestic and 15,829 exports.
VECV Q3 unit sales
20,706
+12.4% YoY
Record Q3 sales for VECV, with market share gains across segments.
VECV EBITDA margin
8%
+140bps YoY
VECV EBITDA margin improved from 6.6% in Q3 FY23 to 8% in Q3 FY24.
Himalayan 450 units sold
6,500
N/A (new launch)
Cumulative sales since launch in November 2023 through early January 2024.
What Changed vs Last Quarter
NEW
New product launches to continue at a steady pace
Management plans to launch new motorcycles on the Sherpa 450 platform and other platforms over time, but will focus on stabilizing existing products in the coming financial year.
NEW
Export wholesale growth expected in 2-3 quarters
Management expects export wholesale volumes to turn positive in about 2-3 quarters as macroeconomic conditions improve and new products (Himalayan, Shotgun) reach international markets.
NEW
VECV to participate in e-bus tenders only with reasonable profitability
VECV will bid for STU e-bus tenders only if payment security and profitability are assured, having participated in the latest tender after resolution of payment concerns.
DROPPED
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.
DROPPED
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.
DROPPED
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.
NEW RISK
Export wholesale recovery may be delayed
Export wholesale declined 11% YoY due to macroeconomic headwinds in Europe and Australia; management expects recovery in 2-3 quarters but risks persist.
NEW RISK
Red Sea disruption impacting logistics
Shipment costs have increased 25-30% and transit times extended by ~30 days for certain routes, potentially affecting export margins and delivery schedules.
RISK GONE
Export wholesale volatility
International wholesale volumes have been volatile due to cautious inventory management amid macro uncertainty, though retail remains strong.
RISK GONE
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.
Fast read
Guidance and risk preview
Management plans to launch new motorcycles on the Sherpa 450 platform and other platforms over time, but will focus on stabilizing existing product...
Export wholesale declined 11% YoY due to macroeconomic headwinds in Europe and Australia; management expects recovery in 2-3 quarters but risks per...
View Risks →