Eicher Motors Limited (EML), the parent company of iconic motorcycle brand Royal Enfield has announced its consolidated financial results for the quarter and for the financial year ended March 31, 2021. For FY 2020-21, Eicher Motors’ total revenue from operations down by 5 percent to ₹ 8,720 crore, compared to ₹ 9,154 crore recorded for FY 2019-20. Net profit for the period was recorded at ₹ 1,347 crore, down 26 percent as compared to ₹ 1,827 crore for the same period last year. Royal Enfield sold 6,09,403 motorcycles during the year, down 13 percent from 6,97,582 motorcycles sold in FY 2019-20.
For the quarter ended March 2021, Eicher Motors’ total revenue from operations was at an all-time high at ₹ 2,940 crore, up 33 percent, compared to ₹ 2,208 crores in the same quarter a year ago. Net profit in Q4 of FY 2020-21 was ₹ 526 crore, up 73 percent, compared to ₹ 304 crore during the same period last year. From January to March, 2021, Royal Enfield sold 2,03,343 motorcycles, an increase of 25 percent from 1,63,083 motorcycles sold over the same period in FY 2019-20.
Commenting on Eicher Motors’ performance, Siddhartha Lal, Managing Director of Eicher Motors Ltd., said, “It has been a challenging year for the industry with the COVID-19 pandemic leading to disruption in production, supply chain, and retail operations. We remained agile and responded swiftly by reworking our immediate priorities and providing relief to communities as well as ensuring the safety and well-being of our employees, partners, and customers. During the year, there were challenges also on account of factors such as supply chain constraints and commodity price increase. However, demand continues to be good.
“Royal Enfield witnessed very good pick up in the second half of the year, and registered a strong performance in Q4. We have seen encouraging demand coming from rural as well as urban segments. The launch of the Meteor has been well received by consumers and has witnessed excellent response. We have also been able to significantly increase our retail market presence in India and globally through this year. The commercial vehicle industry also showed equal resilience and saw good recovery in the latter half of the year. VECV gained market share across segments. In the heavy-duty segment, VECV volume grew by 6% in FY21 compared to last year against a decline of 21% in industry volume. Overall, both at Royal Enfield and at VECV, we have managed to tide over a tough year, and despite imminent challenges that persist, we remain steadfast on our strategic long term goals.”