Eicher Motors (EICHERMOT) Q1 24/25 earnings summary

Executive summary

• Achieved highest ever quarterly revenue, EBITDA, and profit after tax for Q1 FY25, with strong performance from Royal Enfield and VECV, supported by resilient domestic demand and robust export growth.

• Royal Enfield maintained leadership in the mid-size motorcycle segment, expanded its global footprint, and launched the Guerrilla 450.

• VECV posted record first quarter sales and exports, with continued investments in electric mobility and digital solutions.

• Released annual integrated report and Royal Enfield Sustainability Journal, highlighting ESG progress.

Financial highlights

• Consolidated revenue at INR 4,393 crore, up 10.2% year-over-year from INR 3,986 crore; PAT at INR 1,101 crore, including INR 175 crore share of profit from VECV, up 20% year-over-year.

• EBITDA at INR 1,165 crore, up 14.1% year-over-year; EBITDA margin improved to 26.5% from 25.6%.

• VECV revenue at INR 5,070 crore, EBITDA at INR 384 crore (7.7% margin), and PAT at INR 319 crore, up from INR 180.5 crore, boosted by a one-time deferred tax write-back.

• Royal Enfield motorcycle volumes reached 227,736 units, up from 225,368 units year-over-year.

• International business and non-motorcycle revenue continued multi-year growth trends.

Outlook and guidance

• Confident in continued growth for the middleweight motorcycle segment, expecting a return to high single-digit growth.

• New product launches, including Guerrilla 450 and upcoming Classic updates, expected to drive momentum.

• Management focused on balancing growth and profitability, expanding EV offerings, and strengthening global presence.

• Continued investments in R&D, sustainability, and digital customer experience are expected.

• Cautiously optimistic on international market recovery, with green shoots visible.