Eicher Motors (EICHERMOT) Q2 24/25 earnings summary

Executive summary

• Achieved record Q2 and H1 FY25 consolidated revenue of ₹4,263.07 crore, up year-over-year, with best-ever Q2 performance for both Royal Enfield and VECV.

• Profit after tax rose to ₹1,100.33 crore in Q2, including ₹113.75 crore from VECV share, with strong growth in both Royal Enfield and VECV segments.

• Royal Enfield maintained leadership in India's mid-size motorcycle market, sold nearly 225,000 motorcycles, and expanded its global presence with 12% international retail growth.

• VECV posted highest-ever Q2 sales at 20,774 units, up 6.2% year-over-year, and achieved record market share in Light & Medium Duty trucks.

• Unaudited standalone and consolidated financial results for Q2 and H1 FY2024-25 were approved on November 13, 2024, with statutory auditor review yielding an unmodified conclusion.

Financial highlights

• Q2 FY25 consolidated revenue rose to ₹4,263.07 crore from ₹4,114.53 crore in Q2 last year; Q2 PAT increased to ₹1,100.33 crore from ₹1,016.25 crore.

• EBITDA for Q2 was ₹1,088 crore, nearly flat year-over-year; EBITDA margin at 25.5% versus 26.4% last year.

• VECV Q2 revenue grew to ₹5,538 crore, with EBITDA margin at 7.1% and PAT at ₹209 crore.

• One-off warehousing costs of ₹12 crore incurred to support festive season inventory build-up.

• Standalone Q2 net profit: ₹1,088.02 crore, up from ₹938.50 crore in Q2 last year.

Outlook and guidance

• Expectation of commercial vehicle demand rebound in H2 FY25, supported by infrastructure investments.

• Focus on balancing ICE and EV product lines, with significant investment in EV R&D and infrastructure.

• International market growth to continue gradually, with new CKD facilities in Brazil and Bangladesh and focus on Mexico.

• Sustainability targets include 80% emission intensity reduction per motorcycle by FY30.

• No explicit forward-looking guidance provided; results reviewed and approved by the Board and Audit Committee.