On Friday, Eicher Motors said that its net profit after tax for the fourth quarter ended March 31, 2022 increased by 16 per cent to Rs 610 crore.
The company reported net profit after tax of Rs 526 crore in the January-March quarter of FY 2020-21.
Eicher Motors said in a regulatory filing that total revenue from operations increased to Rs 3,193 crore in the fourth quarter from Rs 2,940 crore in the same period of FY21.
For the year ended March 31, 2022, the company posted a post-tax consolidated net profit of Rs 1,677 crore as against Rs 1,347 crore in FY 2020-21.
Total income from activities increased to Rs 10,298 crore in the last financial year as compared to Rs 8,720 crore in FY21.
This was the company’s highest revenue for the full fiscal year as well as the fourth quarter, it added.
The company said its board has approved a dividend of Rs 21 per share with a face value of Rs 1 for 2021-22.
Royal Enfield, the company’s two-wheeler arm, sold 1,82,125 motorcycles in the fourth quarter, down 10 percent from 2,03,343 units sold a year earlier.
In 2021-22, Royal Enfield registered 5,95,474 motorcycle sales, down 2 percent from 6,09,403 units in 2020-21.
The company’s joint venture with the Volvo Group, VECV, earned Rs 12,724 crore from operations in the last fiscal, compared to Rs 8,676 crore in FY21.
Profit after tax stood at Rs 111 crore as against Rs 57 crore last year.
VECV recorded sales of 57,077 vehicles for 2021-22, an increase of 38 percent over 41,268 units in 2020-21.
“Last year was very important for Eicher Motors, as we have made significant progress towards our long-term strategic business vision,” said Siddharth Lal, Managing Director, Eicher Motors.
Over the past eight years, the company has made concerted efforts to become a premium, global player, focusing on the world’s toughest motorcycle market, with a sustainable overseas presence and ambition to grow the business, he added.
“This year, our international market growth story has shown tremendous performance with more than 100 percent annual growth as we continue to deliver sustainable results in the domestic market,” Lal said.
At VECV, the company’s performance was extremely encouraging, he added.
B Govindarajan, CEO of Royal Enfield, noted that despite continued challenges on the supply front and cowardly-induced disruptions last year, the two-wheeler maker has made significant progress on its strategic long-term outlook.
“As we move forward, we focus on creating products and providing experiences that are true to our philosophy of pure motorcycling. As the supply chain stabilizes and the market begins to boom, we are ready to take Royal Enfield to new heights.” Added.