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Eicher Motors, the dad or mum firm of motorbike model Royal Enfield, reported Rs. 343 crore internet revenue within the second quarter of FY 2020-21.
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Royal Enfield is owned by Eicher Motors Limited
Eicher Motors Limited, the dad or mum firm of Royal Enfield, reported a pointy decline in income within the July to September quarter, as gross sales stay underneath stress. Eicher, which additionally makes industrial autos in a three way partnership with Volvo, reported a 40.13 per cent year-on-year decline in internet revenue to ₹ 343 crore within the second quarter of the present monetary yr. A yr in the past, Eicher had reported internet revenue of ₹ 573 crore in the identical interval. The firm’s complete income from operations was recorded at ₹ 2,134 crore, down by three per cent, in comparison with ₹ 2,192 crore within the corresponding quarter of FY 2019-10.
Also Read: Royal Enfield Sales Down 7 Per Cent In October 2020
Earnings earlier than curiosity, tax, depreciation and amortisation (EBITDA), a measure of operational profitability, fell 13 per cent to ₹ 472 crore. Royal Enfield bike gross sales throughout the interval stood at 1,49,120 models, a decline of 9 per cent from the 1,63,390 bikes offered over the identical interval in FY 2019-20. In October 2020, Royal Enfield offered 66,891 motorycles, which has seen a gradual restoration for the reason that lockdown and unfavourable market sentiment over the previous a number of months. Monthly gross sales are nonetheless down in comparison with final yr, and with the continuing festive season, in addition to model new mannequin launch within the Royal Enfield Meteor 350, Eicher Motors will likely be seeking to ramp up some gross sales in November as properly.
Also Read: Royal Enfield Meteor 350 Review
Commenting on Eicher Motors’ efficiency, Siddhartha Lal, Managing Director of Eicher Motors Ltd, mentioned, “This quarter, we witnessed wholesome demand and pick-up in enterprise actions within the automotive business. It has been encouraging for our bike enterprise at Royal Enfield as we now have seen elevated revival in client sentiment and demand. We have a sturdy order ebook and reserving numbers are forward of pre-COVID ranges. We are working to make sure sustainable volumes within the forthcoming quarters.
Also Read: Royal Enfield Introduces ‘Make It Your Own’ Motorcycle Personalisation Program
“We are very excited to have launched the Royal Enfield Meteor 350 earlier this month. The Meteor 350 takes our cruising legacy to the next level from the Thunderbird, and is a gorgeous, accessible and easy cruiser. Initial response from consumers as well as from automobile experts has been very good. We are confident that the Meteor 350 will redefine the highway cruising space in India and globally. In the commercial vehicles industry, the sentiments are improving with a gradual pick-up in the demand from certain sectors. At VECV, we continue to remain focused on our long term objectives, including driving modernization in commercial vehicles. We are happy to have achieved the milestone of being the first and only commercial vehicles company to have introduced 100% connected trucks and buses through advanced telematics.”
Also Read: Royal Enfield Sets Up First Overseas Assembly Plant In Argentina
Speaking on Royal Enfield’s efficiency, Vinod Okay. Dasari, CEO, Royal Enfield mentioned, “At Royal Enfield, consumer demand and our order books have been growing consistently since June this year, and we are happy to report that we are ahead of pre-COVID levels of bookings. We have been working consistently towards enhancing and improving the purchase and ownership experience of customers. We recently launched the Royal Enfield Meteor 350 along with Make It Yours – a first-of-its-kind initiative in the two-wheeler industry which allows buyers to personalise, accessorise and configure a motorcycle at booking stage itself. MiY is now available on the Meteor 350 as well as on the 650 Twin motorcycles. We are very proud to be the first Indian motorcycle manufacturer to offer such a wide choice of personalisation options to consumers. Innovative initiatives such as Service on Wheels and Home test rides have received encouraging response from customers. We have also expanded our network during the quarter, by adding 25 new stores and 133 studio stores across India, and 6 new exclusive stores in International markets.”
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The Indian auto business has been dealing with the warmth of the worst slowdown in over twenty years, even earlier than the COVID-19 pandemic struck. With the lockdown enforced in India, auto producers have been compelled to halt operations, resulting in a washout in manufacturing gross sales within the first few months of the present monetary yr. Sales have steadily begun choosing up after the nation restarted most actions to revive an economic system that has already been underneath stress, and heading in direction of one of many worst slowdowns. The ongoing festive season will carry some hope and respite to auto producers whereas they push stock to sellers in a interval which has historically seen the very best gross sales numbers.
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