The company said it has recruited a commercial team to assess market requirements for its first electric motorcycle. Siddhartha Lal, managing director, Eicher Motors, said, “We are testing the prototype and will bring in a disruptive product. We have put together a team to look into the commercial side of this business. Our product is two years out.”
The company beat street estimates to report its highest-ever net profit at ₹918 crore for the first quarter ended June 30. Total revenue from operations for the quarter under review stood at ₹3,986 crores, up 17.3% as compared to ₹3,397 crore in the corresponding quarter of FY23. Ebitda stood at ₹1,021 crore, up 22.8% as compared to ₹831 crore in the same quarter of the previous financial year. “Q1 has been significant for Eicher Motors as both Royal Enfield and VECV have registered their best ever first quarter performance, and have recorded tremendous growth”, Lal informed.