Eicher Motors revenue cracks by 66 pc in Q1, net loss at Rs 55 crore
Aug 13, 2020
New Delhi [India], Aug 13 : Eicher Motors on Thursday reported 66 per cent fall in its total revenue from operations to Rs 818 crore in the April to June quarter and a loss of Rs 55 crore as against a profit of Rs 452 crore in Q1 FY20.
It had clocked sales of Rs 2,382 crore in Q1 FY20. Earnings before interest, tax, depreciation and amortisation (EBITDA) were at Rs 4 crore in the quarter ended June as compared to Rs 614 crore in the same quarter of previous financial year.
Royal Enfield sold 58,383 motorcycles in the quarter, registering a decline of 68 per cent from 181,966 units sold over the same period of FY20.
"The previous quarter put forth unprecedented challenges for the industry and for Eicher Motors," said Managing Director Siddhartha Lal.
However, the long-term potential for both Royal Enfield and VE Commercial Vehicles (VECV), the truck and bus making company of Eicher Motors, is promising, he said.
"Towards the end of quarter, we have witnessed encouraging consumer sentiment which was evident in our sales for the month of June. We believe that this trend will continue into this quarter as well."
Royal Enfield's manufacturing units resumed operations on May 6 after being suspended on March 23. Retail operations resumed through the unlock phases in a staggered manner.
The company said it has 921 dealerships and 638 studio stores open and functional across the country.
