Eicher Motors Limited · NSE:EICHERMOT
Eicher Motors — Investor Presentation (May 2023)
82 slides from Eicher Motors's investor presentation, May 11, 2023
Slide 1: Regulation 30 investor presentation intimation letter
May 11, 2023 Online intimation/submission The Secretary The Secretary BSE Limited National Stock Exchange of India Ltd Phiroze Jeejeebhoy Towers Exchange Plaza, 5th Floor, Plot No.C/1, Dalal Street G Block, Bandra Kurla Complex, Bandra (E) Mumbai-400 001 Mumbai-400 051 Security Code: 505200 Symbol:
Slide 2: Eicher Motors FY 2022-23 Investor Presentation
EICHER MOTORS FY 2022-23 INVESTOR PRESENTATION MAY, 2 0 2 3
Slide 3: Safe Harbour Statement
SAFE HARBOUR STATEMENT All statements included or incorporated by reference in this presentation, other than statements or characterizations of historical fact, are forward-looking statements. These forward-looking statements are based on our current expectations, estimates, and projections about ou
Slide 4: Contents
CONTENTS 1. EML Overview 2. Royal Enfield ● Product ● Industry ● Business Performance ● Operations Overview ● Brand ● Sustainability 3. VECV 4. Financial Review INVESTOR PRESENTATION May 2023
Slide 5: Group Structure - Eicher Motors Ltd.
GROUP STRUCTURE - EICHER MOTORS LTD. Domestic Foreign Institutional Institutional Promoter Group Investors Investors Others 49.20% 29.06% 10.86% 10.88% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Eicher Motors Limited (EML) Joint Venture with Volvo Group Business Unit 45.6 54.6 Royal Enfield (RE) VE
Slide 6: EML Board
EML BOARD Leaders with proven track record S Sandilya Siddhartha Lal B. Govindarajan Chairman, EML Managing Director and CEO, EML CEO - Royal Enfield, Whole Time Director Vinod K. Aggarwal Inder Mohan Singh Manvi Sinha Non-Executive Director Independent Director Independent Director INVESTOR PRESENTA
Slide 7: Royal Enfield
ROYAL ENFIELD INVESTOR PRESENTATION 6 May 2023
Slide 8: Our Purpose
OUR PURPOSE Innovation for sustained Royal Enfield’s philosophy of Pure Ma exploration n rai Motorcycling has always been about a ch Ter constant search for balance between ine people, machine and terrain. Today, in a world out of sync with itself, we must SUSTAINABILITY extend this quest to our busi
Slide 9: Evolution of Our Company
EVOLUTION OF OUR COMPANY Royal Enfield is the global leader in the 250cc – 750cc, mid-segment motorcycles. With ~90% market share in the Indian mid-size segment, we have rapidly grown our presence across the world with more than 950 retail touchpoints across 60+ countries. Our world-class motorcycles
Slide 10: Growth Focus ICE and EV Sustainability
GROWTH FOCUS ICE AND EV Balance - Profit & Profitability Balance - EV as game changer along with ICE SUSTAINABILITY BRAND LED CX Balance - Social & Commercial Brand led Customer objectives Experience versus transactional focus CREATE AGILE, RESILIENT & TIMELESS BUSINESS STRATEGIC APPROACH INVESTOR PRE
Slide 11: Royal Enfield Management
ROYAL ENFIELD MANAGEMENT Team of Global Professionals Siddhartha Lal B. Govindarajan Mark Wells Mohit Dhar Jayal Simon Warburton Paolo Brovedani Managing Director and CEO – Royal Enfield Chief of Design Chief Brand Officer Chief Program Manager Chief of Product Development CEO, EML Yadvinder S. Guleri
Slide 12: Product Portfolio
PRODUCT PORTFOLIO INVESTOR PRESENTATION May 2023
Slide 13: Iconic Timeless: Bullet, Classic
ICONIC TIMELESS BULLET 350 CLASSIC 350 INVESTOR PRESENTATION 12 May 2023
Slide 14: Cruiser: Meteor, Super Meteor
CRUISER METEOR 350 SUPER METEOR 650 INVESTOR PRESENTATION 13 May 2023
Slide 15: Roadster: Hunter, Interceptor
ROADSTER HUNTER 350 INTERCEPTOR 650 INVESTOR PRESENTATION 14 May 2023
Slide 16: Adventure: Himalayan, Scram
ADVENTURE HIMALAYAN SCRAM 411 INVESTOR PRESENTATION 15 May 2023
Slide 17: Cafe Racer: Continental GT
CAFE RACER CONTINENTAL GT INVESTOR PRESENTATION 16 May 2023
Slide 18: Industry
INDUSTRY
Slide 19: Domestic Motorcycle Market
DOMESTIC MOTORCYCLE MARKET INVESTOR PRESENTATION 18 May 2023
Slide 20: Opportunity - Domestic Market
OPPORTUNITY - DOMESTIC MARKET Rising Income India Opportunity The expansion of the middle class and high-income 2 Wheeler: 21M Market segments will reshape future consumption and drive incremental Motorcycles: 13.5 M consumption of US$ 4 trillion by 2030 >125cc: 3.2M Source: World Economic Forum - F
Slide 21: Launch of Classic in 2009 Was an Inflection Point
LAUNCH OF CLASSIC IN 2009 WAS AN INFLECTION POINT Launch of “ New Classic 350” and “Scram 411” Launch of “650 Twins” Launch of “Hunter 350” Launch of and “Super Meteor 650” Launch of “Continental GT” “Himalayan” Launch of “Meteor 350” Launch of new “Thunderbird” and “Apparel and Accessories” Transit
Slide 22: Gaining Market Share in the >125cc Segment
GAINING MARKET SHARE IN THE >125cc SEGMENT INVESTOR PRESENTATION 21 May 2023
Slide 23: Global Mid-size Market is Underserved and a Huge Opportunity
Global Mid-size Market is underserved and is a huge opportunity Americas Market Share^ APAC Market Share EMEA Market Share 8% 9% 9% ro wth m eG Volu 4 x 1 Million+ Opportunity* *Management estimate of the total middleweight motorcycle volumes in the priority markets for Royal Enfield. ^Reflects Royal
Slide 24: Business Performance
BUSINESS PERFORMANCE
Slide 25: Royal Enfield's Global Footprint
ROYAL ENFIELD’s GLOBAL FOOTPRINT UK Subsidiary India Tech Center Tech Center Manufacturing Canada Subsidiary South korea North America Japan Subsidiary Brazil CKD Thailand CKD Mexico (Dis) & Brazil Subsidiary & Thailand Subsidiary Subsidiaries - 05 Nepal (Dis) Colombia (CKD) (Dis) CKD - 04 Malaysia
Slide 26: Expansive Premium Distribution Network in India
EXPANSIVE PREMIUM DISTRIBUTION NETWORK IN INDIA 1,090 stores and 969 studio stores across ~1,750 cities Store count ▪ Large stores ▪ Studio stores North 328 | 327 East West 230 | 233 200 | 111 City Category wise Distribution* Category Store Count South Chennai Royal Enfield currently A+, A 257 ▪ Glob
Slide 27: Rapidly Growing International Network
RAPIDLY GROWING INTERNATIONAL NETWORK 1,150+ global touchpoints with 207 Exclusive stores & 950+ MBOs Developed Markets Developing Markets Exclusive Multi Brand Exclusive Multi Brand Store Outlet Store Outlet North APAC 49 106 1 161 America Countries with exclusive stores ■ Australia* – 1 ■ Thailand
Slide 28: Share of International Revenue Growing
SHARE OF INTERNATIONAL REVENUE GROWING Network Expansion and Touch Points International Business – Stellar Financial New Retail formats - Studio stores, Shop-in-shop for apparel, and motorcycle displays to increase Performance over last 7 years customer reach. Network expansion in key developing mar
Slide 29: Non-Motorcycle Business
NON-MOTORCYCLE BUSINESS Provide frictionless experience for RE Riders Non Motorcycle Business - 4X Revenue growth over the last six In Store Opportunity years in non motorcycle segment Accessories Apparel Explore new revenue pool from adjacencies In Use Opportunity Roadside Spares Assistance Annual
Slide 30: Financing: A Key Driver for Growth
FINANCING: A KEY DRIVER FOR GROWTH DIGITAL FINANCE MARKETPLACE FINANCING PENETRATION 55% IN FY23 Multiple financier platform – 4 players Hunter 350 Available at an EMI starting ₹1,999/- Longer loan tenures (Pvt Banks / NBFCs / PSU Banks) On a down payment of ₹4,999/- (Upto 6 years) INVESTOR PRESENTAT
Slide 31: Building Capabilities to Cater to a Global Audience
BUILDING CAPABILITIES TO CATER TO A GLOBAL AUDIENCE In English Bruntingthorpe, UK Chennai, India World-class facilities midlands with with multiple Teams access to global working from product concept stage to development production Advanced capabilities and Engineering and EV ecosystem New Product t
Slide 32: EML - Stark Future Partnership
EML - STARK FUTURE PARTNERSHIP 01 Common tenets of long term vision 02 Deep understanding of EVs and connected - tech Technical Collaboration 03 Agreement - potential for joint development and sourcing 04 World class team - Faster product development Sourcing relationships 05 Sourcing relationships
Slide 33: All New Super Meteor
ALL NEW SUPER METEOR 350 “The Super Meteor 650 is now a “Yes the wait for the SM 650 was worth benchmark for cruisers in the it, it has also worked on a lot of the Indian market. The Super Meteor flaws of the existing 650 Twins, as a 650 is indeed a very special cruiser it ticks a lot of boxes.” moto
Slide 34: Operations Overview
OPERATIONS OVERVIEW
Slide 35: Thiruvottiyur, Oragadam, Vallam Vadagal
THIRUVOTTIYUR ORAGADAM VALLAM No Assembly 600,000 600,000 operations; Capacity Capacity Plating & motorcycles per motorcycles per Auto buffing annum annum INVESTOR PRESENTATION 34 May 2023
Slide 36: Best in Class Technology Delivering Superior Quality
BEST IN CLASS TECHNOLOGY DELIVERING SUPERIOR QUALITY VEHICLE ASSEMBLY ENGINE ASSEMBLY SURFACE FINISHING ▪ Assembly line flexibility - 256 SKUs ▪ Automation of critical sub assembly ▪ 46 robots deployed to achieve superior can be produced (including MiY) operations paint finish and better transfer ▪ Nu
Slide 37: Best in Class Technology Delivering Superior Quality
BEST IN CLASS TECHNOLOGY DELIVERING SUPERIOR QUALITY MACHINING FABRICATION AUTO BUFFING ▪ Total no of machining centers across ▪ Improved ride & handling experience ▪ Two stage automated buffing process plants - 340 achieved by 100% robotic welding of enhance the aesthetics of plating ▪ Process capab
Slide 38: Delivering the Pure Motorcycle Experience
DELIVERING THE PURE MOTORCYCLE EXPERIENCE Make It Yours - a unique motorcycle Studio Stores - Unique compact store Royal Enfield Vintage - Transparent sale personalization initiative format with 3S store offerings and purchase of pre-owned RE motorcycles Royal Enfield Garage Café, Goa - RE App - 3D co
Slide 39: Enhancing Consumer Experience
ENHANCING CONSUMER EXPERIENCE SALES SERVICE PRODUCT Field Failure – Defects per Hundred Bike 5X Redu DPHB ctio n 2016 2017 2018 2019 2020 2021 2022 Store and Online experience Service on Wheels & Ride Sure Product Quality Excellence ▪ Sales Process excellence ▪ The Ride Sure programme with a ▪ Valla
Slide 40: Brand
BRAND
Slide 41: The First Royal Enfield
1901 The first Royal Enfield motorcycle is produced. Designed by R. W. Smith and Frenchman Jules Gotiet, it hasa 11/2 hp Minerva engine mounted in front of the steeringhead. The final drive \s at the rear wheel by means of along rawhide bet. 1943 Royal Enfield produces large quantities of motorcycle
Slide 42: Motoverse 2022
MOTOVERSE 2022 The true highlight being the Themed ‘Into The Motoverse’, After a hiatus of a two unveiling of the New Super Rider Mania witnessed multi years, this year’s Rider Meteor 650 in it’s all seven space, multi theme event Mania saw 14,000 riders striking new colorways with New spaces, New f
Slide 43: Art of Motorcycling
ART OF MOTORCYCLING Art of Motorcycling Season 3 went live with art on street and college activations across the country 3 Prominent Jury Members Santanu Hazarika Hanif Kureshi HS Sivakumar Illustrator (Visual Artist) Typographer, Visual Artist Royal Enfield Industrial Design Head Art of Street Colle
Slide 44: Digital First Approach
Royal Enfield X NCW Himalayan Odyssey Riders Club Of Europe Slide School One Ride GT Cup - 2022 Finale Round 90° South The Great Himalayan Astral Ladakh Himalayan Zanskar Exploration ‘Digital First’ approach The largest, fastest On-ground and growing and the most on-line communities engaged online to
Slide 45: Strong Brand Equity
STRONG BRAND EQUITY #1 84% Mode of Self Consideration Expression #1 50% Top of Mind Awareness 31 percentage points ahead of our closest 30 percentage competitor points ahead of our *Internal Kantar report on Brand Health Track - JFM’2023 scores Community closest competitor Driven ● Among the host of
Slide 46: One of the World's Strongest Organic Social Media Communities
10.6 MILLION ONE OF THE WORLD’s STRONGEST FULLY ORGANIC SOCIAL MEDIA COMMUNITY INSTAGRAM LINKEDIN YOUTUBE FACEBOOK TWITTER INVESTOR PRESENTATION 45 May 2023
Slide 47: Leading Premium Consumer Brand
LEADING PREMIUM CONSUMER BRAND SHARE OF VOICE* NET SENTIMENT 40% VS 92% SHARE OF MARKET 7.1% *Share of Voice in the Global 2W Space Royal Enfield’s Market Share in the Indian Motorcycle Segment INVESTOR PRESENTATION 46 May 2023
Slide 48: Social Media Engagement
Super Meteor CRPF x Royal Art Of #TheClassicCollectible Launch Enfield Motorcycling Total Average Total Engagement Reach* Engagement per Brand post 80M 5M Indian Army Royal Enfield GT Cup 2823 Day, Holi, Gudi Engagement Padwa Total Views Rate^ 36M 6.18% The Great Himalayan Exploration New Year Eve Roy
Slide 49: Sustainability
SUSTAINABILITY
Slide 50: Pillars of Sustainability Journey
PILLARS OF SUSTAINABILITY JOURNEY Environmental Social Governance ▪ Become water positive ▪ Ride for a cause ▪ Strategy, execution and ▪ Attain Carbon neutrality ▪ Disaster relief activities monitoring ▪ Work towards zero liquid discharge ▪ Village upgradation programmes ▪ Risk management ▪ Eliminat
Slide 51: Green Business Operations
GREEN BUSINESS OPERATIONS EML KEY FOCUS AREAS Waste Management Material ● 4,863 MT of hazardous waste was Comprising over 90% of recycled recycled. 01 Zero waste to landfill aluminum and steel, Royal Enfield ● Generated and disposed of 4,610 motorcycles are among the MT of non-hazardous waste. world’s
Slide 52: Passion with Responsibility
PASSION WITH RESPONSIBILITY Women’s Safety and Gender Equality Awareness Helmet and Road Safety Awareness with the National Commission of Women ■ To promote the cause of helmet adoption and road safety through a ■ In an attempt to create a safe space and a gender-neutral society, Royal unique initia
Slide 53: Among the Industry Leaders in Sustainability
AMONG THE INDUSTRY LEADERS IN SUSTAINABILITY ESG Score 62.0 Eicher Motors is listed in the DJSI Emerging Markets Index for the second year in a row, and has maintained its position among the top 3 automotive sector leaders in India and top 10 globally. ESG Reporting Eicher Motors has been reporting
Slide 54: ESG Performance Overview
ESG PERFORMANCE OVERVIEW Eicher Motors ranks among the sector leaders in major ESG ratings Morgan Stanley Capital Sustainalytics International (MSCI) #8 out of 89 in Among the the toptop 10 auto 8 out of 89 in A Among companies 10 Auto globally MSCICOmpanies ratings in 13.3 the Automotive the Automo
Slide 55: Volvo-Eicher Commercial Vehicles
VOLVO-EICHER COMMERCIAL VEHICLES INVESTOR PRESENTATION 54 May 2023
Slide 56: Joint Venture since 2008: Merging the Best of Both Worlds
Joint Venture since 2008: Merging the best of both worlds VISION AND VALUES Respect ▪ Global expertise To be recognised as the ▪ Leadership in product technology industry leader driving Fair and Ethical modernization in ▪ Well defined processes and controls commercial ▪ Brand image Excellence transpo
Slide 57: Q4 FY23 - A Quarter of Many Highest Evers
Q4 FY 23 - A QUARTER OF MANY ‘HIGHEST EVERS’ ▪ Highest ever sales in a quarter of 26,376 units exceeding previous record of 23101 units in Q4-FY’18 ▪ Highest ever Eicher and Volvo HD trucks sales in a quarter of 8147 units ( FY23 Q3 – 5889 units) ▪ Highest ever Eicher LMD trucks sales in a quarter o
Slide 58: Financial Year 23 - A Record Year for VECV
FINANCIAL YEAR ‘23 - A RECORD YEAR FOR VECV ▪ Highest ever Eicher Trucks and Buses sales of 77,760 units for the financial year (previous best 71,743 units FY’19) ➔ Highest ever HD Truck sales of 18965 units (previous best of 13,281 units FY’19) with highest ever market share of 7.7% ➔ Highest ever L
Slide 59: Indian CV Industry Rapidly Modernizing, at Cusp of Growth
INDIAN SCALING UP - CV INDUSTRY RAPIDLY MODERNIZING, AT CUSP OF GROWTH ▪ Fastest growing large economy 3.5 trillion USD in FY’23* ▪ Formalization of Economy; highly successful integrated tax regime. Tax collection growth of 48% in last 3 years ▪ Policy focus on Modernization, Make in India -“Atmanir
Slide 60: VECV Well Poised for Growth: Building Blocks in Place
VECV WELL POISED FOR GROWTH: BUILDING BLOCKS IN PLACE INVESTOR PRESENTATION 59 May 2023
Slide 61: Modernized Product Range
MODERNIZED PRODUCT RANGE… PREMIUM,VALUE AND BUDGET SEGMENTS, E-MOBILITY INVESTOR PRESENTATION 60 May 2023
Slide 62: Strengthened Credibility Through Retail Excellence
Pvt Dealer Private- Company inOwned processlocations- Company Operated in progress STRENGTHENED CREDIBILITY THROUGH RETAIL EXCELLENCE ORIENTED FRONT-END PROCESSES, FOCUS ON UPTIME No.1 in Dealer Satisfaction 800+ touchpoints On Site Support 2nd year in a row Pvt Dealer Company Owned Company Operated
Slide 63: Established Industrial Footprint
ESTABLISHED INDUSTRIAL FOOTPRINT VPS, IOT 4.0, SUSTAINABILITY DRIVEN Truck Plant – Pithampur Capacity 90,000 p.a. New Truck Plant – Bhopal Parts Distribution Center Capacity 40,000 p.a. - Pithampur VE Powertrain – Pithampur Gear Box Unit – SEZ Capacity 80,000 p.a. Pithampur Madhya Pradesh ● ●●● Eich
Slide 64: Strong Steps in Digitization
STRONG STEPS IN DIGITIZATION… UPTIME, PRODUCTIVITY AND CONNECTED SOLUTIONS 100% Connected Fleet My Eicher App: Fleet Management Uptime Center* -Eicher Live *Remote Diagnostics | Parts Support | Field Support | On Road Service| Vendor Support | Predictive Diagnostics INVESTOR PRESENTATION 63 May 2023
Slide 65: Awards & Accolades
AWARDS & ACCOLADES INVESTOR PRESENTATION 64 May 2023
Slide 66: Enhancing Brand Salience: Nayi Soch and Smart Sustainability
ENHANCING BRAND SALIENCE: NAYI SOCH AND SMART SUSTAINABILITY Nayi Soch Nayi Raaste Auto Expo 2023 INVESTOR PRESENTATION 65 May 2023
Slide 67: Volvo Group Synergy, Celebrating 15 Years
VOLVO GROUP SYNERGY… STRONG TRACK RECORD, CELEBRATING 15 YEARS INVESTOR PRESENTATION 66 May 2023
Slide 68: Future-Ready Programs in Place
FUTURE-READY PROGRAMS IN PLACE… E-MOBILITY, SMALL CVs, ALTERNATE FUELS Advanced R&D programs in Hydrogen ICE, Fuel Cells, Batteries, LNG and Bio-blends INVESTOR PRESENTATION 67 May 2023
Slide 69: Strengthened Market Share in All Segments
STRENGTHENED MARKET SHARE IN ALL SEGMENTS DRIVEN BY MODERNISATION #2 #2 #3 INVESTOR PRESENTATION 68 May 2023
Slide 70: Consistent Financial Performance Despite Headwinds
CONSISTENT FINANCIAL PERFORMANCE DESPITE HEADWINDS Total CV# Volumes and Market Share Total Revenue (in nos and %) Total revenue from operations (net of excise duty) EBITDA^ and Margins Profit After Tax CV# - Commercial Vehicles (Domesic sales) The figures in % indicate EBITDA Margins EBITDA – Earni
Slide 71: YTD Financial Highlights
YTD FINANCIAL HIGHLIGHTS Total Revenue from Operations EBITDA^ and Margins Profit After Tax EBITDA – Earning Before Interest ,Tax, Depreciation and Amortisation ^For the purpose of EBITDA computation, only interest income (part of other income) has been excluded from Total Income The figures in % ind
Slide 72: Profitable Growth: Comparison with Competition
PROFITABLE GROWTH: COMPARISON WITH COMPETITION INVESTOR PRESENTATION 71 May 2023
Slide 73: Q4 FY 2023 Financial and Business Updates
Q4 FY 2023 FINANCIAL AND BUSINESS UPDATES Particulars Q4 FY23 Q4 FY22 Growth Net Sales 5,926.75 4,188.08 42% Revenue from 6,199.98 4,307.15 44% operations EBITDA 615.14 293.32 110% EBITDA margin 10.40% 7.00% (% of net sales) PAT 315.39 98.96 219% All figures in Crores INVESTOR PRESENTATION 72 May 202
Slide 74: Our Journey: Performing and Transforming
OUR JOURNEY… PERFORMING AND TRANSFORMING Profitable Sustainable Products & Operations Future Ready INVESTOR PRESENTATION 73 May 2023
Slide 75: Financial Review
FINANCIAL REVIEW
Slide 76: Inclusive Stakeholder Management Policies
INCLUSIVE STAKEHOLDER MANAGEMENT POLICIES With global operational and retail footprints and social initiatives that span the length and breadth of India and International markets, EML has a diverse stakeholder base Gunning for Improving Improving Value Growth Returns Creation ▪ Rise in utilization o
Slide 77: Significant Value Creation for All Stakeholders
SIGNIFICANT VALUE CREATION FOR ALL STAKEHOLDERS Market Capitalisation (INR Billions) 133x returns over last 14 years INVESTOR PRESENTATION 76 May 2023
Slide 78: Consistent Delivery Leading to Strong Cash Accruals
CONSISTENT DELIVERY LEADING TO STRONG CASH ACCRUALS Total Sales Total Revenue from operations EBITDA and Margin Motorcycle Volumes ('000) PAT Net Cash OCF Net Cash = Cash and cash equivalent – Total debt All figures are in INR Crs unless specified INVESTOR PRESENTATION 77 May 2023
Slide 79: Profit & Loss Statement (Consolidated)
PROFIT & LOSS STATEMENT (Consolidated) Profit and Loss Account FY17 FY18 FY19 FY20 FY21 FY22 FY23 Sales Volume: Two Wheelers (Nos.) 666,135 820,121 822,724 697,582 609,403 595,474 824,066 Total revenue from operations (net of excise) 7,033 8,965 9,797 9,154 8,720 10,298 14,442 Manufacturing and other
Slide 80: Balance Sheet (Consolidated)
BALANCE SHEET (Consolidated) Particulars FY17 FY18 FY19 FY20 FY21 FY22 FY23 Net Fixed Assets (including CWIP and 1,247 1,835 2, 324 2,690 2,748 2,929 3.162 Pre-operative Expenditure) Investments 4,987 5,581 4,923 5,749 3,902 7,721 12,101 Other Non Current Assets 260 186 180 102 125 165 252 Current A
Slide 81: Statement of Cash Flows (Consolidated)
STATEMENT OF CASH FLOWS (Consolidated) Particulars FY17 FY18 FY19 FY20 FY21 FY22 FY23 Profit before tax and after share of profit of 2,433 3,116 3,297 2,355 1,798 2,203 3,800 Joint venture Operating profit before changes in working 2,196 2,851 2,941 2,236 1,912 2,172 3,552 capital Net Changes in workin
Slide 82: Royal Enfield
Royal Enfield Royal Enfield Royal Enfield INVESTOR PRESENTATION February 2023