Eicher Motors Limited · NSE:EICHERMOT
Eicher Motors — Q3 FY2023-24 Earnings Presentation
84 slides from Eicher Motors's earnings presentation, Feb 13, 2024
Slide 1: Regulation 30 Investor Presentation Cover Letter
February 13, 2024 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 Sym
Slide 2: Q3 FY 2023-24 Investor Presentation
EICHER MOTORS Q3 FY 2023-24 INVESTOR PRESENTATION February, 2024
Slide 3: Safe Harbour Statement
All statements included or incorporated by SAFE HARBOUR STATEMENT reference in this presentation, other than statements or characterisations 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 February 2024
Slide 5: Group Structure - Eicher Motors Ltd.
GROUP STRUCTURE - EICHER MOTORS LTD. Foreign Institutional Domestic Promoter Group Investors Institutional Investors Others 49.2% 30.3% 9.8% 10.8% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Eicher Motors Limited (EML) Joint Venture Business Unit 45.6% 54.4% Royal Enfield (RE) RENA (Royal Royal Enfiel
Slide 6: EML Board
EML BOARD Leaders with proven track record S Sandilya Siddhartha Lal B. Govindarajan Vinod K. Aggarwal Chairman, EML Managing Director and CEO, EML CEO - Royal Enfield, Whole Time Non-Executive Director Director Inder Mohan Singh Manvi Sinha S Madhavan Tejpreet Chopra Independent Director Independent
Slide 7: Royal Enfield
ROYAL ENFIELD INVESTOR PRESENTATION 6 February 2024
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-weight motorcycles segment with our world-class motorcycles being among segment leaders, in India where we are ~90% of the midweight market, as well as in all key markets across Europe, Americas and the Asia-Pacific
Slide 10: Strategic Approach: 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 Experience objectives 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 Mahesh Tripathi Managing Director & CEO, EML CEO – Royal Enfield Chief of Design Chief Brand Officer Chief Program Manager Chief Operations Officer Yadvinder S. Guleria Vidhy
Slide 12: Product Portfolio
PRODUCT PORTFOLIO INVESTOR PRESENTATION February 2024
Slide 13: Iconic Timeless: Bullet, Classic
ICONIC TIMELESS BULLET 350 CLASSIC 350 INVESTOR PRESENTATION 12 February 2024
Slide 14: Cruiser: Meteor, Super Meteor
CRUISER METEOR 350 SUPER METEOR 650 INVESTOR PRESENTATION 13 February 2024
Slide 15: Roadster: Hunter, Interceptor
ROADSTER HUNTER 350 INTERCEPTOR 650 INVESTOR PRESENTATION 14 February 2024
Slide 16: Adventure: Himalayan, Scram
ADVENTURE HIMALAYAN 450 SCRAM 411 INVESTOR PRESENTATION 15 February 2024
Slide 17: Cafe Racer Custom: Continental GT, Shotgun
CAFE RACER CUSTOM CONTINENTAL GT 650 SHOTGUN 650 INVESTOR PRESENTATION 16 February 2024
Slide 18: Industry
INDUSTRY
Slide 19: Share of Premium in the Domestic Motorcycle Market
SHARE OF PREMIUM IN THE DOMESTIC MOTORCYCLE MARKET INVESTOR PRESENTATION 18 February 2024
Slide 20: 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 “Himalayan” Launch of New “Himalayan “Continental GT” “Meteor 350” 450” launched Launch of new “Thunderbird” and “App
Slide 21: Gaining Market Share in Domestic Motorcycles
GAINING MARKET SHARE IN DOMESTIC MOTORCYCLES INVESTOR PRESENTATION 20 February 2024
Slide 22: 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% th G row ume Vol 1 Million+ Opportunity* 4.5x *Management estimate of the total middleweight motorcycle volumes in the priority markets for Royal Enfield. ^Reflects Royal
Slide 23: Business Performance
BUSINESS PERFORMANCE
Slide 24: Royal Enfield's Global Footprint
ROYAL ENFIELD’s GLOBAL FOOTPRINT India UK Subsidiary Tech Center Tech Center Manufacturing Canada Subsidiary South korea North America Japan Subsidiary Thailand CKD Mexico (Dis) Brazil CKD & Thailand Subsidiary & Brazil Subsidiary Nepal (CKD) (Dis) Colombia (CKD) (Dis) Subsidiaries - 05 Malaysia CKD
Slide 25: Expansive Premium Distribution Network in India
EXPANSIVE PREMIUM DISTRIBUTION NETWORK IN INDIA 2,000+ premium touchpoints in more than 1,850 cities Store count ▪ Large stores North ▪ Studio stores 333 | 303 West East 200| 98 235 | 225 Chennai South ▪ Global Headquarters 328 | 285 ▪ Technology Centre ▪ Manufacturing Facilities Royal Enfield curren
Slide 26: Rapidly Growing International Network
RAPIDLY GROWING INTERNATIONAL NETWORK 1,050+ global touchpoints with 221 Exclusive stores & 838 MBOs Exclusive Multi Brand Exclusive Multi Brand Exclusive Multi Brand Store Outlet Store Outlet Store Outlet UK, MEA, Americas 100 216 66 510 APAC 55 112 Europe, Subsidiary - USA Technology Centers – UK
Slide 27: Share of International Revenue Growing
SHARE OF INTERNATIONAL REVENUE GROWING International Business – Stellar Financial Performance over last 8 years Australia - Shepparton, Victoria Korea - Seongnam, Seoul INVESTOR PRESENTATION 26 February 2024
Slide 28: Non-Motorcycle Business
NON-MOTORCYCLE BUSINESS Non Motorcycle Business - 5X Revenue growth over the last 8 years https://www.royalenfield.com/in/en/gma/# choose_by_motocycle In Use Opportunity Roadside Spares Assistance Annual Extended Maintenance Warranty Contract INVESTOR PRESENTATION 27 February 2024
Slide 29: 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 30: 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 31: Operations Overview
OPERATIONS OVERVIEW
Slide 32: Thiruvottiyur, Oragadam, Vallam Plants
THIRUVOTTIYUR ORAGADAM VALLAM No Assembly 600,000 600,000 operations; Capacity Capacity Plating & motorcycles per motorcycles per Auto buffing annum annum INVESTOR PRESENTATION 31 February 2024
Slide 33: 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 34: 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 35: 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 36: Enhancing Consumer Experience
ENHANCING CONSUMER EXPERIENCE SALES SERVICE PRODUCT Field Failure – Defects per Hundred Bike 4X Red uct ion FF3 2019 2020 2021 2022 2023 Store and Online experience Service on Wheels & Ride Sure Product Quality Excellence ▪ Sales Process excellence ▪ The Ride Sure programme with a ▪ Vallam Vadagal f
Slide 37: Awards
AWARDS Royal Enfield Oragadam Facility awarded as “Future Indian Green Building Certification (IGBC) Ready Factory Of The Year 2023” With Platinum Rating for REHQ -IMEA INVESTOR PRESENTATION 36 February 2024
Slide 38: Brand
BRAND
Slide 39: Royal Enfield Heritage Timeline
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 40: Launch of the All-New Himalayan 450
LAUNCH OF THE ALL-NEW HIMALAYAN 450 “The new Himalayan is certainly a brilliant all-round motorcycle. If it can be “Royal Enfield has had the greatest fun in the Himalayas, it can be fun turnaround of any automotive anywhere in the world.” manufacturer in the last decade, and they have absolutely ear
Slide 41: Response to the All-New Himalayan
RESPONSE TO THE ALL-NEW HIMALAYAN INVESTOR PRESENTATION February 2024
Slide 42: Himalayan 450 - Awards
HIMALAYAN 450 - AWARDS INDIAN MOTORCYCLE OF THE YEAR BIKE OF THE YEAR and VIEWERS 2024 CHOICE MOTORCYCLE OF THE YEAR - IMOTY - AUTOCAR ADV OF THE YEAR UPTO 500CC ADV OF THE YEAR -TOPGEAR -MOTORING WORLD INVESTOR PRESENTATION 41 February 2024
Slide 43: EICMA 2023 Unveil: Himalayan and Electric Testbed
EICMA 2023 UNVEIL | THE ALL NEW HIMALAYAN + HIMALAYAN ELECTRIC TESTBED “The Royal Enfield Himalayan “Royal Enfield does not even is our first official glimpse at call the Him-E a prototype. RE's electric future. “ Instead, the Him-E is a platform for the manufacturer to test its “In terms of design, the
Slide 44: Response to the Shotgun 650
“The Shotgun 650 is definitely a “The Shotgun turns a lot of heads good-looking motorcycle and catches the and has enough poke for all eye. The chopped fenders, mid-set riding conditions and over that, footpegs, and sporty fuel tank scream Royal Enfield has stepped up its "look at me NOW!" The graphic
Slide 45: Response to the Shotgun 650
RESPONSE TO THE SHOTGUN 650 INVESTOR PRESENTATION February 2024
Slide 46: Brand Announcements
BRAND ANNOUNCEMENTS Royal Enfield launched Re-own Royal Enfield introduced Assured Royal Enfield Meteor 350 got Royal Enfield launched Re-own Buyback program striking new colourways Introduced a one-stop solution for A first-of-its-kind initiative in the Introduced the Meteor 350 cruiser’s buying or sell
Slide 47: Brand Announcements
BRAND ANNOUNCEMENTS Royal Enfield launched the ‘WINGMAN’ Royal Enfield Continental GT Cup Season 3 concluded Introduced ‘WINGMAN’, a new connected After a grueling racing season which started in August and vehicle solution in India; debuts in the Super spanned over three months, season 3 of India’s un
Slide 48: Apparel
APPAREL LAUNCHED KIDS HELMETS Launched Kids Helmets at Motoverse 2023 and saw great traction across the board EXTENSION OF ONE’S PERSONALITY The range is built to help riders explore and Introduced India’s first sustainable riding jacket - express themselves Streetwind Eco, built with responsibility
Slide 49: Rides and Community
RIDES AND COMMUNITY Himalayan Odyssey One Ride Uncover North East Himalayan Zanskar The largest, fastest growing and the most engaged online motorcycle brand community in the world. On-ground and on-line communities come together to make a vibrant and eager audience INVESTOR PRESENTATION 48 February
Slide 50: Motoverse 2023
MOTOVERSE 2023 76% NEW PARTICIPANTS 51M+ REACH THROUGH INTERNAL 18M+ REACH THROUGH MEDIA, 57% RODE TO MOTOVERSE CONTENT CREATORS AND PR
Slide 51: Into the Motoverse 2023
INTO THE MOTOVERSE 2023 RIDE TO MOTOVERSE HIMALAYAN PRICE REVEAL SHOTGUN UNVEIL MEDIA DIRT TRACK RACE Curated ride with a mix of top The official launch of the Select walkarounds for 46 An adrenaline filled race auto journalists, regional media all-new Himalayan at media and creators, followed experie
Slide 52: Leading Premium Consumer Brand
LEADING PREMIUM CONSUMER BRAND SHARE OF VOICE* NET SENTIMENT 50.2% 92.7% VS SHARE OF MARKET 7.5% *Share of Voice in the Global 2W Space Royal Enfield’s Market Share in the Indian Motorcycle Segment INVESTOR PRESENTATION 51 February 2024
Slide 53: Strong Brand Equity
STRONG BRAND EQUITY #1 85% Aspirational Consideration Brand #1 49% Top of Mind Awareness 28 percentage points ahead of our closest competitor 26 percentage points Community ahead of our closest competitor Driven ● Among the host of brand health metrics tracked by Royal Enfield, ‘Top of Mind Awareness
Slide 54: One of the World's Strongest Organic Social Media Communities
11 MILLION ONE OF THE WORLD’s STRONGEST FULLY ORGANIC SOCIAL MEDIA COMMUNITY INSTAGRAM LINKEDIN YOUTUBE FACEBOOK TWITTER INVESTOR PRESENTATION 53 February 2024
Slide 55: Sustainability
SUSTAINABILITY
Slide 56: 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 57: Green Business Operations
GREEN BUSINESS OPERATIONS Optimising Energy Consumption Emission Management 80% targeted emission ● Implementation of VFD in EPC AHU, ● Committed to reducing emissions 01 intensity reduction per helping reduce frequency (50 hz to 40 like PM, SOx, and NOx motorcycle by FY 29-30 hz) and power consumpt
Slide 58: Eicher Group Foundation x Royal Enfield
EICHER GROUP FOUNDATION x ROYAL ENFIELD The Great Himalayan Exploration Himalayan Knot Launch of The Game Changer In a first-of-its-kind endeavor with RE x Eicher Group Foundation launched A strategic blueprint called “Game UNESCO to explore the Eastern the Himalayan Knot on 17th November, Changer” w
Slide 59: Among the Industry Leaders in Sustainability Practices
AMONG THE INDUSTRY LEADERS IN SUSTAINABILITY PRACTICES Morgan Stanley Capital Sustainalytics Eicher Motors is listed in the S&P Global International (MSCI) Among the top Among the top ESG LargeMidCap, and has maintained its 10 Auto 10 Auto position among the top 3 automotive sector leaders in India
Slide 60: Volvo-Eicher Commercial Vehicles
VOLVO-EICHER COMMERCIAL VEHICLES
Slide 61: Celebrating 15 Years: The Best of Both Worlds
Celebrating 15 years: The best of both worlds Respect VISION AND VALUES Fair and Ethical ▪ Global expertise To be recognised as the ▪ Leadership in product technology industry leader driving Excellence modernization in ▪ Well defined processes and controls Customer Centric commercial ▪ Brand image tr
Slide 62: VECV Board
VECV BOARD Leaders with proven track record Siddhartha Lal Jan Gurander Joachim Rosenberg Vinod K. Aggarwal Chairman of the Board Deputy CEO Volvo Group EVP and Executive Board Member, Managing Director & CEO VECV MD Eicher Motors Ltd Volvo Group Chairman of the Board, UD Trucks Corporation Philippe
Slide 63: Q3 FY24 - Record Sales for Q3, YTD Dec
Q3 FY24 - Record sales for Q3, YTD Dec for Vehicles and Parts • Highest ever third quarter sales of 20,706 units exceeding previous record of 18,162 units in Q3-FY’23 • HD Trucks (combined Volvo and Eicher) - Highest ever third quarter sales of 6,210 units ( FY23 Q3 – 5241 units) and market share of
Slide 64: Q3 FY24 - Other Highlights
Q3 FY24 - Other Highlights ● Launched HD Non-Stop series Pro 6000 ● Launched industry leading automated manual transmission (AMT) –Eicher –E-Smart Shift ● VEPT ranked #1 in CII Inter-Industry Kaizen Competition (Cost Savings) ● Inaugurated International Parts Distribution & Branch Office (IPDC) in Du
Slide 65: Global Unveil of Small Commercial Vehicle Range
Global Unveil of Small Commercial Vehicle range at Bharat Mobility 2024 ● Developed for city and near-city distribution, redefining last-mile logistics ● GVW from 2T to 3.5T ● Sales commencing from Q4 FY’25 ● Electric-First Pro Business, Pro Planet approach ➢ Progressively available in CNG & Diesel I
Slide 66: Product Range - Transition to BS VI OBD II
Product range - Seamless transition to new BS VI OBD II emission standards INVESTOR PRESENTATION 65 February 2024
Slide 67: My Eicher ~200,000 Connected Vehicles
My Eicher ~200,000 connected vehicles CV Industry Leading App ● Single Window to monitor all Business KPI’s: Sales, Service, Spares, EOS, My Eicher, Soft Products. ● Actionable Insights to Review Operations: Model Wise Reporting, Manpower Productivity etc. ● On Demand Availability of Insights: Compa
Slide 68: e-mobility: India's First 5.5 T Electric Truck
e-mobility: Delivered India's first 5.5 T electric truck MoUs signed with Amazon India and Greencell Mobility for supply of 1000 electric trucks and buses respectively over next 5 years Advanced projects for Small Commercial Vehicles, Hydrogen ICE, Fuel Cells, Batteries, LNG and Bio-blends INVESTOR P
Slide 69: Dealer Satisfaction Award from FADA
Dealer Satisfaction - Won Dealer Satisfaction Award from Federation of Automobile Dealers Associations (FADA) for third year in row INVESTOR PRESENTATION 68 February 2024
Slide 70: Campaign Recognition - National Awards
Campaign recognition - Three National Awards for Excellence in Branding & Marketing Eicher Nayi Soch wins My Eicher wins Best New Eicher Uptime Beat wins Marketing Campaign of Brand, Product or Service Marketing Excellence in the Year Launch Award CV Industry INVESTOR PRESENTATION 69 February 2024
Slide 71: Brand Excellence Award - IACC
Brand Excellence Award - at 7th Business Leadership Awards by Indo-American Chamber of Commerce (IACC) INVESTOR PRESENTATION 70 February 2024
Slide 72: Q3 FY24 - Market Share and Volume Growth Across Segments
Q3 FY24 - Market share and Volume growth across business segments Q3- Quarterly YTD Segments Volumes MS (%) Volumes MS (%) Growth Growth Q3'FY24 Q3'FY'23 % Q3'FY24 Q3'FY'23 FY'24 FY'23 % FY'24 FY'23 HD 5,627 4,753 18.4 8.7 7.7 1,5053 12,499 20.4 8.1 7.6 LMD 9,800 9,239 6.1 34.5 33.2 27,679 25,340 9.
Slide 73: Strengthened Market Share in All Segments
Strengthened market share in all segments Light & Medium Duty Trucks Heavy Duty Trucks 34.0% 9.0% 25.3% 2.0% FY 2009 YTD FY24 FY 2009 YTD FY24 Buses Volvo Trucks India* 22.0% 92.9% 5.3% 72.6% FY 2009 YTD FY24 FY 2009 YTD FY24 *Market share in high end premium segment INVESTOR PRESENTATION 72 Februar
Slide 74: Q3 FY24 Financial Highlights
Q3 FY24 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 %
Slide 75: Our Journey: Performing and Transforming
OUR JOURNEY… PERFORMING AND TRANSFORMING Profitable Sustainable Products & Operations Future Ready INVESTOR PRESENTATION 74 February 2024
Slide 76: Financial Review
FINANCIAL REVIEW
Slide 77: 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 78: Significant Value Creation for All Stakeholders
SIGNIFICANT VALUE CREATION FOR ALL STAKEHOLDERS Market Capitalisation (INR Billions) 189x returns over last 15 years INVESTOR PRESENTATION 77 February 2024
Slide 79: 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 78 February 2024
Slide 80: Q3 FY24 Financial Highlights
Q3 FY 24 FINANCIAL HIGHLIGHTS Total Sales Revenue from operations Motorcycle Volumes ('000) EBITDA and Margin PAT All figures refer to EML Consolidated numbers and are in INR Crs unless specified INVESTOR PRESENTATION 79 February 2024
Slide 81: Profit & Loss Statement (Consolidated)
PROFIT & LOSS STATEMENT (Consolidated) Profit and Loss Account FY19 FY20 FY21 FY22 FY23 9M FY24 Sales Volume: Two Wheelers (Nos.) 822,724 697,582 609,403 595,474 824,066 684,078 Total revenue from operations (net of excise) 9,797 9,154 8,720 10,298 14,442 12,280 Manufacturing and other expenses 6,894
Slide 82: Balance Sheet (Consolidated)
BALANCE SHEET (Consolidated) Particulars FY19 FY20 FY21 FY22 FY23 H1FY24 Net Fixed Assets (including CWIP and 2, 324 2,690 2,748 2,929 3.162 3,324 Pre-operative Expenditure) Investments 4,923 5,749 3,902 7,721 12,101 12,490 Other Non Current Assets 180 102 125 165 252 797 Current Assets Inventories
Slide 83: Statement of Cash Flows (Consolidated)
STATEMENT OF CASH FLOWS (Consolidated) Particulars FY19 FY20 FY21 FY22 FY23 H1FY24 Profit before tax and after share of profit 3,297 2,355 1,798 2,203 3,800 2,519 of Joint venture Operating profit before changes in working 2,941 2,236 1,912 2,172 3,552 2,150 capital Net Changes in working capital (457)
Slide 84: Royal Enfield
Royal Enfield Royal Enfield Royal Enfield INVESTOR PRESENTATION February 2023