Eicher Motors Limited · NSE:EICHERMOT
Eicher Motors — Q4 FY2024 Earnings Presentation
79 slides from Eicher Motors's earnings presentation, May 11, 2024
Slide 1: Regulation 30 intimation to stock exchanges
May 11, 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 Symbol:
Slide 2: Eicher Motors Q4 & FY 2023-24 Investor Presentation
EICHER MOTORS Q4 & FY 2023-24 INVESTOR PRESENTATION May, 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 ● Company Overview ● India Business ● International Business ● Non-MC Business ● Operations Overview ● Brand ● Sustainability 3. JV UPDATE - VECV 4. Financial Review INVESTOR PRESENTATION May 2024
Slide 5: Group Structure - Eicher Motors Ltd
GROUP STRUCTURE - EICHER MOTORS LTD Foreign Institutional Domestic Promoter Group Investors Institutional Investors Others 49.1% 29.7% 11.2% 10% 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 Enfield
Slide 6: EML Board
EML BOARD Leaders with a 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 Independe
Slide 7: Royal Enfield
ROYAL ENFIELD INVESTOR PRESENTATION 6 May 2024
Slide 8: Our Purpose
Innovation OUR PURPOSE for sustained exploration M in ac Royal Enfield’s philosophy of Pure Motorcycling has always rra hi Te been about a constant search for balance between people, ne machine and terrain. Today, in a world out of sync with itself, we SUSTAINABILITY must extend this quest to our bus
Slide 9: Rebalance: Long Term Strategic Vision
REBALANCE: LONG TERM STRATEGIC VISION 1. ICE and EV 3. Brand Led CX Brand led Customer Experience Balance EV as a game changer versus transactional focus along with ICE products 2. Growth Focus 4. Sustainability Balance Social & Commercial Balance Profit & Profitability objectives CREATE AN AGILE, RES
Slide 10: Management Team of Global Professionals
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 Vidhya Srinivasan R
Slide 11: Expansive Product Portfolio
EXPANSIVE PRODUCT PORTFOLIO Engine Platform Heritage Cruiser Roadster Scrambler Adventure Retro Sport P Platform 650cc | Twin cylinder Super Meteor 650 Interceptor INT650 Continental GT650 Air-oil cooled 47 PS | 52.4 N-m Shotgun 650 K (Sherpa) Platform 450cc | Single cylinder Liquid cooled 39.4 PS |
Slide 12: India Business
INDIA BUSINESS
Slide 13: Share of Mid-Size in Domestic Motorcycle Market Growing
SHARE OF MID-SIZE (250-750cc) IN THE DOMESTIC MOTORCYCLE MARKET GROWING INVESTOR PRESENTATION 12 May 2024
Slide 14: Highest Ever Volumes in India
HIGHEST EVER VOLUMES IN INDIA Himalayan 450 | Shotgun 650 Transition of all 350 models to J Platform Launch of the twins Hunter 350 INT 650 / GT 650 Super Meteor 650 Launch of 411 Himalayan OG New Classic 350 Continental GT Scram 411 535 Meteor 350 Motorcycle Volumes (‘000) Launch of new “Thunderbir
Slide 15: Gaining Market Share in Domestic Motorcycles
GAINING MARKET SHARE IN DOMESTIC MOTORCYCLES INVESTOR PRESENTATION 14 May 2024
Slide 16: Expansive Premium Distribution Network in India
EXPANSIVE PREMIUM DISTRIBUTION NETWORK IN INDIA WITH MORE THAN 2,000 TOUCHPOINTS Store count ▪ Large stores North ▪ Studio stores 335 | 292 West East 201 | 97 236 | 227 Chennai South ▪ Global Headquarters 330 | 285 ▪ Technology Centre ▪ Manufacturing Facilities • Tiruvottiyur Royal Enfield currently
Slide 17: International Business
INTERNATIONAL BUSINESS
Slide 18: Royal Enfield's Global Footprint
ROYAL ENFIELD’s GLOBAL FOOTPRINT Europe Subsidiary Canada Subsidiary UK Subsidiary North America Tech Center Subsidiary Nepal (CKD) (Dis) Brazil CKD Thailand CKD & Brazil Subsidiary & Thailand Subsidiary Colombia (CKD) India Tech Center Subsidiaries - 06 Manufacturing CKD units - 05 Tech Centers - 0
Slide 19: Global Mid-Size Market Is Underserved
GLOBAL MID-SIZE MARKET IS UNDERSERVED & IS A HUGE OPPORTUNITY Americas Market Share^ APAC Market Share EMEA Market Share 8% 9% 9% ^Reflects Royal Enfield’s market share in the middleweight segment in the countries present as of FY24 INVESTOR PRESENTATION 18 May 2024
Slide 20: Rapidly Growing International Network
RAPIDLY GROWING INTERNATIONAL NETWORK 1,085+ premium global touchpoints Exclusive Multi Brand Exclusive Multi Brand Exclusive Multi Brand Store Outlet Store Outlet Store Outlet UK, MEA, Americas 104 220 75 515 APAC 56 116 Europe Subsidiary - USA, Brazil Technology Centers – UK Subsidiary : Thailand
Slide 21: Revenue from International Business Growing
REVENUE FROM INTERNATIONAL BUSINESS GROWING International Business – Stellar Financial Performance over last 8 years Australia - Shepparton, Victoria Korea - Seongnam, Seoul PROJECT ORIGIN INVESTOR PRESENTATION 20 May 2024
Slide 22: Widening Reach in the Non-Motorcycle Business
WIDENING REACH IN THE NON-MOTORCYCLE BUSINESS - Highest ever revenue generated from non-motorcycle business - Highest number of Job Cards clocked in the year - Spare parts fastest growing business in terms of revenue post automation - Commenced regional warehouse operations in Chandigarh and Kolkata
Slide 23: Spares and Service
SPARES AND SERVICE No.1 After Sales Score - FADA SURVEY, 2023 INVESTOR PRESENTATION 22 May 2024
Slide 24: Genuine Motorcycle Accessories
GENUINE MOTORCYCLE ACCESSORIES 23
Slide 25: 24
24
Slide 26: Apparel
APPAREL EXPLORER V4 RIDING JACKET WINDFARER RIDING JACKET 61ST CAVALRY X ROYAL ENFIELD Launched Explorer V4 riding If you think adventure is scary then Royal Enfield collaborated with India's 61st jacket. It’s a super ventilated try it with Windfarer riding jacket. It Cavalry Regiment of the Indian A
Slide 27: Operations Overview
OPERATIONS OVERVIEW
Slide 28: Production Capacity
PRODUCTION CAPACITY THIRUVOTTIYUR ORAGADAM VALLAM No Assembly operations; Plating & Auto buffing 600,000 600,000 motorcycles per annum motorcycles per annum capacity capacity INVESTOR PRESENTATION 27 May 2024
Slide 29: Improving Manufacturing Quality
IMPROVING MANUFACTURING QUALITY Field Failure – Defects per Hundred Bike 4X Redu ctio n FF3 2019 2020 2021 2022 2023 Product Quality Excellence ▪ Vallam Vadagal facility received "Future Ready factory of the Year" in the 18th edition of the India Manufacturing Excellence Awards (IMEA) by Frost & Sul
Slide 30: Building Capabilities to Cater to a Global Audience
BUILDING CAPABILITIES TO CATER TO A GLOBAL AUDIENCE UK CHENNAI ▪ UK Tech Centre at Bruntingthorpe to be a hub for the ▪ The Chennai tech centre has the engineering and design product development and research activities, driving the teams working under one roof and houses state-of-the-art mid-range m
Slide 31: Enhancing Rider Experience Through Digital Transformation
ENHANCING RIDER EXPERIENCE THROUGH DIGITAL TRANSFORMATION LAUNCHED WINGMAN AVAILABLE WITH LAUNCHED TRIPPER DASH SUPER METEOR 650 & SHOTGUN 650 WITH HIMALAYAN 450 INVESTOR PRESENTATION 30 May 2024
Slide 32: Digitally Enabled Customer Experience
DIGITALLY ENABLED CUSTOMER EXPERIENCE Make It Yours - Motorcycle personalization initiative RE App - 3D configurator motorcycle guide for frictionless service experience refreshed with UI/UX improvements INVESTOR PRESENTATION 31 May 2024
Slide 33: Catering to Changing Consumer Needs
CATERING TO CHANGING CONSUMER NEEDS Royal Enfield became the first two-wheeler brand to launch an omnichannel pre-owned motorcycle program under 'REOWN' on 5th Dec’23 In mid-Oct’23, Royal Enfield announced its "Assured Buy Back" program, catering to shifting consumer LIVE AT 25+ TOURIST DESTINATIONS IN
Slide 34: 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 35: Brand
BRAND
Slide 36: Himalayan 450
HIMALAYAN 450 “Now this here is what you call a thoroughbred off-roader! “Royal Enfield has had the greatest turnaround of any While also being more than capable of any long-distance automotive manufacturer in the last decade, and they touring plans you can come up with, because it should be an have
Slide 37: The Himalayan Electric Testbed
THE HIMALAYAN ELECTRIC TESTBED EICMA 2023 UNVEIL “The Royal Enfield Himalayan “In terms of design, the Royal Enfield Himalayan “Royal Enfield does not even call the Him-E a prototype. Instead, the Him-E is testbed is our first official Electric is quite a departure from the current Royal a platform for t
Slide 38: Rides and Community
RIDES AND COMMUNITY 28K+ 58 420+ RIDERS COUNTRIES CITES One Ride aims to bring together Royal Enfield owners with a strong passion for riding across the globe, celebrate the Pure Motorcycling philosophy The largest annual ride that celebrates Pure Motorcycling, One Ride 2023 continues its focus on it
Slide 39: Motoverse 2023
MOTOVERSE 2023 76% NEW PARTICIPANTS 51M+ REACH THROUGH INTERNAL 18M+ REACH THROUGH MEDIA, 57% RODE TO MOTOVERSE CONTENT CREATORS AND PR
Slide 40: Into the Motoverse 2023
INTO THE MOTOVERSE 2023 RIDE TO MOTOVERSE HIMALAYAN PRICE SHOTGUN UNVEIL MEDIA DIRT TRACK REVEAL RACE Curated ride with a mix of top Select walkarounds for 46 auto journalists, regional media The official launch of the media and creators, followed An adrenaline filled race and creators through the all
Slide 41: Brand Collaborations
BRAND COLLABORATIONS Blue Tokai X HUEMN X King Nerd X Spotify X Unimatic X Royal Enfield Royal Enfield Royal Enfield Royal Enfield Royal Enfield The collaboration of HUEMN collaboration Designed in RE and Spotify which Unimatic and Royal Royal Enfield and Blue with RE introduced the collaboration with a c
Slide 42: Leading Premium Motorcycle Brand
LEADING PREMIUM MOTORCYCLE BRAND #1 87% Consideration Culture Community Driven Builder #1 52% Top of Mind Awareness SHARE OF VOICE* NET SENTIMENT 50.2% 32 percentage 92.3% 32 percentage points points ahead of our ahead of our closest closest competitor competitor ● Our Top of Mind Awareness (first br
Slide 43: One of the World's Strongest Fully Organic Social Media Community
11.3 MILLION ONE OF THE WORLD’s STRONGEST FULLY ORGANIC ❏ ❏ ❏ 20K - Average Engagement per Brand post 33.7M - Total Engagement 86.9M - Total Reach SOCIAL MEDIA COMMUNITY INSTAGRAM LINKEDIN YOUTUBE FACEBOOK TWITTER INVESTOR PRESENTATION 42 May 2024
Slide 44: Adventure Ride Calendar 2024
ADVENTURE RIDE CALENDAR 2024 HIMALAYAN HIMALAYAN MOTO ADVENTURE ADVENTURE HIMALAYA MANANG TIBET MUSTANG APRIL ‘24 MAY ‘24 JUNE ‘24 HIMALAYAN WOLFTRAIL MOTO HIMALAYA ODYSSEY CHANGTHANG CHANTHANG, UNROAD -KL ZANSKAR JUNE ’24 AUGUST ’24 JULY ’24 HIMALAYAN TOUR OF WHITEOUT ADVENTURE, NORTH EBC JANUARY ‘
Slide 45: Sustainability
SUSTAINABILITY
Slide 46: 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 47: 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 48: Social Mission x Royal Enfield
SOCIAL MISSION 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 Himalayan the Himalayan Knot on 17th November, Changer”
Slide 49: Among the Industry Leaders in Sustainability Practices
AMONG THE INDUSTRY LEADERS IN SUSTAINABILITY PRACTICES – EML is member of S&P Global LargeMidCap ESG Index – Among Top 3 Automotive ESG leaders from India; Top 15%ile of Global Automakers in Corporate Sustainability Assessment. A 13.4 Low risk Among the top 10 Auto Rank #8 out of 89 in companies glo
Slide 50: Volvo-Eicher Commercial Vehicles
VOLVO-EICHER COMMERCIAL VEHICLES
Slide 51: 15 Years of Driving Modernisation
15 YEARS OF DRIVING MODERNISATION Leveraging the best of both worlds Respect Fair and Ethical ▪ Leadership in Light & Medium ▪ Global expertise Excellence Duty segments ▪ Leadership in product technology ▪ Frugal engineering & operations Customer Centric ▪ Well defined processes and ▪ After sales inf
Slide 52: 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 53: Indian Economy Continues to Show Strong Growth Despite Global Headwinds
INDIAN ECONOMY CONTINUES TO SHOW STRONG GROWTH DESPITE GLOBAL HEADWINDS ● Fastest growing large economy; GDP forecast to grow >7.0% in FY’25; surpass $5 trillion by FY’26 ● Formalization of Economy; Tax collection growth >50% in last 3 years ● Policy focus on Modernization & Net Zero, Make in India
Slide 54: Q4 FY24 - Strong Performance in Vehicle Sales; Record Part Sales
Q4 FY 24 - STRONG PERFORMANCE IN VEHICLE SALES; RECORD PART SALES ● Robust quarterly sales performance of 25,732 units, second only to highest quarterly sales of 26,376 units in Q4-FY’23 ● Eicher HD Trucks - Highest ever Q4 sales of 6,476 units ( FY23 Q4 – 6466 units) with market share of 8.9%. ● HD
Slide 55: FY 2023-24: A Record Year for VECV
FY 2023- 24: A RECORD YEAR FOR VECV • Highest ever annual sales of 85,560 units against 79,623 units last FY with an overall growth of 7.5% • Highest ever Eicher Trucks and Buses sales 83,088 units for the financial year exceeding previous best of 77,760 units in FY’23. • Highest ever Volvo Trucks sa
Slide 56: FY 2023-24: Highlights
FY 2023- 24: 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 Dubai
Slide 57: Significantly Strengthened Market Position in All Segments
SIGNIFICANTLY STRENGTHENED MARKET POSITION IN ALL SEGMENTS Volvo Trucks India* Light & Medium Duty Trucks 93.7% 34.6% #1 #2 72.6% 25.3% FY 2009 FY 2024 FY 2009 FY 2024 *Market share in high end premium segment Buses (Combined) Heavy Duty Trucks (Combined) 21.6% 9.2% #3 2.0% #3 5.3% FY 2009 FY 2024 F
Slide 58: Modernized Product Range
MODERNIZED PRODUCT RANGE Premium & Value segments with Electric, Natural Gas and Diesel Offerings INVESTOR PRESENTATION 57 May 2024
Slide 59: Eicher E-Mobility
EICHER E-MOBILITY Covering diverse applications for trucks & buses Landmark delivery of 6 EV buses to the Indian Army Delivery of 1st Pro 2055 EV VECV also commenced the use of Electric busses at Pithampur Plant for Staff Transportation INVESTOR PRESENTATION 58 May 2024
Slide 60: Eicher E-Mobility
EICHER E-MOBILITY Delivered electric commercial vehicles ● The first Pro 2055 EV was handed to Safe-Express, marking a milestone, while a partnership with Amazon for 1000 Pro 2049 EVs showcased a commitment to sustainable logistics. ● Delivered EV 9m buses to the Indian Army and National Highway Rail
Slide 61: Established Industrial Footprint
ESTABLISHED INDUSTRIAL FOOTPRINT VPS, IoT 4.0, Sustainability driven New Truck Plant – Bhopal Truck Plant – Pithampur Capacity 40,000 p.a. Parts Distribution Center - Capacity 90,000 p.a. Pithampur VE Powertrain – Pithampur Gear Box Unit – SEZ Capacity 80,000 p.a Pithampur Eicher Bus Plant – Baggad
Slide 62: Premium Distribution Network with More Than 930 Touchpoints
PREMIUM DISTRIBUTION NETWORK WITH MORE THAN 930 TOUCHPOINTS ● Overall 933 distribution touchpoints, net addition of 125 touchpoints in FY24 ● 267 setups added in the last 2 years, 40% growth in overall network count. ● East focus : Ramp up of 34 setups in FY24, total network count 270 ● Retail Excel
Slide 63: Connected Services
CONNECTED SERVICES NEXT STEP TO DRIVE CUSTOMER VALUE AND CREATE NEW SERVICE REVENUE STREAMS Joint Venture with iTriangle 100% Connected Fleet • Providing segment specific multi fleet solutions for VECV Customers. • Supply of telematics and IOT device-based solutions with IP control and customer owners
Slide 64: VECV Ranked Highly in Dealer & Customer Satisfaction Surveys
VECV RANKED HIGHLY IN DEALER & CUSTOMER SATISFACTION SURVEYS CUSTOMER SATISFACTION SURVEY 2024 #1 in LMD #1 in HD #2 in Buses Trucks Trucks on both in Customer on both Customer Satisfaction Customer Satisfaction and and No. 2 in Satisfaction Loyalty Index Loyalty Index and Loyalty parameters paramet
Slide 65: Awards & Recognition
AWARDS & RECOGNITION Best Brand of 2023 - ET Edge INVESTOR PRESENTATION 64 May 2024
Slide 66: Won National Awards for Excellence in Brand & Marketing
WON NATIONAL AWARDS FOR EXCELLENCE IN BRAND & 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 65 May 2024
Slide 67: Sustainability Focus
SUSTAINABILITY FOCUS In-House Green supply chain ● VECV is enhancing preparedness for novel and ● All logistics vehicles comply with BS-VI alternative fuel technologies. standards, demonstrating commitment to ● Aims to meet the evolving needs of the industry environmental standards and sustainabilit
Slide 68: Q4 FY24 - Weaker Total Industry Volume Offset by Market Share Gains
Q4 FY 24 - WEAKER TOTAL INDUSTRY VOLUME OFFSET BY MARKET SHARE GAINS Volumes Market Share (%) Volumes Market Share (%) Growth Growth Segments Q4'FY24 Q4'FY'23 % Q4'FY24 Q4'FY'23 FY'24 FY'23 % FY'24 FY'23 HD 6476 6466 0.2 8.9 7.8 21529 18965 13.5 8.3 7.7 LMD 11033 11978 (7.9) 35.8 35.0 38712 37318 3.
Slide 69: Q4 FY24 VECV Financial Highlights
Q4 FY 24 VECV FINANCIAL HIGHLIGHTS Total Revenue from Operations EBITDA^ and Margins Profit After Tax *Swing of (-) Rs.192 crores between FY’23 and FY’24 on account of Govt. incentives EBITDA – Earning Before Interest ,Tax, Depreciation and Amortisation ^For the purpose of EBITDA computation, only i
Slide 70: Consistent Topline Profitable Through Business Cycles
CONSISTENT TOPLINE PROFITABLE THROUGH BUSINESS CYCLES Total CV# Volumes and Market Share Total revenue from operations (in nos and %) Total revenue from operations (net of excise duty) EBITDA^ and Margins Profit After Tax CV# - Commercial Vehicles (Domestic sales) The figures in % indicate EBITDA Marg
Slide 71: Eicher Motors Financial Review
EICHER MOTORS FINANCIAL REVIEW
Slide 72: 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 73: Significant Value Creation for All Stakeholders
SIGNIFICANT VALUE CREATION FOR ALL STAKEHOLDERS Market Capitalisation (INR Billions) INVESTOR PRESENTATION 72 May 2024
Slide 74: Q4 FY24 Financial Highlights
Q4 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 73 May 2024
Slide 75: 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 74 May 2024
Slide 76: Profit & Loss Statement (Consolidated)
PROFIT & LOSS STATEMENT (Consolidated) Profit and Loss Account FY19 FY20 FY21 FY22 FY23 FY24 Sales Volume: Two Wheelers (Nos.) 822,724 697,582 609,403 595,474 824,066 9,12,003 Total revenue from operations (net of excise) 9,797 9,154 8,720 10,298 14,442 16,536 Manufacturing and other expenses 6,894 6
Slide 77: Balance Sheet (Consolidated)
BALANCE SHEET (Consolidated) Particulars FY19 FY20 FY21 FY22 FY23 FY24 Net Fixed Assets (including CWIP and 2, 324 2,690 2,748 2,929 3.162 3,469 Pre-operative Expenditure) Investments 4,923 5,749 3,902 7,721 12,101 13,346 Other Non Current Assets 180 102 125 165 252 2,161 Current Assets Inventories
Slide 78: Statement of Cash Flows (Consolidated)
STATEMENT OF CASH FLOWS (Consolidated) Particulars FY19 FY20 FY21 FY22 FY23 FY24 Profit before tax and after share of profit 3,297 2,355 1,798 2,203 3,800 5,202 of Joint venture Operating profit before changes in working 2,941 2,236 1,912 2,172 3,552 4,404 capital Net Changes in working capital (457) 8
Slide 79: Royal Enfield
Royal Enfield Royal Enfield Royal Enfield