Royal Enfield registers 10% domestic growth

For the financial year ended March 2024, Royal Enfield recorded 10% growth.

Royal Enfield reported sales figures for March 2024, with 75,551 motorcycles sold compared to 72,235 motorcycles sold in the same month last year. In the fiscal year ending March 2024, the company achieved total sales of 9,12,732 motorcycles, marking a 9% increase from the previous year.

Additionally, Royal Enfield experienced a notable 14% growth in the domestic market compared to the previous fiscal year.

The company’s recent expansion into international markets included the launch of Interceptor 650, Continental GT 650, and Shotgun 650 in North America, as well as Bullet 350 in Japan.

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Royal Enfield Sales March 2024

Royal Enfield, the renowned motorcycle manufacturer, holds a significant position in the Indian motorcycling industry. The Bullet name, in particular, is synonymous with classic motorcycles in India, and the company has garnered a devoted following.

In March 2024, Royal Enfield achieved impressive sales figures, with 66,044 units sold in the domestic market.

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Comparatively, the company experienced a 10% year-on-year growth, as it sold 59,884 units in March 2023. However, there was a slight decline of 2.76% in month-on-month sales, with 67,922 units sold in February 2024.

Throughout the fiscal year 23-24, Royal Enfield sold a total of 8,34,795 units in the domestic market, showcasing a robust 14% year-on-year growth compared to the 7,34,840 units sold in FY 22-23.

Notably, the Classic 350, Bullet 350, Hunter 350, and Meteor 350 models have emerged as popular choices among Indian consumers.

In terms of exports, Royal Enfield shipped 9,507 units in March 2024. Although this represents an 18.65% month-on-month growth compared to the 8,013 units shipped in February 2024, there was a 23% year-on-year decline when compared to the 12,351 units shipped in the same period last year.

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Exports grew MoM, dipped YoY

Year-to-date, Royal Enfield exported 77,937 units in the fiscal year 23-24, falling short of the 1,00,055 units shipped in the fiscal year 22-23, resulting in a 22% year-over-year decline.

The company recently introduced the 650 Twins, Continental GT 650, Interceptor 650, and Shotgun 650 in the North American market, while the Bullet 350 was launched in Japan. Royal Enfield manufactured a total of 75,551 units last month, showing a 5% year-over-year growth compared to the 72,235 units from the previous year.

Additionally, there was a slight 0.5% month-over-month decline compared to the 75,935 units sold the month before. Year-to-date, the company sold 9,12,732 units, marking an increase of 77,837 units from the 8,34,895 units sold in the previous fiscal year.

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Statement from Royal Enfield

In regards to the performance in March 2024, B Govindarajan, CEO of Royal Enfield, expressed, “Royal Enfield has once again delivered an exceptional performance this year.

We have surpassed our pre-COVID figures and achieved substantial growth. Our success has exceeded that of the two-wheeler and motorcycle industry in the local market.

Over the past two years, all our motorcycles have shown remarkable performance, expanding the Royal Enfield market. Additionally, our non-motorcycle ventures such as Apparel, spares, and GMA are experiencing significant growth. With our exciting range of products, we are confident in maintaining our growth trajectory throughout FY 2024-25.”

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