Royal Enfield Registers 9% Year-on-Year Sales Growth in FY 2023-24, Over 9 Lakh Units Motorcycles Sold

Royal Enfield announced a 5% year-on-year rise in total sales in March 2024. The Chinese-based delivered 75,551 2Ws last month, as compared to 72,235 units in March 2023. It supplied 66,044 motorcycles in the domestic market, representing a 10% YoY increase over the 59,884 units sold in March of last year. In contrast, the exports dropped from 12,351 units in March 2023 to 9,507 units the previous month. This resulted in a year-on-year decline of 23%. A large portion of Royal Enfield's sales continued to come from their 350cc series, which includes the Hunter 350, the Classic 350, the Bullet 350, and the Meteor 350.

B Govindarajan, CEO, of Royal Enfield, said, “At Royal Enfield, we’ve had yet another year of very spectacular performance across the board. We have outpaced our pre-COVID numbers and have registered healthy growth. We have outgrown the two-wheeler and motorcycle industry in the domestic market. All our motorcycles in the last two years have performed exceedingly well and have grown the market for Royal Enfield. Our non-motorcycling business including Apparel, spares, and GMA continues to grow significantly. With our exciting lineup of products, we are confident that we will be able to sustain our growth momentum well in FY 2024-25.”

Let us take a deeper look at the detailed sales report. 

Royal Enfield FY 2023-24 Sales Performance

In FY 2023–24, Royal Enfield sold 9,12,732 motorcycles in total, a noteworthy 9% rise over the previous year. Additionally, the company's domestic market showed a noteworthy 14% increase in comparison to the previous fiscal year. In comparison, the exports segment saw a 22% decrease in FY 2023–24 with 77,937 dispatched, similar to the monthly sales. At the same time last year, the automaker shipped 1,00,055 units.

Royal Enfield Sales in February 2024

Royal Enfield sold 75,935 motorcycles in February 2024, up 6% from 71,544 units sold last year. The company's domestic sales increased by 5%, from 64,436 units sold in February 2023 to 67,922 in February 2024. Exports grew by 13% to 8,013 units in February this year, up from 7,108 units shipped last year.