Auto-major Eicher Motors Limited (EML) on Monday announced the appointment of Siddhartha Lal as the Executive Chairman of the Board, following the retirement of Chairman, S. Sandilya. In addition, the board also appointed Vinod Aggarwal as the Vice Chairman (Non-Executive), and B. Govindarajan as the new Managing Director of EML. Govindarajan will be replacing Lal as the new MD of Eicher.
Aggarwal will continue to be MD and CEO at VE Commercial Vehicles (EML’s joint venture with the Volvo Group), while B. Govindarajan will retain his role as the CEO of Royal Enfield.
After the Board meeting on Monday, Eicher Motors also announced its December quarter results. Its consolidated profit after tax (PAT) increased 18 per cent year-on-year to Rs 1,171 crore for the third quarter ended December 31, 2024, riding on higher sales.
Revenue from operations rose to Rs 4,973 crore in the December quarter compared to Rs 4,179 crore in the corresponding quarter of 2023-24 fiscal, Eicher Motors said in a statement. Royal Enfield recorded its highest-ever quarterly sales volume of 2,69,039 motorcycles in the December quarter, a growth of 17 per cent over 2,29,214 units sold in the year-ago period.
The Board also appointed Ira Gupta and Arun Vasu as Independent Directors. Gupta leads an HR advisory practice specialising in leadership coaching, succession and culture. Vasu is the third-generation torchbearer of the esteemed TTK family legacy.
“From his early roles in the company serving as Managing Director, Group CEO, and ultimately Chairman for 25 years, he (Sandilya) has been instrumental in shaping Eicher Motors into what it is today. Under his leadership, Eicher has navigated challenging times to become one of the leading commercial vehicle players in India and developing markets, while Royal Enfield became a global leader in mid-size motorcycles,” Siddhartha Lal said.
He added, “I will be deeply engaged in shaping EML’s long-term vision for the decades ahead -- guiding the company’s strategic direction while continuing to drive consumer insights, brand development, next-gen technology adoption, and product innovation. Additionally, I look forward to dedicating more time to leadership development and mentoring, helping to nurture the next generation of leaders as we continue our journey of growth and transformation.”