TVS Motor records highest-ever revenue, profit, 2W exports in Q1 FY2023

TVS Motor Company is on a roll. The Chennai-based two- and three-wheeler manufacturer has reported operating revenue of Rs 6,009 crore for the April-June 2022 quarter, which constitutes 53% year-on-year growth (Q1 FY2022: Rs 3,934 crore). EBITDA of Rs 599 crore in Q1 FY2023 is a 118% increase (Q1 FY2022: Rs 274 crore), while profit after tax has zoomed 500% to Rs 321 crore versus Rs 53 crore in Q1 FY2022.

The first three months of the current fiscal saw TVS clock total sales of 907,000 units (including exports), up 38% (Q1 FY2022: 658,000). Motorcycle sales comprised 434,000 units, up 7% Q1 FY2022: 405,000), while scooter sales catapulted 121% to 306,000 units (Q1 FY2022:138,000).

TVS recorded its best-ever two-wheeler exports in this quarter – 296,000 units. Three-wheeler sales were up 18% to 46,000 units. The TVS iQube electric scooter sold 8,724 units, up 822% YoY on a low year-ago base of 946 units but also reflecting the growing demand for electric scooters. 

The first quarter saw TVS launch three new variants of the iQube EV with an increased range of 140km on a single charge (pictured below). The refreshed iQube, which is presently available in 33 cities, is slated to reach 52 more cities within India. 

Another scooter variant launch was the NTorq XT with a hybrid TFT console and over 60 hi-tech features.