TVS Motor, India’s second-largest two-wheeler manufacturer, reported a 48.7 percent jump in its consolidated net profit at Rs 441.47 crore for the first quarter ended June 30. The company posted a Rs 296.75 crore net profit for the same period a year ago.
Meanwhile, the company’s revenue also grew by 24.41 percent in Q1 FY24 at Rs 9,142.05 crore as compared to Rs 7,347.83 in the same quarter a year ago.
During the quarter under review, the company posted its highest ever Operating EBITDA of Rs 764 crore, with a growth of 27 percent as against EBITDA of Rs 599 crore in first quarter of 2022-23. The company’s operating EBITDA improved by 60 bps at 10.6 percent, as against 10 percent in the quarter ended June 2022.
In Q1FY24, TVS Motor’s overall two-wheeler and three-wheeler sales, including exports, grew by 5 percent, registering sales of 9.53 lakh units as against 9.07 Lakh units registered in the quarter ended June 2022.
Company’s motorcycle sales stood at 4.63 lakh units in Q1FY24, up 7 percent, as compared to 4.34 Lakh units in the same quarter year ago. Electric Scooter sales for the quarter ended June 2023 is at 39,000 units as against 9,000 units in the quarter ended June 2022.