New Delhi: TVS Motor Company’s operating revenue grew by 13% to INR 8,145 crore for the quarter ended September 30, 2023 as against INR 7,219 crore reported in the same period in 2022.
The company’s operating EBITDA grew by 22% to INR 900 crore for the second quarter of 2023-24 as against the EBITDA of INR 737 crore in the second quarter of 2022-23. Its EBITDA margin for the quarter was at 11.0% as against 10.2% reported in the second quarter of 2022-23.
The Company’s Profit Before Tax grew by 32% to INR 724 crore (includes other income of INR 37.5 crore towards fair valuation of the current investments) for the second quarter of 2023-24 as against PBT of INR 549 crore in second quarter of 2022-23.
The overall two and three-wheeler sales including exports grew by 5% registering 10.74 Lakh units in the quarter ended September 2023 as against 10.27 Lakh units registered in the quarter ended September 2022. Motorcycle sales grew by 3% registering 4.93 Lakh units in the quarter ended September 2023 as against 4.77 Lakh units in quarter ended September 2022.
Scooter sales for the quarter ended September 2023 grew by 10% registering 4.20 Lakh units as against the sales of 3.83 Lakh units in the second quarter of 2022-23. The Company recorded two-wheeler exports of 2.39 Lakh units in the quarter ended September 2023 as against 2.52 Lakh units in the quarter ended September 2022. Total three-wheeler sales for the quarter under review was at 0.43 Lakh units as against 0.51 Lakh units during second quarter of 2022-23.
The company’s cumulative TVS iQube sales surpassed 2 lakh units. During the quarter under review, the company sold 0.58 Lakh units as against 0.16 Lakh units during the quarter ended September 2022.
Half-year results: The total two-wheeler sales of the company for the half-year ended September 2023 grew by 6% registering 19.50 Lakh units as against 18.38 Lakh units recorded in the half-year ended September 2022. The total three-wheeler sales for the half-year ended September 2023 is at 0.78 Lakh units as against 0.97 Lakh units registered in the half-year ended September 2022. The total export of two and three-wheelers for the half-year ended September 2023 is at 5.04 lakh units as against 6.36 lakh units in the half-year ended September 2022.
Total revenue in the half-year ended September 2023 was at INR 15,362 crore against INR 13,228 crore in the half-year ended September 2022. PBT for the half-year ended September 2023 grew by 36% to INR 1,334 crores (includes other income of INR 93.1 crores towards profit on sale of investments and fair valuation of investments) as against INR 981 crore in the half-year ended September 2022. During the half-year ended September 2023, the Company reported Profit After Tax of INR1,004 crore as against INR 728 crores in the half-year ended September 2022.
New Product Launches: In the current quarter, TVS Motor Company introduced two new products: TVS X, the premium electric crossover and TVS Apache RTR 310, the ‘New Freestyle Performance’ motorcycle. The company also announced the launch of India’s first-ever electric two-wheeler racing championship, TVS Racing Electric One Make Championship.
