TVS Motor Company’s revenue from operations for the quarter to June 2024 rose by 16% to INR 8,376 crore, compared to INR 7,218 crore in the same quarter of the previous year. The company achieved its highest ever operating EBITDA of INR 960 crore, marking a 26% increase from INR 764 crore in the first quarter of 2023-24. The operating EBITDA margin improved significantly by 90 basis points, reaching 11.5%, up from 10.6% in the June 2023 quarter.
The company reported its highest ever Profit Before Tax (PBT) of INR 783 crore, a 28% rise from INR 610 crore in the same quarter last year. This PBT figure includes a notional gain of INR 28 crore from the fair valuation of investments held by the company. The Profit After Tax (PAT) for the current quarter grew by 23% to INR 577 crore, compared to INR 468 crore during the first quarter of 2023-24.
Overall sales, including two-wheelers and three-wheelers, both domestic and export, grew by 14%, reaching 10.87 lakh units for the quarter ending June 2024. This is up from 9.53 Lakh units registered in the same quarter last year. Motorcycle sales increased by 11% to 5.14 Lakh units from the previous year’s 4.63 Lakh units. Scooter sales saw a notable 19% rise, reaching 4.18 Lakh units, up from 3.50 Lakh units in the first quarter of 2023-24. However, three-wheeler sales decreased to 0.31 Lakh units from 0.35 Lakh units in the same period the previous year.
Electric scooter sales for the quarter to June 2024 stood at 0.52 Lakh units, up from 0.39 lakh units in the corresponding quarter of 2023.
During the quarter, TVS Motor Company introduced new variants to the TVS iQube portfolio to make electric mobility more accessible. The TVS iQube now comes in three battery options: 2.2 kWh, 3.4 kWh, and 5.1 kWh. The series offers five variants available in 11 vibrant colors, positioning it as one of the most diverse and attractive electric vehicle portfolios in the market.
“TVS iQube portfolio is receiving very good response from the customers,” the company said.
This range expansion aims to cater to a wider audience and enhance the company’s footprint in the electric vehicle market.
