In the first quarter of FY23-24, TVS Motor Company showcased remarkable financial performance, with its revenue from operations reaching an impressive Rs. 7,218 Crores, exhibiting a significant 20% growth compared to the same period in the previous fiscal year when it stood at Rs. 6,009 Crores.
Moreover, the company achieved its highest-ever Operating EBITDA of Rs. 764 Crores, marking a substantial 27% increase from the first quarter of FY22-23, during which the EBITDA was recorded at Rs. 599 Crores. This improvement in Operating EBITDA also led to a boost in the company’s operating EBITDA margin, which improved by 60 basis points, climbing to 10.6% from the 10.0% reported in the quarter ended June 2022.
TVS Motor Company’s Profit Before Tax (PBT) saw a remarkable surge, reaching Rs. 610 Crores in the first quarter of 2023-24, registering a notable 41% growth compared to the PBT of Rs. 432 Crores in the corresponding period of the previous fiscal year. It’s worth noting that the first-quarter PBT included Rs. 55.6 Crores attributed to profit on the sale of investments.
Furthermore, the Company’s Profit After Tax (PAT) recorded an impressive growth of 46%, soaring to Rs. 468 Crores during the current quarter, as opposed to Rs. 321 Crores achieved in the first quarter of 2022-23.
Overall, TVS Motor Company showcased robust financial performance, achieving record-breaking figures in revenue, operating EBITDA, and profitability during the first quarter of the financial year 2023-24.
TVS Motor Company exhibited strong sales growth in the first quarter of FY23-24, with overall two-wheeler and three-wheeler sales, including exports, increasing by 5%. The total units sold in this quarter amounted to 9.53 Lakh, showcasing a notable upswing from the 9.07 Lakh units sold in the corresponding period of FY22-23.
The motorcycle segment witnessed a substantial 7% growth, with sales reaching 4.63 Lakh units in the quarter ended June 2023, compared to 4.34 Lakh units in the same quarter of FY22-23.
Scooter sales also experienced remarkable progress, boasting an 11% increase. TVS Motor Company sold 3.50 Lakh units in the quarter ended June 2023, surpassing the 3.15 Lakh units sold in the first quarter of FY22-23.
However, the three-wheeler segment saw a slight decline in sales, with 0.35 Lakh units sold in the quarter under review, as opposed to 0.46 Lakh units sold in the first quarter of FY22-23.
On the electric scooter front, TVS Motor Company achieved significant success, selling 39,000 units in the quarter ended June 2023, indicating substantial growth compared to the 9,000 units sold in the same quarter of FY22-23. Notably, the demand for the TVS iQube remained strong, with continued healthy bookings.
Overall, TVS Motor Company’s Q1 FY23-24 sales performance highlights its successful efforts in catering to market demands and embracing the increasing popularity of electric vehicles.