In a significant financial update, TVS Motor Company, a leading player in the two-wheeler and three-wheeler industry, showcased remarkable performance in the second quarter of the fiscal year 2023-24. The company’s operating revenue witnessed a substantial 13% growth, reaching Rs. 8,145 Crores, compared to Rs. 7,219 Crores in the same period last year.
Key Highlights:
- Operating EBITDA Soars: TVS Motor Company’s Operating EBITDA surged by 22% to Rs. 900 Crores, displaying robust financial health during Q2 2023-24, in contrast to Rs. 737 Crores reported in the corresponding quarter of the previous fiscal year.
- Profit Before Tax (PBT) Jumps: The company’s Profit Before Tax recorded an impressive 32% growth, standing at Rs. 724 Crores for Q2 2023-24. This figure includes other income of Rs. 37.5 Crores attributed to the fair valuation of current investments, marking a significant increase from Rs. 549 Crores in Q2 2022-23.
- Sales Performance: TVS Motor Company experienced a 5% growth in overall two-wheeler and three-wheeler sales, including exports, totaling 10.74 Lakh units during Q2 2023. Motorcycle sales grew by 3%, reaching 4.93 Lakh units, while scooter sales saw a substantial 10% increase, totaling 4.20 Lakh units. The company also recorded two-wheeler exports of 2.39 Lakh units.
- Electric Vehicle Milestone: The company celebrated a significant achievement in its electric vehicle segment, with cumulative TVS iQube sales surpassing 2 lakh units. During the quarter, TVS Motor Company sold 0.58 Lakh units of electric vehicles, a notable increase from 0.16 Lakh units in the same period last year.
- New Product Launches: TVS Motor Company unveiled two new products during the quarter—TVS X, the premium electric crossover, and TVS Apache RTR 310, the ‘New Freestyle Performance’ motorcycle. Additionally, the company announced the launch of India’s first-ever electric two-wheeler racing championship, the TVS Racing Electric One Make Championship.
Furthermore, in the half-year period ended September 2023, the company reported total revenue of Rs. 15,362 Crores, reflecting a substantial growth from Rs. 13,228 Crores in the same period last year. Profit Before Tax for the half-year ended September 2023 stood at Rs. 1,334 Crores, showcasing a remarkable 36% increase from Rs. 981 Crores in the half-year ended September 2022. During this period, the company reported a Profit After Tax of Rs. 1,004 Crores, compared to Rs. 728 Crores in the half-year ended September 2022.
These results signify TVS Motor Company’s strong market presence, robust financial performance, and innovative strides in the electric vehicle domain, making it a frontrunner in the ever-evolving automotive industry.
