TVS Motor Company announced its highest-ever operating revenue of ₹9,228 crores for the quarter ending September 2024, reflecting a 13% increase compared to ₹8,145 crores in the same quarter of the previous year.
The company achieved an operating EBITDA of ₹1,080 crores, marking a 20% growth from ₹900 crores reported in the second quarter of FY2023-24. The operating EBITDA margin improved by 70 basis points, rising to 11.7% from 11.0% in the same period last year.
Profit Before Tax (PBT) surged by 24%, reaching ₹897 crores for Q2 FY2024, up from ₹724 crores in the previous year. This figure includes a fair valuation gain of ₹23 crores, compared to ₹38 crores during the same quarter last year.
In terms of sales, TVS Motor Company reported a significant 14% growth in overall two-wheeler and three-wheeler sales, achieving record quarterly sales of 12.28 lakh units, up from 10.74 lakh units in Q2 FY2023. Motorcycle sales increased by 14%, with 5.60 lakh units sold compared to 4.93 lakh units in the same quarter last year. Scooter sales rose by 17%, totaling 4.90 lakh units against 4.20 lakh units in Q2 FY2023. Two-wheeler exports also grew by 16%, reaching 2.78 lakh units from 2.39 lakh units in the prior year. However, total three-wheeler sales decreased slightly to 0.38 lakh units from 0.43 lakh units during the same period last year.
Notably, electric vehicle (EV) sales experienced a remarkable 31% growth, with quarterly sales reaching 0.75 lakh units compared to 0.58 lakh units in Q2 FY2023.
For the half-year ending September 2024, total two-wheeler sales increased by 15%, totaling 22.47 lakh units compared to 19.50 lakh units during the same period in 2023. Three-wheeler sales for the half-year stood at 0.69 lakh units, down from 0.78 lakh units last year. Total exports of two and three-wheelers rose by 11%, reaching 5.62 lakh units, compared to 5.04 lakh units in the prior year.
Total revenue for the half-year ending September 2024 grew by 15% to ₹17,604 crores, up from ₹15,363 crores in the previous year. PBT for this period rose by 26% to ₹1,680 crores, compared to ₹1,334 crores last year. Additionally, profit after tax (PAT) increased by 23%, reaching ₹1,240 crores, up from ₹1,004 crores in the same period of the previous year.
In product news, TVS Motor Company launched the all-new TVS Jupiter 110 during the quarter, which features a range of first and best-in-segment attributes. The new model has received positive feedback from customers, underscoring the company’s commitment to innovation and customer satisfaction.
