TVS Motor Company announced a standalone net profit of ₹662.6 crore for the quarter ending September 2024, marking a 23.5% increase from ₹536.5 crore in the same period last year. Despite this growth, the net profit and revenue fell below market forecasts, which were anticipated at ₹669 crore and ₹9,534 crore, respectively. Revenue from operations rose by 13% year-on-year, reaching ₹9,228.2 crore.
The company achieved its highest-ever operating EBITDA of ₹1,080 crore, a 20% increase from ₹900 crore in the same quarter of FY 2023-24. The operating EBITDA margin improved by 70 basis points to 11.7%, compared to 11.0% in the previous year. Profit before tax (PBT) for Q2 FY2024-25 increased by 24% to ₹897 crore, up from ₹724 crore in Q2 FY2023-24. This quarter’s PBT included a fair valuation gain of ₹23 crore, down from ₹38 crore in the same period last year.
In sales performance, TVS Motor recorded a 14% overall increase in two-wheeler and three-wheeler sales, achieving a record total of 12.28 lakh units for the quarter, compared to 10.74 lakh units in Q2 FY2023-24. Motorcycle sales grew by 14%, with 5.60 lakh units sold compared to 4.93 lakh units in the previous year. Scooter sales rose by 17%, reaching 4.90 lakh units, up from 4.20 lakh units. Two-wheeler exports also increased by 16%, totaling 2.78 lakh units compared to 2.39 lakh units in the same quarter last year. However, total three-wheeler sales declined to 0.38 lakh units from 0.43 lakh units in the prior year.
Furthermore, the company reported a 31% growth in electric vehicle (EV) sales, achieving its highest quarterly sales of 0.75 lakh units, compared to 0.58 lakh units in Q2 FY2023-24. In this quarter, TVS Motor launched the new TVS Jupiter 110, which has garnered positive feedback from customers. On the BSE, the company’s shares closed 3% lower at ₹2,582.
