TVS Motor Company’s operating revenue grew by 13% at Rs. 8,145 Crores for the quarter ended September 2023 as against Rs. 7,219 Crores reported in the quarter ended September 2022.
The Company’s Operating EBITDA grew by 22% at Rs. 900 Crores for the second quarter of 2023-24 as against EBITDA of Rs. 737 Crores in second quarter of 2022-23. The Company’s EBITDA margin for the quarter is at 11.0% as against EBITDA margin of 10.2% reported in the second quarter of 2022-23.
The Company’s Profit Before Tax grew by 32% at Rs. 724 Crores (includes other income of Rs. 37.5 Crores towards fair valuation of the current investments) for the second quarter of 2023-24 as against PBT of Rs. 549 Crores in second quarter of 2022-23.
Sales
The overall two-wheeler and three-wheeler sales including exports grew by 5% registering 10.74 Lakh units in the quarter ended September 2023 as against 10.27 Lakh units registered in the quarter ended September 2022. Motorcycle sales grew by 3% registering 4.93 Lakh units in the quarter ended September 2023 as against 4.77 Lakh units in quarter ended September 2022. Scooter sales for the quarter ended September 2023 grew by 10% registering 4.20 Lakh units as against the sales of 3.83 Lakh units in the second quarter of 2022-23. The Company recorded two-wheeler exports of 2.39 Lakh units in the quarter ended September 2023 as against 2.52 Lakh units in the quarter ended September 2022. Total three-wheeler sales for the quarter under review was at 0.43 Lakh units as against 0.51 Lakh units during second quarter of 2022-23.
EV Sales
The Company’s cumulative TVS iQube sales surpassed 2 lakh units. During the quarter under review, the Company sold 0.58 Lakh units as against 0.16 Lakh units during quarter ended September 2022.
Half-year results
The total two-wheeler sales of the Company for the half-year ended September 2023 grew by 6% registering 19.50 Lakh units as against 18.38 Lakh units recorded in the half-year ended September 2022. The total three-wheeler sales for the half-year ended September 2023 is at 0.78 Lakh units as against 0.97 Lakh units registered in the half-year ended September 2022. The total export of two and three-wheelers for the half-year ended September 2023 is at 5.04 Lakh units as against 6.36 Lakh units in the half-year ended September 2022.
Total revenue in the half-year ended September 2023 is at Rs. 15,362 Crores against Rs. 13,228 Crores in the half-year ended September 2022. PBT for the half-year ended September 2023 grew by 36% at Rs. 1,334 Crores (includes other income of Rs. 93.1 Crores towards profit on sale of investments and fair valuation of investments) as against Rs. 981 Crores in the half-year ended September 2022. During the half-year ended September 2023, the Company reported Profit After Tax of Rs. 1,004 Crores as against Rs. 728 Crores in the half-year ended September 2022.
New Product Launches
In the current quarter, TVS Motor Company introduced two new products: TVS X, the premium electric crossover and TVS Apache RTR 310, the ‘New Freestyle Performance’ motorcycle. The company also announced the launch of India’s first-ever electric two-wheeler racing championship, TVS Racing Electric One Make Championship.
