TVS Motor Company hits record highs in Q3 FY24 revenue, EBITDA, and PAT
TVS Motor Company has surpassed expectations by achieving its highest-ever revenue, EBITDA, and Profit After Tax (PAT) in the third quarter of the financial year 2023-24. Demonstrating an impressive growth momentum, the company’s financial performance not only reflects its solid market positioning but also its strategic foresight in navigating the dynamic automotive landscape.
Record-Breaking Financial Performance:
The company reported a staggering 26% growth in operating revenue, reaching Rs. 8,245 Crores for the quarter ended December 2023, up from Rs. 6,545 Crores in the corresponding quarter of the previous year. This significant increase is a testament to TVS Motor Company’s robust sales strategy and expansive product portfolio.
Operating EBITDA for Q3 FY24 witnessed a 40% increase, amounting to Rs. 924 Crores, compared to Rs. 659 Crores in Q3 FY23, pushing the EBITDA margin to an all-time high of 11.2%. Furthermore, Profit Before Tax (PBT) saw a remarkable 63% growth, reaching Rs. 775 Crores, inclusive of Rs. 73 Crores from investment gains. PAT followed suit with a 68% surge, standing at Rs. 593 Crores for the quarter.
Unprecedented Growth: TVS Motor Company Outperforms Annual Profit in Just Nine Months of FY24
Surge in Two-Wheeler and Electric Vehicle Sales:
TVS Motor Company’s sales volume speaks volumes about its market acceptance and consumer trust. The company sold 10.63 Lakh two-wheeler units in the current quarter, marking a significant increase from 8.36 Lakh units in the previous year’s corresponding quarter. Notably, electric vehicle sales nearly doubled, registering 0.48 Lakh units as against 0.29 Lakh units in Q3 FY23, highlighting the company’s successful foray into the burgeoning electric vehicle market.
Cumulative Growth Over Nine Months:
For the nine months ended December 2023, TVS Motor Company’s operating revenue soared to Rs. 23,608 Crores, up from Rs. 19,773 Crores in the same period last year. PBT and PAT for the nine-month period grew by 45% and 48% respectively, surpassing the full-year profit of FY22-23, which is a significant milestone for the company.
Two-wheeler sales, including exports, grew by 13%, with motorcycle and scooter sales witnessing 10% and 18% growth respectively. However, two-wheeler exports saw a slight decline, emphasizing the company’s focus on strengthening its domestic market presence. Electric vehicle sales for the nine months showed an impressive increase, underscoring TVS Motor Company’s commitment to innovation and sustainability.
TVS Motor Company’s remarkable financial results for Q3 FY24 and the cumulative nine-month performance are indicative of its strategic agility and operational excellence. The company’s focus on expanding its electric vehicle portfolio, alongside consistent growth in the two-wheeler segment, positions it as a forward-thinking leader in the auto industry.