TVS Motor Company reports 13% growth in operating revenue for Q2 FY24

TVS Motor Company showcased a strong financial performance with a 13% increase in operating revenue, reaching Rs. 8,145 Crores for the quarter ended September 2023, compared to Rs. 7,219 Crores in the same period last year. The company’s Operating EBITDA rose by 22%, standing at Rs. 900 Crores, against Rs. 737 Crores in the previous year’s quarter, highlighting an EBITDA margin of 11.0%. Furthermore, Profit Before Tax (PBT) saw a substantial increase of 32% at Rs. 724 Crores, including other income from investments.

Growth in Two-Wheeler and EV Sales

The company’s overall sales, including two-wheeler and three-wheeler units along with exports, grew by 5%, totaling 10.74 Lakh units in the quarter ended September 2023. This increase was led by a 3% growth in motorcycle sales and a notable 10% increase in scooter sales. Notably, TVS Motor Company’s focus on electric vehicles (EVs) resulted in significant growth, with TVS iQube sales surpassing 2 lakh units. During the quarter, 0.58 Lakh iQube units were sold, a remarkable rise from 0.16 Lakh units in the corresponding quarter of the previous year.

Half-Year Financial Highlights and New Launches

For the half-year period ending September 2023, TVS Motor Company reported a 6% growth in two-wheeler sales and a total revenue of Rs. 15,362 Crores, compared to Rs. 13,228 Crores in the previous year. The half-year PBT grew by 36% at Rs. 1,334 Crores. The period also saw the introduction of new products including the TVS X premium electric crossover and TVS Apache RTR 310 motorcycle, along with the announcement of India’s first electric two-wheeler racing championship, emphasizing the company’s innovative approach and commitment to the evolving electric vehicle market.

The successful quarter and half-year performance of TVS Motor Company, underscored by significant sales in the two-wheeler segment, particularly in electric vehicles, marks a key milestone in the company’s journey towards leading the transformation in the global automotive market.