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Profit After Tax crosses Rs. 1,000 Crs for the first time in H1 FY 2023-24
Cummulative TVS iQube sales crosses 2 lakh units
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 Indias first-ever electric two-wheeler racing championship, TVS Racing Electric One Make Championship.
About TVS Motor Company
TVS Motor Company is a reputed two and three-wheeler manufacturer globally, championing progress through Sustainable Mobility with four state-of-the-art manufacturing facilities in Hosur, Mysuru and Nalagarh in India and Karawang in Indonesia. Rooted in our 100-year legacy of Trust, Value, and Passion for Customers and Exactness, we take pride in making internationally aspirational products of the highest quality through innovative and sustainable processes. We are the only two-wheeler company to have received the prestigious Deming Prize. Our products lead in their respective categories in the J.D. Power IQS and APEAL surveys. We have been ranked No. 1 Company in /the J.D. Power Customer Service Satisfaction Survey for consecutive four years. Our group company Norton Motorcycles, based in the United Kingdom, is one of the most emotive motorcycle brands in the world. Our subsidiaries in the personal e-mobility space, Swiss E-Mobility Group (SEMG) and EGO Movement have a leading position in the e-bike market in Switzerland. TVS Motor Company endeavours to deliver the most superior customer experience across 80 countries in which we operate.
For more information, please visit www.tvsmotor.com.