TVS Motor records 2% YoY growth in Oct'22 sales; iQube Electric sales at 8,103 units

TVS Motor Company said that it had registered a growth of 2% with sales increasing to 360,288 units in October 2022 from 355,033 units in October 2021.

Total two-wheelers registered sales rose by 1% to 344,630 units in October 2022 from 341,513 in October 2021. Domestic two-wheeler sales accounted for 80% of the total two-wheeler sales and recorded a growth of 7% on YoY basis.

While motorcycle registered sales declined by 5% to 164,568 units, scooter sales registered a growth of 20% to 135,190 units in October 2022 over October 2021.

"The market sentiments for all our products have been very positive. We are optimistic that the demand in domestic two-wheeler market will continue, the company said in a statement.

In the Electric Vehicle segment, TVS iQube Electric recorded a strong sales growth of 8,103 units in October 2022 as against sales of 395 units in October 2021.

Three-wheeler of the company grew by 16% registering sales of 15,658 units in October 2022 as against 13,520 units in October 2021.

The company's total exports registered sales of 82,816 units in October 2022 as against sales of 95,191 units in October 2021, down 13% YoY. Two-wheeler exports registered a degrowth of 17% on YoY basis and accounted for 83% of the company's total exports.

TVS Motors said that in some international markets, there has been a slowdown due to macro-economic factors. These are predominantly two-wheeler markets and hence the company has moderated despatches in these countries. However, it has seen some retail improvement in these markets in October which will support improved despatches in the coming months.

TVS Motor Company is a reputed two and three-wheeler manufacturer globally. The company has four manufacturing facilities in Hosur, Mysuru and Nalagarh in India and Karawang in Indonesia.

The company reported a standalone net profit of Rs 321 crore in Q1 FY23 as against a net profit of Rs 53 crore in Q1 FY22. Operating revenue was Rs 6,009 crore in the quarter ended June 2022 as against Rs 3,934 crore reported in the quarter ended June 2021, up 52.7% YoY.

The scrip shed 0.64% to currently trade at Rs 1133.25 on the BSE.

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