TVS Motor records 2% YoY sales growth in Nov

The 2-wheeler maker's total sales rose by 2% in November 2022 with sales of 277,123 units as against 272,693 units in the month of November 2021.

Total two-wheelers sales grew 2% to 263,642 units in November 2022 as compared to 257,863 units sold in November 2021. Domestic two-wheeler sales stood at 191,730 units in November 2022, registering a growth of 9% from 175,940 units sold in the same period last year.

Motorcycle sales rose 4% to 145,006 units in November 2022 as against 140,097 units sold in November 2021. Scooter sales of the company registered 83,679 units in November 2022 as compared to the sale of 75,022 units in November 2021, recording a growth of 12% year on year.

TVS iQube Electric scooters recorded sales of 10,056 units last month as against sales of 699 units in November 2021. The spurt in sales was backed by the strong order books and increasing acceptance towards electric mobility, the company stated in filing.

The company's total exports declined 12.36% to 84,134 units in November 2022 as against 96,000 units in November 2021. Two-wheeler exports dropped 12.22% to 71,912 units in November 2022 from, 81,923 units sold in the same period a year ago.

In the three-wheeler segment, the sales of the company fell by 9.1% to 13,481 units in November2022 from 14,830 units in November 2021.

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.

On consolidated basis, the company's net profit jumped 59.5% to Rs 386.31 crore on 32% rise in net sales to Rs 8,560.76 crore in Q2 FY23 over Q2 FY22.

The scrip rose 0.36% at Rs 1050 on the BSE.

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