TVS Motor posts marginal rise in Q2 consolidated net profit to Rs 386 crore

Chennai-based automobile major TVS Motor Company (TVS) has posted a marginal rise in consolidated net profit during the second quarter of FY24 to Rs 386.34 crore, as compared to Rs 386.31 crore during the July to September period of FY23.

During the quarter under review, the company's revenue from operations increased by 16 per cent to Rs 9,932.82 crore as against Rs 8,560.76 crore in the July to September quarter of FY23. The company's operating Ebitda grew by 22 per cent to Rs 900 crore for the second quarter of FY24 as against Ebitda of Rs 737 crore in the second quarter of FY23. The company's Ebitda margin for the quarter is at 11 per cent as against the Ebitda margin of 10.2 per cent reported in the second quarter of FY23.

The overall two-wheeler and three-wheeler sales, including exports, grew by 5 per cent, registering 1.074 million units in the quarter ended September 2023 as against 1.027 million units registered in the quarter ended September 2022.

Motorcycle sales grew by 3 per cent, registering 493,000 units in the quarter ended September 2023 as against 477,000 units in the quarter ended September 2022. Scooter sales for the quarter ended September 2023 grew by 10 per cent, registering 420,000 units as against the sales of 383,000 units in the second quarter of FY23. The company recorded two-wheeler exports of 239,000 units in the quarter ended September 2023 as against 252,000 units in the quarter ended September 2022. Total three-wheeler sales for the quarter under review were at 43,000 units as against 51,000 units during the second quarter of FY23.

In the electric vehicles segment, the company's cumulative TVS iQube sales surpassed 200,000 units. During the quarter under review, the company sold 58,000 units as against 16,000 units during the quarter ended September 2022.

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 India's first-ever electric two-wheeler racing championship, TVS Racing Electric One Make Championship.