TVS Motor Company's net profit at Rs305.37 crore in June quarter

29 Jul 2022 , 08:10 AM

Due to an increase in sales volume, Chennai-based TVS Motor Company, a leading manufacturer of two and three wheels, reported a consolidated net profit of Rs305.37 crore during the first quarter of the financial year 2022—23 (Q1FY23), compared to a loss of Rs10.55 crore during the April—June quarter of 2021—22 (Q1FY22).

The company’s operating revenue was $7,315.7 billion, up 56% from $4,689.34 billion in the same period last fiscal year. In comparison to the first quarter of 2021—2022, it recorded a profit after tax (PAT) of Rs321 crore as opposed to Rs53 crore.

Earnings before interest, taxes, depreciation, and amortization, or EBITDA, were reported by the corporation as Rs599 crore during the first quarter of 2022—23 as opposed to Rs274 crore in the first quarter of 2021—22. In comparison to the first quarter of 2021—2022, the company’s EBITDA margin for the quarter was 10% as opposed to 7%. The corporation claimed that because of lockdowns, the first quarter’s financial results are not exactly comparable to the first quarter of the previous year.

In comparison to 6.58 lakh units in the quarter ended June 2021, the total number of two- and three-wheeler sales, including exports, was recorded at 9.07 lakh units in the quarter ended June 2022. Sales of motorcycles increased from 4.05 lakh to 4.34 lakh units in the quarter that ended in June 2021.

3.06 lakh scooters were sold for the quarter that ended in June 2022, compared to 1.38 lakh during the first quarter of 2021—2022 sales. In comparison to 2.90 lakh units a year before, TVS Motor exported the most two-wheelers this quarter, at 2.96 lakh units. Instead of 0.39 lakh units, 0.46 lakh units were sold. Sales of electric scooters totalled 0.09 lakh, up from 0.01 lakh the year before.

This quarter, the business introduced three variations of the TVS iQube Electric Scooter, which offers the best in class on-road range of 140 km on a single charge. Along with the TVS NTORQ XT, the company also introduced the TVS NTORQ XT.