TVS Motor Company Posts Cumulative nine months PAT of more than thousand crores for the first time at Rs.1,081 Crores
EV sales in Q3 nearly doubled over previous quarter
Bengaluru, January 24, 2023: TVS Motor Company’s operating revenue grew by 15% at Rs. 6,545 Crores for the quarter ended December 2022 as against Rs. 5,706 Crores reported in the quarter ended December 2021.
Electric vehicles registered sales of 0.29 Lakh units in the quarter ended December 2022 as against 0.02 Lakh units during the quarter ended December 2021 and 0.16 Lakh units during quarter ended September 2022.
The Company’s Operating EBITDA grew by 16% at Rs. 659 Crores for the third quarter of 2022-23 as against EBITDA of Rs. 568 Crores in third quarter of 2021-22. The Company’s Operating EBITDA margin for the quarter is at 10.1% as against Operating EBITDA margin of 10% reported in the third quarter of 2021-22. The Company’s Profit Before Tax (PBT) grew by 21% at Rs. 475 Crores for the third quarter of 2022-23 as against PBT of Rs. 391 Crores in third quarter of 2021-22.
The Company registered total two-wheeler sales of 8.36 Lakh units in the current quarter as against 8.35 Lakh units in the quarter ended December 2021. Two-wheeler export sales registered 2.07 Lakh units as against 2.53 Lakh units in December 2021. Total three-wheelers registered sales of 0.43 Lakh units in the quarter ended December 2022 as against 0.44 Lakh units in the quarter ended December 2021.
Cumulative nine months results
The overall two-wheeler and three-wheeler sales including exports grew by 15% registering 28.14 Lakh units in the nine months ended December 2022 as against 24.53 Lakh units registered in the nine months ended December 2021. Motorcycle sales grew by 4% registering 13.45 Lakh units in the nine months ended December 2022 as against 12.90 Lakh units in nine months ended December 2021. Scooter sales for the nine months ended December 2022 grew by 50% registering 9.94 Lakh units as against the sales of 6.61 Lakh units in the nine months ended December 2021. The Company recorded two-wheeler exports of 7.54 Lakh units in the nine months ended December 2022 as against 8.13 Lakh units in the nine months ended December 2021. Three-wheeler sales for the nine months ended December 2022 grew by 8% registering 1.40 Lakh units as against 1.30 Lakh units during nine months ended December 2021. Scooters include TVS iQube Electric sales of 53,599 units in the nine months ended December 2022 as against 5,207 units in the nine months ended December 2021.
Operating revenue reported for the nine months ended December 2022 is Rs. 19,773 Crores as against Rs. 15,260 Crores reported for the nine months ended December 2021. The Company’s Profit Before Tax (PBT) for the nine months ended December 2022 is Rs. 1,457 Crores as against Rs. 871 Crores during nine months ended December 2021. The Company’s Profit After Tax (PAT) for the nine months ended December 2022 is Rs. 1,081 Crores as against Rs. 619 Crores during nine months ended December 2021.
Interim Dividend
The Board at its meeting held today, declared an interim dividend of Rs. 5/- per share (500%) absorbing a sum of Rs. 238 Crores for the financial year 2022-23.
New Product Launches and Updates
During this quarter, Company launched TVS Raider SmartXonnectTM TFT variant with first-in-class features such as TFT display, TVS SmartXonnectTM with voice-assist, Bluetooth connectivity, navigation, ride reports and multiple ride modes.
TVS Motor Company announced strategic engagement with Amazon India to strengthen electric mobility, electric infrastructure and connected services and strengthening our commitment to achieving net-zero carbon.
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.
For more information, please contact:
KS Harini: ks.harini@tvsmotor.com
Prasant Ramakrishnan: prasant.ramakrishnan@tvsmotor.com
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