TVS Motor back in black, Q1 consolidated net profit zooms to Rs 305 crore

Chennai-based two- and three-wheeler major TVS Motor Company posted a consolidated net profit of Rs 305.37 crore during the first quarter of the financial year 2022-23 (Q1FY23) as compared to a loss of Rs 10.55 crore during the April to June quarter of 2021-22 (Q1FY22), owing to an increase in sales volume.

The company’s revenue from operations was seen at Rs 7,315.7 crore, up 56 per cent from Rs 4,689.34 crore during the same period last financial year. On a standalone basis, it reported a profit after tax (PAT) of Rs 321 crore as against Rs 53 crore during the first quarter of 2021-22.

The company reported an EBITDA (earnings before interest, taxes, depreciation, and amortisation) of Rs 599 crore for the first quarter of 2022-23 as against Rs 274 crore in the first quarter of 2021-22.  The company’s EBITDA margin for the quarter was at 10 per cent as versus 7 per cent reported in the first quarter of 2021-22. The company said that the first quarter numbers are not strictly comparable with the first quarter of last year due to lockdowns.

The overall two-wheeler and three-wheeler sales, including exports, was registered at 9.07 lakh units in the quarter ended June 2022 compared to 6.58 lakh units in the quarter ended June 2021. Motorcycle sales registered 4.34 lakh units against 4.05 lakh units in the quarter ended June 2021. 

Scooter sales for the quarter ended June 2022 is 3.06 lakh units as against the sales of 1.38 lakh units in the first quarter of 2021-22.  TVS Motor recorded the highest two-wheeler exports in this quarter- at 2.96 lakh units - against 2.90 lakh units a year ago.  0.46 lakh units were sold versus 0.39 lakh units. Electric Scooter sales registered 0.09 lakh units as opposed to 0.01 lakh units in the last year.

In this quarter, the company launched TVS iQube Electric scooter in three variants which comes loaded with the best-in-class on-road range of 140 km on a single charge. The company also launched TVS NTORQ XT with several hi-tech features.