TVS Motor posts net profit of Rs 297 cr in Q1; total income rises 57%

TVS said it recorded the highest two-wheeler exports of 296,000 units in the first quarter compared to 290,000 units a year ago

TVS Motor Company on Thursday said its consolidated net profit stood at Rs 297 crore for the first quarter ended June 30.

It had reported a net loss of Rs 15 crore in the COVID-19 hit April-June quarter of the last fiscal.

The maker of two and three-wheelers reported a total income of Rs 7,348 crore in the first quarter. It was Rs 4,692 crore a year ago.

On a standalone basis, the company reported a net profit of Rs 321 crore while the same stood at Rs 53 crore in the year-ago period.

The first quarter numbers were not strictly comparable with the first quarter of last year due to lockdowns, the company stated.

It noted that the overall two and three-wheeler sales, including exports, rose to 9.07 lakh units in the quarter ended June 2022 against 6.58 lakh units registered in the quarter ended June 2021.

The motorcycle sales rose to 4.34 lakh units in the June quarter compared to 4.05 lakh units in the year-ago period.

Similarly, scooter sales for the June 2022 quarter rose to 3.06 lakh units against 1.38 lakh units in the year-ago period.

TVS said it recorded the highest two-wheeler exports of 2.96 lakh units in the first quarter compared to 2.9 lakh units a year ago.

The company's board approved the issue of non-convertible debentures (NCDs) aggregating to Rs 125 crore on a private placement basis, it added.

Shares of the company closed 2.35 per cent up at Rs 869.20 apiece on the BSE.