TVS Motor Q3 net up 28% to Rs 304 cr; EV sales surge 80% to 29,000 units

Operating EBITDA grows 16% to Rs 659 crore, EBITDA margin flat at 10.1%

Chennai-based automobile major TVS Motor Company has posted a 28 per cent rise in net profit for the third quarter of financial year 2022-23 to Rs 303.6 crore, from Rs 236.56 crore during the same quarter a year ago.

The company’s revenue from operations rose 22 per cent to Rs 8,066 crore during the quarter under review, from Rs 6,597.35 crore during the October to December quarter of 2021-22. The company sold 836,000 two-wheelers in all during the reporting current quarter as against 835,000 units in the year-ago quarter.

Its Two-wheeler exports stood at 207,000 units during the quarter under review, down from 253,000 units in December 2021. TVC Motor sold 43,000 three-wheelers during the quarter ended December 2022, against 44,000 units in the quarter ended December 2021. Its electric vehicle sales stood at 29,000 units in the quarter ended December 2022 as against 2,000 units during the quarter ended December 2021 and 16,000 units during quarter ended September 2022.

The company’s operating EBITDA grew 16 per cent to Rs 659 crore for the third quarter of 2022-23, from Rs 568 crore a year ago. Its operating EBITDA margin for the quarter was 10.1 per cent as against 10 per cent reported in the third quarter of 2021-22. At its meeting held on Tuesday, the company's board declared an interim dividend of Rs 5 per share (500 per cent) absorbing a sum of Rs 238 crore for the financial year 2022-23.