TVS Motor Company rallied 3.03% to Rs 1,015.55 after the two wheeler maker's total sales rose by 15% in August 2022 with sales of 333,787 units as against 290,694 units in the month of August 2021.
Total two-wheelers sales jumped 15% to 315,539 units in August 2022 as compared to 274,313 units sold in August 2021. Domestic two-wheeler sales stood at 239,325 units in August 2022, registering a growth of 33% from 179,999 units sold in August 2021.
Motorcycle sales grew 17% to 157,118 units in August 2022 from 133,789 units in August 2021. Scooter sales of the company registered 121,866 units in August 2022 as against a sale of 87,059 units in August 2021, recording a growth of 40% year on year.
With positive market sentiments and the upcoming festive season, the company is optimistic about the demand in the domestic two-wheeler market. As the availability of semiconductors have supported in reaching a balanced supply chain, the company is now geared up to swiftly meet the festive demand, the company stated.
The company's total exports declined 15.3% to 93,111 units in August 2022 as against 109,927 units in August 2021. Two-wheeler exports dropped 19.19% to 76,214 units in August 2022 from 94,314 units sold in the same period last year.
While some geographies in the international market are experiencing economic slowdown and higher inflation, the company is optimistic about the sales momentum returning to normal levels gradually, the company said in the press release.
In the three-wheeler segment, the sales of the company grew 11% to 18,248 units in August 2022 from 16,381 units in August 2021.
TVS Motor Company said that the newly launched variants of the Electric scooter, TVS iQube Electric continue to garner great response from customers, showcasing a strong consolidated sales growth, with a positive future demand pool. As efforts on increasing the capacity and delivery are showing positive results, the company sold 4,418 units of TVS iQube Electric in August 2022 as against sales of 649 units in August 2021.
The company recently announced an investment in Formula-1 Racer Narain Karthikeyan's startup - DriveX, which is aimed at enabling innovative solutions to scale-up offerings in the preowned multi brand two-wheeler space in India.
TVS Motor Company is a reputed two and three-wheeler manufacturer globally. The company has four manufacturing facilities in Hosur, Mysuru and Nalagarh in India and Karawang in Indonesia.
The company reported a standalone net profit of Rs 321 crore in Q1 FY23 as against a net profit of Rs 53 crore in Q1 FY22. Operating revenue was Rs 6,009 crore in the quarter ended June 2022 as against Rs 3,934 crore reported in the quarter ended June 2021, up 52.7% YoY.
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