NE BUSINESS BUREAU
BENGALURU, JAN 24
TVS Motor Company Limited, one of India’s leading two-wheeler manufacturers, has reported on Wednesday a standalone net profit of Rs 593 crore for the quarter ending December 2023. This marks a 68% increase compared to the Rs 353 crore recorded in the same period the previous year, according to the financial results declared by the company.
- Operating revenue grows by 26% at Rs 8,245 Crores for the quarter ended December 2023 as against Rs. 6,545 Crores reported in the quarter ended December 2022
- The earnings before interest, taxes, depreciation, and amortization grow by 40% at Rs 924 crore
- The company’s strong market presence and effective strategies have evidently contributed to this significant uptick in revenue
- Surpasses its previous year annual profit within nine months
The company’s operating revenue grew by 26% at Rs. 8,245 Crores for the quarter ended December 2023 as against Rs. 6,545 Crores reported in the quarter ended December 2022.
The earnings before interest, taxes, depreciation, and amortization (EBITDA) grew by 40% at Rs. 924 Crores for the third quarter of 2023-24 as against EBITDA of Rs. 659 Crores in third quarter of 2022-23. The Company’s Operating EBITDA margin for the quarter is highest at 11.2% as against Operating EBITDA margin of 10.1% reported in the third quarter of 2022-23.
The company’s strong market presence and effective strategies have evidently contributed to this significant uptick in revenue
The Company’s Profit Before Tax (PBT) grew by 63% at Rs. 775 Crores for the third quarter of 2023-24 as against PBT of Rs. 475 Crores in third quarter of 2022-23. PBT for the quarter includes Rs. 73 Crores of Other Income relating to gains realised from investments.
The Company reported total two-wheeler sales at 10.63 Lakh units in the current quarter as against 8.36 Lakh units in the quarter ended December 2022. Two-wheeler exports registered 2.16 Lakh units as against 2.07 Lakh units in December 2022. Total three-wheelers registered sales of 0.38 Lakh units in the quarter ended December 2023 as against 0.43 Lakh units in the quarter ended December 2022. Electric vehicles registered sales of 0.48 Lakh units in the quarter ended December 2023 as against 0.29 Lakh units during the quarter ended December 2022.
Cumulative nine months results
Operating revenue reported for the nine months ended December 2023 is Rs. 23,608 Crores as against Rs. 19,773 Crores reported for the nine months ended December 2022.
The Company’s PBT grew by 45% at Rs. 2,109 Crores for the nine months ended December 2023 as against Rs. 1,457 Crores during nine months ended December 2022 surpassing the PBT of FY 2022-23 of Rs. 2,003 Crores. The Company’s PAT grew by 48% at Rs. 1,598 Crores for the nine months ended December 2023 as against Rs. 1,081 Crores during nine months ended December 2022.
The Company’s two-wheeler sales including exports grew by 13% registering 30.13 Lakh units in the nine months ended December 2023 as against 26.74 Lakh units registered in the nine months ended December 2022. Motorcycle sales grew by 10% registering 14.79 Lakh units in the nine months ended December 2023 as against 13.45 Lakh units in nine months ended December 2022. Scooter sales for the nine months ended December 2023 grew by 18% registering 11.74 Lakh units as against the sales of 9.94 Lakh units in the nine months ended December 2022.
The Company recorded two-wheeler exports of 6.52 Lakh units in the nine months ended December 2023 as against 7.54 Lakh units in the nine months ended December 2022. Total three-wheeler sales are at 1.16 Lakh units for the nine months ended December 2023 as against 1.40 Lakh units during nine months ended December 2022. Electric vehicles registered sales of 1.44 Lakh units for the nine months ended December 2023 as against 0.54 Lakh units during the nine months ended December 2022.
