Q1 FY24: TVS Motor’s Net Profit Surges by 46%, Revenue Up 20%

TVS Motor Company today reported that its net profit witnessed a Year-on-Year (YoY) increase of 46 percent in Q1 FY24. The company’s Profit After Tax (PAT) grew by 46% at Rs 468 crores in April-June 2023 as against Rs 321 crores during the first quarter of 2022-23.

The company’s revenue from operations in April-June 2023 grew by 20 percent at Rs 7,218 crores as compared to Rs 6,009 crores in the same period last year. TVS posted its highest-ever operating EBITDA of Rs 764 crores with a growth of 27% for the first quarter of 2023-24 as against EBITDA of Rs 599 crores in the corresponding period previous year. TVS’ operating EBITDA improved by 60 bps at 10.6 percent in this quarter as against 10 percent in the quarter ended June 2022.
The overall two-wheeler and three-wheeler sales including exports grew by 5 percent, registering sales of 9.53 lakh units in Q1 FY24 as against 9.07 lakh units registered in Q1 FY23.

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Motorcycle sales grew by 7%, registering 4.63 lakh units in the quarter ended June 2023 as against 4.34 lakh units in Q1 FY23. Scooter sales for the quarter ended June 2023 grew by 11% at 3.50 lakh units as against 3.15 lakh units in the same period last year. Three-wheeler sales for the quarter under review are at 0.35 lakh units as against 0.46 lakh units during the first quarter of 2022-23.
Electric scooter sales for the quarter ended June 2023 are at 39,000 units as opposed to 9,000 units in Q1 FY23. The booking for TVS iQube continues to be healthy, TVS Motor stated.

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