EV sales in Q3 nearly doubled over previous quarter
Bengaluru: TVS Motor Company’s operating revenue grew by 15% at Rs. 6,545 Crores for the quarter ended December 2022 as against Rs. 5,706 Crores reported in the quarter ended December 2021.
Electric vehicles registered sales of 0.29 Lakh units in the quarter ended December 2022 as against 0.02 Lakh units during the quarter ended December 2021 and 0.16 Lakh units during quarter ended September 2022.
The Company’s Operating EBITDA grew by 16% at Rs. 659 Crores for the third quarter of 2022-23 as against EBITDA of Rs. 568 Crores in third quarter of 2021-22. The Company’s Operating EBITDA margin for the quarter is at 10.1% as against Operating EBITDA margin of 10% reported in the third quarter of 2021-22. The Company’s Profit Before Tax (PBT) grew by 21% at Rs. 475 Crores for the third quarter of 2022-23 as against PBT of Rs. 391 Crores in third quarter of 2021-22.
The Company registered total two-wheeler sales of 8.36 Lakh units in the current quarter as against 8.35 Lakh units in the quarter ended December 2021. Two-wheeler export sales registered 2.07 Lakh units as against 2.53 Lakh units in December 2021. Total three-wheelers registered sales of 0.43 Lakh units in the quarter ended December 2022 as against 0.44 Lakh units in the quarter ended December 2021.
Cumulative nine months results
The overall two-wheeler and three-wheeler sales including exports grew by 15% registering 28.14 Lakh units in the nine months ended December 2022 as against 24.53 Lakh units registered in the nine months ended December 2021. Motorcycle sales grew by 4% registering 13.45 Lakh units in the nine months ended December 2022 as against 12.90 Lakh units in nine months ended December 2021. Scooter sales for the nine months ended December 2022 grew by 50% registering 9.94 Lakh units as against the sales of 6.61 Lakh units in the nine months ended December 2021. The Company recorded two-wheeler exports of 7.54 Lakh units in the nine months ended December 2022 as against 8.13 Lakh units in the nine months ended December 2021. Three-wheeler sales for the nine months ended December 2022 grew by 8% registering 1.40 Lakh units as against 1.30 Lakh units during nine months ended December 2021. Scooters include TVS iQube Electric sales of 53,599 units in the nine months ended December 2022 as against 5,207 units in the nine months ended December 2021.
Operating revenue reported for the nine months ended December 2022 is Rs. 19,773 Crores as against Rs. 15,260 Crores reported for the nine months ended December 2021. The Company’s Profit Before Tax (PBT) for the nine months ended December 2022 is Rs. 1,457 Crores as against Rs. 871 Crores during nine months ended December 2021. The Company’s Profit After Tax (PAT) for the nine months ended December 2022 is Rs. 1,081 Crores as against Rs. 619 Crores during nine months ended December 2021.
Interim Dividend
The Board at its meeting held today, declared an interim dividend of Rs. 5/- per share (500%) absorbing a sum of Rs. 238 Crores for the financial year 2022-23.
New Product Launches and Updates
During this quarter, Company launched TVS Raider SmartXonnectTM TFT variant with first-in-class features such as TFT display, TVS SmartXonnectTM with voice-assist, Bluetooth connectivity, navigation, ride reports and multiple ride modes.
TVS Motor Company announced strategic engagement with Amazon India to strengthen electric mobility, electric infrastructure and connected services and strengthening our commitment to achieving net-zero carbon.
Content Source: NewsVoir
