TVS Reports 500% Growth in After-Tax Earnings in Q1 FY2023

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The TVS Motor Company announced its financial performance for the first quarter of FY 2023, with significant growth in revenue and profit for the first quarter of FY2022. The company reported operating revenue of Rs 6,009 crore in the quarter ended June 2022 – a gain of nearly 53% from Q1 FY2022. Earnings before interest, taxes and amortization also increased by Rs 599 crore from Rs 274 crore year-on-year. Profit, meanwhile, increased by 505% year-on-year to Rs 321 crore.

Compared to Q4 FY2022, TVS revenue grew by about 9% from Rs 5,530 crore, while net profit also increased by about 17% from Rs 275 crore.

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TVS also reported improved overall sales (including exports) in Q1 FY 2023 year over year with 9.07 lakh units retailing against 6.58 lakh units in the April to June 2021 period. Motorcycle sales increased by about 29,000 units year-on-year to 4.34 lakh in Q1 FY 2023, as scooter sales more than doubled in the quarter. TVS said it sold 3.06 lakh scooters in the quarter, up from 1.38 lakh units in the same period last year.

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Scooter sales more than doubled in the first quarter from a year ago and also increased 17% from the fourth quarter of FY2022.

On the international front, TVS said it had shipped 2.96 lakh units in the period from April to June 2022 – the highest number ever recorded this quarter and an increase of about 6,000 units from last year. Electric scooter sales also increased from 1,000 units in Q1 FY2022 to 9,000 units in Q1 FY2023. Sales of tricycles meanwhile increased by 7,000 units to 46,000 from 39,000 units.

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Total sales also increased compared to the fourth quarter of FY2022, with TVS selling 8.56 lakh units in the last quarter of the previous fiscal year. Motorcycle sales in the first quarter were lower than in the fourth quarter (4.34 lakh versus 4.42 lakh units), although scooter sales increased 17% as compared to 2.62 lakh.

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