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Chennai-based TVS Motor Company Ltd on Tuesday reported a bigger-than-expected rise in third-quarter (Q3FY23) profit, as the two-wheeler maker passed on the increase in expenses to its customers.

The company posted a net profit of 352.75, up 22.5% on-year during the three months ended 31 December, 2022, as compared to 288 crore in the corresponding period of last year.

The company's revenue soared 14.7% on-year to 6,545.42 crore in the third quarter as against 5,706.43 crore in the same quarter of last year.

The homegrown motorcycle manufacturer's operating EBITDA rose by 16% to 659 crore for the third quarter of FY23 as against 568 crore in third quarter of FY22. The company's operating EBITDA margin for the quarter came in at 10.1% as against 10% reported in the third quarter of FY22.

The company has also declared an interim dividend of 5 per equity share aggregating to 238 crore for fiscal 2023.

New product launches and updates

During this quarter, the company has 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.

The company has announced strategic engagement with Amazon India to strengthen electric mobility, electric infrastructure and connected services and strengthening our commitment to achieving net-zero carbon.

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 the quarter ended September 2022.

For the quarter under review, TVS Motor has registered total two-wheeler sales of 8.36 lakh units as against 8.35 lakh units in the quarter ended December 2021. 

Two-wheeler export sales at 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, the company said in an exchange filing.

Shares of TVS Motor Company Limited climbed 0.031% to settle at 982.00 apiece on the NSE on Tuesday.

ABOUT THE AUTHOR

Meghna Sen

Meghna Sen is a deputy chief content producer at Livemint where she tracks companies, markets, news. She has 5+ years of experience with online and print publications. Email: meghna.sen@htdigital.in
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