BackTVS Motor Q1 Results: Net profit jumps 42.2% on year to ₹434.30 crore
TVS Motor Company's Q1FY24 consolidated net profit rises 42.2% YoY to ₹434.30 crore. Share price opens at ₹1,334.05 on BSE.
PremiumTVS Motor Company Ltd on Monday reported an 42.2% year-on-year (YoY) rise in its consolidated net profit (attributable to owners of the company) for the fiscal's first quarter ended June (Q1FY24) to ₹434.30 crore. The company had reported a profit of ₹305.37 crore in the year-ago period. Sequentially, consolidated net profit was up 29.2% from ₹336.10 crore in Q4FY23. TVS Motor share price opened at ₹1,334.05 apiece on BSE.
The company's consolidated total revenue from operations rose 23.8% on year to ₹9,055.51 crores during the quarter ended June from ₹7,315.70 crore in Q1FY23. Total income rose to ₹9,142.05 crore in the first quarter. It stood at ₹7,347.83 crore in the year-ago period.
On the standalone front, for the quarter ended June, the Chennai-based automaker's net profit jumped 46% on year to ₹467.67 crore from ₹320.54 crore in Q1FY23. The total revenue from operations for the period under review rose 20% to ₹7,217.91 crore.
The company stated in an exchange filing that it achieved its highest Operating EBITDA ever of ₹764 crores for the first quarter of 2023–24, representing a 27% increase over the first quarter of 2022–23. Operating EBITDA for the company increased by 60 basis points, from 10.0% in the quarter ended June 2022 to 10.6% now.
TVS Motors Q1FY24 earnings preview: Sales and margin are expected to grow
In the three months ending in June 2023, sales of two- and three-wheeled vehicles overall—including exports—rose by 5% from the three months ending in June 2022, when sales totaled 9.07 lakh units.
Motorcycle sales increased by 7%, reaching 4.63 lakh units in the three months ending in June 2023 compared to 4.34 lakh units in the three months ending in June 2022. When compared to the first quarter of 2022–2023, scooter sales during the quarter ending in June 2023 increased by 11% to 3.50 lakh units.
Sales of three-wheelers were 0.35 lakh units in the period under review compared to 0.46 lakh units in the first quarter of 2022–2023.
Sales of electric scooters increased from 9,000 units in the quarter ended June 2022 to 39,000 units in the quarter ended June 2023. According to the company's exchange filing, TVS iQube bookings are still robust.
TVS Motor share price ended at ₹1,306.50 apiece, down 2.69%.
TVS Motor Company Q4 Results: Net profit up 49% to ₹410 cr
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