TVS Motor’s standalone net profit jumped 49% to ₹410 crore in March quarter from ₹275 crore during the same period last year on the back of strong sales. Meanwhile, its revenue from operations in the quarter grew 19% at ₹6,605 crore as compared to ₹5,530 crore last year.
It has performed better than its peer Bajaj Auto whose Q4 standalone net profit fell 2% on year to ₹1,433 crore. Despite the quarterly decline in revenue, Bajaj Auto still managed to beat analyst expectations.
Meanwhile, India’s largest two-wheeler manufacturer Hero MotoCorp also delivered a strong March quarter earnings performance beating analyst estimates. It reported a 37% YoY rise in standalone net profit to ₹859 crore in Q4, aided by price hikes, cost cutting and improved product mix. The company posted a 17% growth in its FY23 net profit, which rose to ₹2,911 crore.
TVS’ operating earnings before interest, taxes, depreciation and amortisation (EBITDA) margin grew marginally at 10.3% in Q4 as against 10.1% during Q4 of last year.
For the financial year ended 2023, net profit grew 67% to ₹1,491 crore as compared to ₹894 crore in last fiscal. Revenue from operations grew by 27% to ₹26,378 crore from ₹20,791 crore last year.
Overall TVS Motor sold 8.68 lakh units in the March quarter as against 8.56 lakh units during the same period last year including two-wheeler, three-wheeler sales and exports.
Its motorcycle sales fell to 3.89 lakh units in the quarter as against 4.42 lakh units last year. Scooter sales for the quarter grew by 30% registering 3.40 lakh units as against 2.62 lakh units last year.
Electric vehicles registered sales of 43,000 units in the quarter ended March 2023 as against 6,000 units during the quarter ended March 2022.
Three-wheeler sales for the quarter under review is 29,000 units as against 42,000 units last year.
Shares of the company ended 1.97% higher at ₹1,180 apiece on Thursday, ahead of the earnings announcement.
