The company sold 9.53 lakh two- and three-wheelers against 9.07 lakh in the year-earlier period, of which three wheelers accounted for 3.50 lakh units
TVS Motor Co. Ltd. (TVSM) reported standalone net profit for the June quarter increased 46% to ₹468 crore from the year-earlier period due to an increase in sales of two wheelers, including electric scooter iQube.
The company sold 9.53 lakh two- and three-wheelers against 9.07 lakh in the year-earlier period, of which three wheelers accounted for 3.50 lakh units (3.15 lakh units).
Electric scooter sales volume increased more than fourfold to 39,000 units. The booking for TVS iQube continues to be healthy, the leading two and three-wheeler manufacturer said in a statement.
Revenue from operations improved 20% to ₹7,218 crore, During the quarter, TVSM disinvested its entire stake in its associate company, Emerald Haven Realty Ltd. The profit on sale of investment (₹55.58 crore) is disclosed under other income.
Later, addressing shareholders at the 31st AGM, chairman Ralf Dieter Speth said that the geopolitical strife, impacted key exports markets of TVSM due to forex shortages, inflation and high interest rates.
Against that background, TVSM expects that the export of two-wheelers is likely to see a gradual recovery after the weak performance in FY23.
The Africa market is expected to improve supported by a moderation in inflation due to easing of monetary tightening globally. Expansion programs in LATAM, ASEAN and West Asia would add further momentum, he said.
Asserting that TVSM was leading the way in EV mobility, he said that a dedicated team had been set up to rapidly transform into electrification, ramp up direct and indirect product pipelines, and to offer Indian tested products globally.
The PLI and FAME II initiatives of the government would be fully leveraged by TVSM to strategically build a sustained dominant play in this segment.
“The EV industry is slated to grow rapidly. TVSM has robust plans for this segment. In addition, with the strategic association with BMW Motorrad, TVSM will be working jointly on design and development of EV vehicles for the global markets,” he said.
With the above factors and backed by a strong product line-up, and unwavering focus on consumer, quality and cost, TVSM was confident for FY24, he said..
Answering a shareholder query, managing director Sudarshan Venu said that the company had lined up new launches both in ICE and EV space.
In the EV space, the company plans to launch a three-wheeler this fiscal and was also developing a whole range of electric products in the 5-25kW range., he said.
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