TVS Motor Q2 Result: Net Profit Climbs 32%, Overall Sales Reach 10.74 Lakh Units

The company logged a net profit of Rs 536.55 crore for the September quarter in the current financial year against a net profit of Rs 407.47 crore in the second quarter of the previous fiscal year.

Automaker TVS Motor posted a 32 per cent increase in its net profit on a year-on-year (YoY) basis in its second quarter (Q2) earnings on Monday, released via an exchange filing. The company logged a net profit of Rs 536.55 crore for the September quarter in the current financial year (FY24) against a net profit of Rs 407.47 crore in the second quarter of the previous fiscal year (FY23).

The company recorded a 13 per cent increase in its revenue for Q2FY24 on a year-on-year basis. It posted a revenue of Rs. 8,144.61 crores for the current quarter against its Q2 revenue of Rs. 7,219.18 crores for FY23, facilitated by a boost in sales.

The firm logged a growth of 22 per cent in its EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) at Rs 900 crore for the reporting quarter, against Rs 737 crore recorded in the corresponding period a year earlier. The EBITDA margin for the quarter under review stood at 11 per cent, against 10.2 per cent on a YoY basis. EBITDA is used as another way to understand the finances of the company. 

The automaker registered a healthy growth in it’s sales. It’s overall two-wheeler and three-wheeler sales, including exports, increased 5 per cent to 10.74 lakh units in the reporting quarter, as compared to to 10.27 lakh units sold in the same period last year. The company’s motorcycle sales jumped 3 per cent to 4.93 lakh units against 4.77 lakh units on a YoY basis. 

TVS recorded a 10 per cent increase in it’s scooter sales in the reporting quarter at 4.20 lakh units, against 3.83 lakh units sold in the quarter ended September in FY23. The firm’s two-wheeler exports in Q2FY24 stood at 2.39 lakh units against 2.52 lakh units in Q2FY23. 

However, overall three-wheeler sales for the reporting quarter dipped 15 per cent to 0.43 lakh units, against 0.51 lakh units sold in the second quarter of the previous fiscal year. The company stated that it’s cumulative TVS iQube sales crossed 2 lakh units. 

The firm also reported a 32 per cent increase in it’s profit before tax which stood at Rs 724 crore for the second quarter of the current fiscal year, against Rs 549 crore logged in the same quarter a year earlier.