TVS Motor, a prominent two-wheeler manufacturer in India, has reported impressive financial results for the quarter ended on March 31, 2023. The company’s standalone net profit experienced a significant YoY surge of 49 percent to reach Rs 410 crore during the quarter under review, surpassing CNBC-TV18’s poll estimate of Rs 346 crore and exceeding last year’s corresponding period figure of Rs 274.5 crore. Furthermore, TVS Motor’s revenue also displayed an impressive YoY growth of 19 percent to touch Rs 6,605 crore during the quarter compared to Rs 5,530 crore in the same period last year.
This growth was primarily driven by strong demand for motorcycles and scooters in both domestic and international markets. The company attributes this growth to its robust product portfolio and expanding market share. During the quarter under review, TVS Motor sold a whopping 9.4 lakh units of two-wheelers that account for a significant part of its overall revenue – an increase of 18 percent YoY.
In addition to this impressive domestic performance, TVS Motor also witnessed a substantial increase in exports by an astounding percentage of forty percent YoY with over2.85 lakh units shipped during the quarter. This surge was fueled by high demand for their two-wheelers in African and South Asian markets. TVS Motors is confident it can sustain this momentum as it continues investing in new products, technology and distribution channels to maintain its competitive edge.