TVS Motor Q1 net profit up 42% at Rs 434 crore on robust sales

TVS Motor Company on Monday said its consolidated net profit increased by 42 per cent to Rs 434 crore in the first quarter ended June 30, 2023, on account of robust sales.

The company had reported a net profit of Rs 305 crore in the April-June quarter of the previous fiscal.

Total income rose to Rs 9,142 crore in the June quarter as against Rs 7,348 crore in the year-ago period, TVS Motor Company said in a regulatory filing.

The company said its overall two-wheeler and three-wheeler sales including exports grew by 5 per cent to 9.53 lakh units in the quarter ended June 2023 as against 9.07 lakh units registered in the same period of 2021-22 fiscal. TVS said its motorcycle sales grew by 7 per cent at 4.63 lakh units in the quarter under review from 4.34 lakh units in the June quarter of last fiscal. Scooter sales for the first quarter grew by 11 per cent to 3.5 lakh units as against 3.15 lakh units in the first quarter of 2022-23. Three-wheeler sales however declined to 35,000 units as against 46,000 units in the year-ago period.

Electric scooter sales stood at 39,000 units in April-June this year as against 9,000 units in the quarter ended June 2022.

Shares of the company were trading 2.8 per cent down at Rs 1,305 apiece on the BSE.