TVS Motor Company Reports 68% Growth In Q3 FY2024 Profit At Rs. 593 Crore

TVS Motor Company, the home-grown two-wheeler manufacturer, has released the financial results for the third quarter of the Financial Year 2023-24. During the October to December 2023 period, the company reported a Profit After Tax (PAT) of Rs. 593 crore, a year-on-year growth of 68 per cent compared to the Rs. 353 crore profit witnessed during the same period in FY2023. The company's total revenue for the period grew by 28 per cent at Rs. 8,245 crore, compared to Rs. 6,545 crore revenue generated in Q3 FY2024.

The company’s Operating EBITDA grew by 40 per cent at Rs. 924 crore for the third quarter of 2023-24 as against EBITDA of Rs. 659 crore in the third quarter of 2022-23. TVS’ operating EBITDA margin for the quarter was the highest at 11.2 per cent as against the operating EBITDA margin of 10.1 per cent reported in the third quarter of 2022-23.

Scooter sales during Q3 FY2024 also include the 48,223 electric vehicles sold in Q3 FY2023-24

As for total sales, during the October-December 2023 period, TVS sold 10.63 lakh two-wheelers, against 8.36 Lakh units in the quarter ended December 2022, witnessing a 27 per cent growth. Scooter sales for the period include the 48,223 electric vehicles sold in Q3 FY2023-24, compared to 29,230 EVs sold during Q3 FY2022-23. Three-wheeler sales alone stood at 38,000 units in the quarter that ended in December 2023, a nearly 12 per cent drop compared to 43,000 three-wheelers sold in Q3, FY2023.

Also Read: Two-Wheeler Sales December 2023: TVS Registers 25 Per Cent Y-o-Y Sales

The company’s cumulative profit for the first nine months of FY2024 stood at Rs.1,598 crore, a growth of 48 per cent, compared to Rs.1,081 crore PAT achieved during the same period in 2022. During the April-December 2023 period, the company’s total revenue stood at Rs. 23,608 crore, a growth of 19 per cent compared to Rs. 19,773 crore revenue achieved during the same period.

During the April-December 2023 period, the company’s total revenue stood at Rs. 23,608 crore

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Total sales during the month stood at 31.28 lakh units, a growth of 11 per cent compared to 28.14 lakh units sold during the first three-quarters of FY2024. Total two-wheeler sales for the period were 30.12 lakh units, while three-wheelers accounted for 11.60 lakh units. Total two-wheeler sales also include the nearly 1.45 lakh electric two-wheelers sold by TVS between April and December 2023, a huge jump compared to the 53,599 EVs sold during the same period in FY2023.