TVS Reports 500% Growth in Profit After Tax in Q1 FY2023
- TVS reports profit of Rs 321 crore in Q1 FY2023
- Profit and revenue up as compared to Q4 FY2022
- Scooter sales more than doubled in Q1 FY2023
The TVS Motor Company announced its financial performance for the first quarter of FY 2023 showing notable growth in revenues and profits over the first quarter of FY2022. The company reported an operating revenue of Rs 6,009 crore in the quarter ending June 2022 – an almost 53% gain over Q1 FY2022. Earning before interest, tax and depreciation too was up at Rs 599 crore as against Rs 274 crore year-on-year. Profit after tax meanwhile was up a significant 505% year on year at Rs 321 crore.
Compared to Q4 FY2022, TVS’ revenue grew by about 9% from Rs 5,530 crore while net profit too was up about 17% from Rs 275 crore.
TVS also reported improved overall sales (including exports) in Q1 FY 2023 year on year with 9.07 lakh units retailed as against 6.58 lakh units in the April to June 2021 window. Sales of motorcycles were up by about 29,000 units year on year to 4.34 lakh in Q1 FY 2023 while scooter sales more than doubled in the quarter. TVS said it had sold 3.06 lakh scooters in the quarter as against 1.38 lakh units in the same period last year.
Scooter sales more than double year-on-year in Q1 and were also up 17% over Q4 FY2022.
On the international front, TVS said it had shipped out 2.96 lakh units in the April to June 2022 window – its highest ever number of this quarter and up about 6,000 units over last year. Electric scooter sales were also up from 1,000 units in Q1 FY2022 to 9,000 units in Q1 FY2023. Three-wheeler sales meanwhile were up 7,000 units to 46,000 vis-à-vis 39,000 units.
Overall sales were also up compared to Q4 FY2022 with TVS having sold 8.56 lakh units in the last quarter of the previous financial year. Motorcycle sales in Q1 were down compared to Q4 (4.34 lakh as against 4.42 lakh units) though sales for scooters were up 17% as compared to 2.62 lakh.
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