Chennai-based two-wheeler major TVS Motor Company posted a 59 percent jump in consolidated profit for the second quarter of 2022-23 to Rs 373.4 crore, from Rs 234.37 crore in the same period of FY22.
The company’s income from operations rose 32 percent during the quarter under review to Rs 8,560.76 crore, from Rs 6,483.42 crore a year ago. This was delivered despite challenges in international markets, caused by the economic downturn and high inflation in a few key markets, the company said in a statement.
Although premium motorcycle sales improved in the first quarter, full demand was not met due to continued limited availability of semiconductors in the second quarter. Total two-wheeler and three-wheeler sales, including exports, grew by 12 percent to 1.027 million units during the quarter under review, against 917,000 units in the quarter ended September 2021.
Motorcycle sales grew nine percent to 477,000 units in the September 2022 quarter, from 439,000 units last year. Scooter sales grew 44 percent to 383,000 units, from 266,000 units last year.
The company exported 252,000 two-wheelers during the quarter under review, compared to 270,000 units last year. Three-wheeler sales grew by 7 percent, to 51,000 units (47,000 units). Scooter sales, including those of electric scooters stood at 15,645 units in the quarter (1,955 units last year).
Higher investments are being made in all key brands, with better vehicle availability and the introduction of TVS Ronin and the new TVS Qube Electric. As part of the EV plan, special tools are added in the areas of software, electronics and digital and analytics to further enhance the team.
On the other hand, during the half year ended September 2022 the Company reported a two-fold increase in profit after tax to Rs 670.15 million, from Rs 219.65 million in the same period of FY22. During the period under review, the company’s income from operations increased by 42 percent to Rs 15,876.46 crore, from Rs 11,172.76 crore in the previous year.