TVS Motor Company said it registered a growth of 2% and sales increased to 360,288 units in October 2022 from 355,033 units in October 2021.
Total registered two-wheeler sales increased by 1% to 344,630 units in October 2022 from 341,513 in October 2021. Domestic two-wheeler sales accounted for 80% of the total two-wheeler sales and recorded a growth of 7% on a YoY basis.
While registered motorcycle sales fell by 5% to 164,568 units, scooter sales registered a 20% growth to 135,190 units in October 2022 and October 2021.
“Market sentiment across all our products is very positive. We are hopeful that the demand in the domestic two-wheeler market will continue, the company said in a statement.
In the Electric Vehicle segment, TVS Qube Electric recorded a strong growth of 8,103 units in October 2022 as against the sales of 395 units in October 2021.
The company’s three-wheeler grew by 16% registering sales of 15,658 units in October 2022 compared to 13,520 units in October 2021.
The total export company registered sales of 82,816 units in October 2022 against sales of 95,191 units in October 2021, down 13% YOY. Two-wheeler exports registered a decline of 17% on a YoY basis and accounted for 83% of the company’s total exports.
TVS Motors said that in some international markets, there has been a slowdown due to major economic factors. These are mainly two-wheeler markets and that is why the company moderates the delivery in these countries. However, it saw an improvement in sales in these markets in October which will support improved deliveries in the coming months.
TVS Motor Company is famous as two and three wheeler manufacturer worldwide. The company has four manufacturing facilities in Hosur, Mysuru and Nalagarh in India and Karawang in Indonesia.
The company reported a standalone profit of Rs 321 crore in Q1 FY23 against a profit of Rs 53 crore in Q1 FY22. Operating income was Rs 6,009 crore for the quarter ended June 2022 compared to Rs 3,934 crore reported for the quarter ended June 2021, up 52.7% YOY.
The scrip is shedding 0.64% currently trading at Rs 1133.25 on the BSE.
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(This story has not been edited by Business Standards staff and is automatically generated from an aggregated feed.)