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Two-wheeler flagship, TVS Motor Company has seen a stand-alone profit ₹407.47 million for the quarter ending September 30, 2022 (Q2FY23) compared to the profit ₹277.60 million, registering a growth of 46.78% yoy. Q2 PAT also increased by 27.12% from ₹320.54 million in the previous quarter. On Friday, the company’s board of directors approved the issuance of zero-coupon bonds.
Independent income from operations was stagnant ₹7,219.18 crore in Q2FY23 up 28.47% from ₹5,619.41 crore in Q2 of the previous fiscal. The latest revenue is up 20.15% compared to ₹6,008.71 crore in Q1FY23.
In its audit report, TVS Motor said this was done despite challenges in international markets due to economic slowdown and rising prices in some of its key markets.
Moreover, the company has shown that high investment is being made in all key features and better availability of vehicles with the launch of TVS Ronin and the new TVS iQube 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.
During the quarter, TVS Motor posted sales of 10,27,437 units compared to 9,16,705 units in Q2FY22 and 9,06,791 units in Q1FY23.
According to TVS Motor, although premium motorcycle sales improved over Q1, the full demand could not be met due to the continued limited availability of semiconductors during Q2. There was a month-over-month improvement in motorcycle sales in Q2 and supply constraints are expected to continue in Q3.
In Q2FY23, the company entered the premium lifestyle segment by launching the TVS Ronin – the first ‘Modern-Retro’ motorcycle, all 2022 TVS Apache RTR 160 and 2022 TVS Apache RTR 180 were launched with more power, riding styles and SmartXonnect. Also, the company introduced the TVS iQube Electric scooter in three modes which will be charged in the fastest way for a distance of 140 km on a single charge.
According to a regulatory filing, TVS Motor’s board has approved the issuance of consolidated ZCDs. ₹310 crore in one or more tranches to the wholly owned subsidiary of Sundaram Auto Components.
On the company’s Q2 performance, Mansi Lall – Research Associate, Prabhudas Lilladher said, “Revenue exceeded expectations led by higher realizations; EBITDA margin at 10.2%, slightly below expectations.”
Moreover, Lall added, “TVS maintained its double-digit EBITDA margin at 10.2%. The performance was supported by a renewed product portfolio and export momentum. export destinations as well, and the Indian market.
On the NSE, shares of TVS Motor ended at ₹2,487.45 each which is slightly lower from the previous close.
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