TVS Motor Q3 results: Consolidated net profit rises 22%, sales rise 22.26%, Rs 5 dividend announced

Chennai-based two-wheeler maker TVS Motor on Tuesday reported 22 per cent rise in standalone net profit to Rs 353 crore, which is way ahead of what was predicted by market analysts. The company saw a 15 per cent increase in revenue to Rs 6,545 crore in Q3 FY23 year-on-year over Q3 FY22.  

Profit before tax (PBT) grew by 21 per cent to Rs 475 crore for the third quarter of 2022-23 from Rs 391 crore in the third quarter of 2021-22. 

The operating EBITDA grew 16 per cent to Rs 659 crore for the third quarter of 2022-23 as against Q3 2021-22 EBITDA of Rs 568 crore. The company’s operating EBITDA margin for the quarter was at 10.1 per cent as against the 10 per cent reported in the third quarter of 2021-22. 

The company board at its meeting held on Tuesday declared an interim dividend of Rs 5 per share, absorbing a sum of Rs 238 crore for the financial year 2022-23. 

Its shares climbed 0.031 per cent on Tuesday to settle at Rs 982.00 apiece on the NSE. 

Robust vehicle sales 

The company registered total two-wheeler sales of 8.36 Lakh units in the December 2022 quarter as against 8.35 lakh units in the quarter ended December 2021. 

Electric vehicles registered sales of 0.29 lakh units in the quarter ended December 2022 as against 0.02 lakh units during the quarter ended December 2021 and 0.16 lakh units during quarter ended September 2022. Two-wheeler export sales registered 2.07 Lakh units as against 2.53 Lakh units in December 2021. 

Total three-wheelers registered sales of 0.43 lakh units in the quarter ended December 2022 as against 0.44 lakh units in the quarter ended December 2021. 

The company launched TVS Raider SmartXonnectTM TFT variant with first-in-class features, like TFT display, TVS SmartXonnectTM with voice-assist, Bluetooth connectivity, navigation, ride reports and multiple ride modes. 

It also announced its partnership with Amazon India to strengthen electric mobility, electric infrastructure, and connected services and strengthening our commitment to achieving net-zero carbon. 

Vehicles sales in 9 months of 2022 

The overall two-wheeler and three-wheeler sales including exports grew by 15 per cent registering 28.14 lakh units in the nine months ended December 2022 as against 24.53 lakh units registered in the nine months ended December 2021.  

Motorcycle sales grew by 4 per cent where 13.45 lakh units were sold in the nine months ended December 2022 as against 12.90 Lakh units in the nine months ended December 2021.  

Scooter sales for the nine months ended December 2022 grew by 50 per cent registering 9.94 Lakh units as against the sales of 6.61 Lakh units in the nine months ended December 2021.  

The company recorded two-wheeler exports of 7.54 Lakh units in the nine months ended December 2022 as against 8.13 Lakh units in the nine months ended December 2021. Three-wheeler sales for the nine months ended December 2022 grew by 8 per cent registering 1.40 Lakh units as against 1.30 Lakh units during nine months ended December 2021.  

Scooters include TVS iQube Electric sales of 53,599 units in the nine months ended December 2022 as against 5,207 units in the nine months ended December 2021.