CHENNAI: TVS Motor Company’s net profit jumped nearly 47% in the second quarter at around Rs 407.5 crore from Rs 277.6 crore in the year-ago period. The Q2 figures are up 27% quarter on quarter compared to the Rs 320.5 crore clocked in Q1FY23.
Profit before tax grew 46% at Rs 549 crore, up from Rs 377 crore last Q2. The company’s operating revenue grew by 28% at Rs 7,219 crore as against Rs 5,619 crore a year ago. The company’s operating Ebitda grew by 31% at Rs 737 crore for Q2 as against Rs 563 crore in the year-ago period. The Ebitda margin for the quarter is at 10.2% up from 10% last Q2.
The performance “was delivered despite challenges in international markets due to the economic slowdown and higher inflation in some of the key markets”, the company said in a statement. In its stock market notification, the company announced that its board had approved the issuance of zero-coupon debentures worth Rs 310 crore “in one or more tranches” to its wholly owned subsidiary Sundaram Auto Components.
Overall sales, including exports, grew 12% at nearly 10.3 lakh units in Q2FY23 up from nearly 9.2 lakh units last Q2. Motorcycle sales grew by 9% at around 4.8 lakh units while scooter sales grew 44% at just over 3.8 lakh units. Two-wheeler exports of 2.5 lakh units were lower than the 2.7 lakh units last Q2. Three-wheeler sales grew 7%. Scooter sales include that of 15,645 electric scooters as against 1,955 units in Q2FY22.
For half year, the company clocked net profit of Rs 728 crore as against Rs 331 crore in FY22 but the two are not comparable as last H1 was a Covid-impacted period. Total revenue for H1FY23 is at Rs 13,228 crore as against Rs 9,554 crore last half year. PBT before exceptional items is Rs 981 crore as against Rs 479 crore in the year-ago period.
