TVS Motor Q3 results: Net profit rises 59% to Rs 479 crore

TVS Motor Company on Wednesday reported a 59 per cent increase in its consolidated net profit to Rs 479 crore for the third quarter ended December 31, 2023, riding on the back of robust sales across markets. The company posted a consolidated net profit of Rs 301 crore in the October-December period of the last fiscal.

Revenue from operations rose to Rs 10,114 crore in the December quarter as against Rs 8,066 crore in the year-ago period, TVS Motor Company said in a regulatory filing.

On a standalone basis, the company reported a net profit of Rs 593 crore for the October-December quarter, a growth of 68 per cent as compared with Rs 353 crore in the third quarter of 2022-23 fiscal.

Revenue from operations rose to Rs 8,245 crore in the third quarter as compared with Rs 6,545 crore in the same period of last fiscal. TVS said total two-wheeler sales rose to 10.63 lakh units in the third quarter as against 8.36 lakh units a year ago.

Two-wheeler exports rose to 2.16 lakh units in the period under review from 2.07 lakh units in the year-ago period. Total three-wheeler sales declined to 38,000 units in the third quarter ended December 31, 2023, as against 43,000 units in FY22.

TVS reported sales of 48,000 electric vehicles in the December quarter as compared to 29,000 units in the year-ago quarter. Shares of the company ended 0.76 per cent up at Rs 2,002.20 apiece on the BSE.

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