Bengaluru, Karnataka, India
TVS Motor Company’s operating revenue grew by 28% at Rs. 7,219 Crores for the quarter ended September 2022 as against Rs. 5,619 Crores reported in the quarter ended September 2021.
The Company’s Operating EBITDA grew by 31% at Rs. 737 Crores for the second quarter of 2022-23 as against EBITDA of Rs. 563 Crores in second quarter of 2021-22. The Company’s EBITDA margin for the quarter is at 10.2% as against EBITDA margin of 10% reported in the second quarter of 2021-22.
The Company’s Profit Before Tax grew by 46% at Rs. 549 Crores for the second quarter of 2022-23 as against PBT of Rs. 377 Crores in second quarter of 2021-22.
This was delivered despite challenges in international markets due to the economic slowdown and higher inflation in some of the key markets.
Higher investments were made in all key brands with better availability of vehicles and launch of TVS Ronin and new TVS iQube Electric. As part of the EV strategy, specialised resources were added in the areas of software, electronics and digital & analytics to further augment the team.
Though the 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-on-month improvement of premium motorcycle sales in Q2 and the supply constraints are expected to further ease out in Q3.
Sales
The overall two-wheeler and three-wheeler sales including exports grew by 12% registering 10.27 Lakh units in the quarter ended September 2022 as against 9.17 Lakh units registered in the quarter ended September 2021. Motorcycle sales grew by 9% registering 4.77 Lakh units in the quarter ended September 2022 as against 4.39 Lakh units in quarter ended September 2021. Scooter sales for the quarter ended September 2022 grew by 44% registering 3.83 Lakh units as against the sales of 2.66 Lakh units in the second quarter of 2021-22. The Company recorded two-wheeler exports of 2.52 Lakh units in the quarter ended September 2022 as against 2.70 Lakh units in the quarter ended September 2021. Three-wheeler sales for the quarter under review grew by 7% registering 0.51 Lakh units as against 0.47 Lakh units during second quarter of 2021-22. Scooter sales includes electric scooter sales of 15,645 units in the quarter ended September 2022 as against 1,955 units in the quarter ended September 2021.
Half-year results
Half year results are not comparable as Q1 of last year was affected by COVID-19 related disruptions.
The total two-wheeler sales of the Company for the half-year ended September 2022 grew by 23% registering 18.38 Lakh units as against 14.88 Lakh units recorded in the half-year ended September 2021. The total three-wheeler sales for the half-year ended September 2022 grew by 12% registering 0.97 Lakh units as against 0.86 Lakh units registered in the half-year ended September 2021. The total export of two and three-wheelers for the half-year ended September 2022 is 6.36 Lakh units as against 6.43 Lakh units in the half-year ended September 2021.
Total revenue in the half-year ended September 2022 is Rs. 13,228 Crores against Rs. 9,554 Crores in the half-year ended September 2021. PBT before exceptional items for the half-year ended September 2022 is Rs. 981 Crores as against Rs. 479 Crores in the half-year ended September 2021. During the half-year ended September 2022 Company reported Profit After Tax of Rs. 728 Crores as against Rs. 331 Crores in the half-year ended September 2021.
New Product Launches
During the quarter, the Company forayed into the premium lifestyle segment by launching TVS Ronin – the industry-first ‘Modern-Retro’ motorcycle, all new 2022 TVS Apache RTR 160 and 2022 TVS Apache RTR 180 launched with more power, ride modes and SmartXonnectTM. The Company also launched TVS iQube Electric scooter in three variants that comes loaded with best-in-class on-road range of 140 km on a single charge.
