TVS Motor Company has released its operating revenue cost for the third quarter (Q3) of 2023-2024(FY22-23). With a total of 10.63 lakh two-wheelers sold, TVS Motor Company’s operating revenue grew by 26 per cent at ₹8,345 crores.TVS achieved this feat despite launching only one new product in the form of the RTR 310 in 2023.
Export also increased and the brand managed to ship 2.16 lakh units, TVS Motor Company registered 6.94 per cent profit in the third quarter of 2023-2024. In comparison, the brand had exported 2.07 lakh units in the third quarter of 2022-2023 financial year.
Its EV sales were also on the upside with 48,000 units retailed in the Q3 FY22-23, compared to just 29,000 units in the last quarter of 2022-2023 financial year. On this note, TVS is yet to launch the top-spec iQube model, the sole EV offering still now continues to be available in just two variants, instead of three.
On the other end of the brand’s product spectrum, TVS’s three-wheeler sales were on the low side of sales. The marque retailed only 38,000 three-wheeler vehicles in the last quarter, compared to 43,000 units retailed in the third quarter of the 2022-2023 financial year.
However, the company’s cumulative operating earnings before taxes, interests, and depreciation grew by 40 per cent at ₹ 924 crore by December 2023, as against ₹659 crore in the third quarter of 2022-23. As a result, TVS managed to surpass its previous year annual profit within just nine months of 2023. Henceforth, company’s profit (before tax) grew by 63 per cent at ₹775 crore in the same period, compared to ₹475 crore in the third quarter of 2022-2023.
