TVS Motor Q2 standalone net profit up 23% to ₹663 crore
The Hindu
TVS Motor Company reports 23% profit growth in Q2 with record sales of ICE and EV units.
TVS Motor Company Ltd. (TVSM) reported that standalone net profit for the September quarter grew 23% over the year ago period to ₹663 crore.
Revenue from operations rose 13% to ₹9,228 crore. Other income included a gain on fair valuation of investment of ₹23 crore, the leading two and three wheeler manufacturer said in a statement.
During the quarter, TVSM invested ₹219 crore in its wholly owned subsidiary, TVS Motor (Singapore) Pte Ltd. TVS Digital Ltd. ceased to be a wholly owned subsidiary of the company from September 16 consequent to sale of its entire stake in TVS Digital Ltd.
TVSM said it recorded highest ever quarterly ICE and EV sales of 12.28 lakh units registering a growth of 14%. Of which, motorcycles accounted for 5.61 lakh units, scooters 4.90 lakh, mopeds 1.39 lakh and three-wheeler 38,000 units. Scooter sales included 75,122 EVs (57,549). Export of two-wheeler exports increased to 2.78 lakh units from 2.39 lakh units.
For the first half, net profit grew by 23% to ₹1,240 crore and total revenue by 15% to ₹17,604 crore.
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