The operational revenue for TVS Motor Company increased by 15% to Rs. 6,545 crores for the quarter ended December 2022 from Rs. 5,706 crores for the quarter ended December 2021.
Compared to sales of 0.02 lakh units in December 2021 and 0.16 lakh units in September 2022, electric vehicle sales in the third quarter of 2022 totaled 0.29 lakh units.
Operating EBITDA for the company increased by 16% to Rs. 659 crores for the third quarter of 2022–23 from Rs. 568 crores in the third quarter of 2021–22. In comparison to the Operating EBITDA margin of 10% recorded in the third quarter of 2021–22, the Company’s Operating EBITDA margin for the quarter was 10.1%. Profit Before Tax (PBT) for the company increased by 21% to Rs. 475 crores for the third quarter of 2022–23 from Rs. 391 crores in the third quarter of 2021–22.
In the current quarter, the company sold 8.36 lakh two-wheelers, compared to 8.35 lakh in the quarter that ended in December 2021. 2.07 lakh units of two-wheelers were exported in comparison to 2.53 lakh units in December 2021. The total number of three-wheelers sold decreased from 0.44 lakh in the quarter ended December 2021 to 0.43 lakh in the quarter ended December 2022.
Cumulative nine months results
The total number of two- and three-wheeler sales, which includes exports, increased by 15% during the nine months ending in December 2021 and December 2022, reaching 28.14 lakh units. In comparison to the nine months ending December 2021, motorcycle sales increased by 4%, reaching 13.45 lakh units in the nine months ending December 2022. In comparison to the sales of 6.61 lakh units in the nine months ending December 2021, scooter sales for the nine months ending December 2022 increased by 50%, totaling 9.94 lakh units.
In comparison to the nine months ending December 2021, the Company exported 7.54 lakh two-wheelers in December 2022, down from 8.13 lakh. Sales of three-wheelers increased by 8% over the nine months ending in December 2022, reaching 1.40 lakh units as opposed to 1.30 lakh units during the nine months ending in December 2021. Sales of scooters, including the TVS iQube Electric, increased to 53,599 units in the nine months that ended in December 2022 from 5,207 units in the same period the previous year.
And in comparison to the nine months ending December 2021, operating revenue for the nine months ending December 2022 was recorded at Rs. 15,260 crores versus Rs. 19,773 crores. Profit Before Tax (PBT) for the Company was Rs. 1,457 crores for the nine months that ended in December 2022 as opposed to Rs. 871 crores for the nine months that ended in December 2021. In comparison to the nine months that ended in December 2021, the company’s Profit After Tax (PAT) for the nine months that ended in December 2022 was Rs. 1,081 crores.
The Board declared an interim dividend of Rs. 5 per share (500%) at its meeting today, absorbing Rs. 238 crores for the fiscal year 2022–23.
New Product Launches and Updates
This quarter, the company introduced the TVS Raider SmartXonnectTM TFT variant, which offers best-in-class features such a TFT display, voice-assist TVS SmartXonnectTM, Bluetooth connectivity, navigation, ride reports, and several ride modes.
To promote electric mobility, electric infrastructure, and connected services as well as to deepen our commitment to attaining net-zero carbon emissions, TVS Motor Company established a strategic partnership with Amazon India.