TVS Motor, a leading Indian two-wheeler manufacturer, announced a significant increase in its financial performance for the third quarter of the fiscal year 2024 (Q3FY24), with a notable 68% rise in standalone net profit, reaching ₹593.35 crores compared to the previous year’s ₹352.75 crores for the same quarter. The company’s operational revenues also saw a 26% increase, amounting to ₹8,245 crore.
The company reported a 40% year-on-year growth in standalone operating profit for Q3, amounting to ₹924 crore, up from ₹659 crore in the corresponding quarter of the previous year. The operating profit margin also saw a 60 basis point improvement, peaking at 11.2%.
For the nine months ending December 2023, TVS Motor’s operating revenue was reported at ₹23,608 crore, compared to ₹19,773 crore for the same period in the previous year. The net profit for the nine months of FY24 rose by 48% to ₹1,598 crore from ₹1,081 crore in the same period of FY23.
In terms of sales, the company experienced a 27% year-on-year increase in two-wheeler sales during Q3FY24, selling 10.63 lakh units. This figure includes 0.48 lakh units of electric vehicles (EVs), marking a 65.51% increase from the 0.29 lakh units traded in the third quarter of the previous fiscal year. Two-wheeler exports in Q3FY24 were slightly higher at 2.16 lakh units compared to 2.07 lakh units in December 2022.
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The company’s stock has shown remarkable performance on Dalal Street, consistently rising from ₹1,077 per share in April of the previous year to ₹2,025 per share in December, an 88% increase. Over the last two and three years, the stock has gained 210% and 292%, respectively. Remarkably, since April 2020, when the stock was valued at ₹240 per share, it has surged by 733%.
TVS Motor’s stock price rose by 0.68% to ₹2,000.95 on the NSE, on January 24.
