Mumbai: TVS Motor Company reported a 45 percent increase in consolidated net profit for the quarter ending September 2024 (Q2FY25), reaching Rs 560.49 crore, up from Rs 386.34 crore in the same period last year, media reports said.
The rise in profit was attributed to the company's highest-ever quarterly sales of two- and three-wheelers, reported Business Standard.
Revenue from operations also grew by 14 percent, climbing to Rs 11,301.68 crore in Q2FY25 from Rs 9,932.82 crore in Q2FY24.
The company saw a 14 percent increase in overall two- and three-wheeler sales, including exports, with a record 1.228 million units sold in Q2FY25, compared to 1.074 million units in the same quarter last year.
Director and CEO of TVS Motor, K N Radhakrishnan, said that the ongoing festival season had started on a positive note and expressed optimism about achieving higher growth than the industry average in the third quarter. He projected the industry would grow by 7-8 percent during this period.
Motorcycle sales in the second quarter of FY25 grew by 14 percent, reaching 560,000 units compared to 493,000 units in Q2FY24.
Scooter sales rose by 17 percent, with 490,000 units sold in Q2FY25, up from 420,000 units a year earlier. Two-wheeler exports saw a 16 percent increase, reaching 278,000 units in Q2FY25, compared to 239,000 units in Q2FY24.
However, three-wheeler sales fell slightly, with 38,000 units sold in the quarter compared to 43,000 in the same period last year.
The company’s electric vehicle (EV) sales grew by 31 percent, hitting a record 75,000 units in Q2FY25, compared to 58,000 units in Q2FY24. TVS has also begun exporting EVs to markets in ASEAN.
Radhakrishnan stated that TVS Motor is focusing on future investments, particularly in electric vehicles, technology, and talent. He noted that the company has a strong product range and has been steadily growing.
For the first half of FY25, total two-wheeler sales grew by 15 percent to 2.247 million units, up from 1.95 million units in H1FY24.
Three-wheeler sales for the same period stood at 69,000 units, down from 78,000 units in H1FY24.
Total exports of two- and three-wheelers in H1FY25 grew by 11 percent to 562,000 units, compared to 504,000 units in the previous year.
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