Two and three-wheeler maker TVS Motor Company says its electric scooter sales have been doubling every quarter; its total volumes of the e-scooters are expected to cross the one lakh mark this fiscal.

During Q1 of the current financial year, it sold about 8,000 units of electric scooter iQube, 16,000 units in Q2, and in Q3, the volumes improved further to 29,000 units. In absolute terms, it has sold 53,599 units of iQube during April-December 2022 period (as against 5,207 units in the year-ago period.)

“So, every quarter in FY23 we have been practically doubling and we expect this momentum to continue in Q4 of this fiscal too, thanks to the supply chain and higher demand,” KN Radhakrishnan, Director and CEO of the company told during the Q3FY23 earnings call.

In December 2022 quarter, electric scooter volumes accounted for 10 per cent of the overall scooter volumes. Its current order book for iQube stands close to 30,000 units.

To support the sales momentum, the company intends to ramp up its EV capacity to 25,000 units per month in this quarter, up from 10,000 units in Q2. An improved supply chain also aids its capacity ramp-up.

Currently, iQube is sold through 200 touchpoints across the country and it will be increased further in this quarter.

Radhakrishnan stated that the company was on track to roll out new electric products as indicated earlier and it is likely to launch an electric three-wheeler shortly.

He said FY24 will set a tone for EV transformation for the company with expanded all-India coverage of iQube and new product launches from TVS Motor.

Q3 PAT up

The company recorded a 22 per cent increase in its profit after tax at Rs.353 crore for the quarter that ended December 31, 2022, when compared with ₹288 crore in Q3 of the last fiscal.

Its operating revenue grew by 15 per cent at ₹.6,545 crore as against ₹5,706 crore in Q3 of the last fiscal. It registered a 16 per cent increase in EBITDA at ₹659 crore as against ₹568 crore. Operating EBITDA margin of 10.1 per cent as against 10 per cent.

For the 9-month period that ended on December 31, 2022, the company’s PAT stood at ₹1,081 crore as against ₹.619 crore in the year-ago period. This is the first time the company’s PAT has crossed ₹.1000 crore in a 9-month period. Revenue stood at ₹19,773 crore as against ₹15,260 crore.

The Board declared an interim dividend of ₹5 per share absorbing a sum of ₹238 crore for Fy23.

 Shares of TVS Motor Company closed 0.44 per cent higher at ₹986.20 per piece on BSE.