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TVS Motor Company posted a 49 per cent growth in its fourth quarter net profit at ₹410 crore against a net profit of ₹275 crore for the corresponding quarter of FY22.
Revenue from operations during the latest quarter went up by 19 per cent, year-on-year, to ₹6,605 crore (₹5,530 crore).
For the full year, the company net profit grew by 67 per cent to ₹1,491 crore in FY23 against a net profit of ₹894 crore for FY22. The company achieved a highest-ever revenue from operations of ₹26,378 crore in the previous fiscal as against a revenue of ₹20,791 crore.
The company’s profit before tax (PBT) also touched a new high of ₹2003 crore, up 61 per cent against PBT of ₹1,243 crore in FY22.
Addressing Q4FY23 earnings call, KN Radhakrishnan, Director and CEO, TVS Motor Company, said the record revenue and profits in FY23 assumes significance as it came in a year which had various headwinds including semi-conductor shortages in the first half of the year, challenges in the international markets in the second half of the year.
The overall two-wheeler and three-wheeler sales including exports stood at 8.68 lakh units in the quarter ended March 2023 against 8.56 lakh units registered in the quarter ended March 2022. For the full year, the overall two and three-wheeler sales grew by 11 per cent to 36.82 lakh units as against 33.10 lakh units in the year 2021-22.
Three-wheeler sales for the fiscal year were 1.69 lakh units in the year ended March 2023 against 1.72 lakh units in the previous fiscal year.
The company’s domestic two-wheeler business in FY23 grew by 23 per cent against the industry growth of 16 per cent while the domestic electric vehicle dispatches in the previous fiscal stood at 97,000 against 11,000 units in FY22.
“Two-wheeler international market declined by 36 per cent as compared to Q4 of last year due to inflation, currency depreciation, and inadequate currency availability,” Radhakrishnan said.
Meanwhile, shares of TVS Motor Company closed at ₹1,180 apiece on NSE on Thursday, 2 per cent higher than Wednesday’s closing price.
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