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TVS Motor Company has reported a 68 per cent rise in its net profit at ₹593 crore in the December 2023 quarter compared with ₹353 crore in the year-ago quarter, aided by a 25-per cent growth in overall vehicle sales and improved margins during the period.
The company’s operating EBITDA grew 40 per cent at ₹924 crore (₹659 crore). Its operating EBITDA margin was highest at 11.2 per cent in the December 2023 quarter (10.1 per cent). Profit Before Tax grew 63 per cent at ₹775 crore (₹475 crore).
Its operating revenue grew 26 per cent at ₹8,245 crore for the December quarter (₹6,545 crore).
Nine months
For the nine months of this fiscal, the company’s net profit grew 48 per cent to ₹1,598 crore (₹1,081 crore). Operating revenue rose to ₹23,608 crore (₹19,773 crore).
The company’s two-wheeler sales including exports grew 13 per cent at 30.13 lakh units in this period (26.74 lakh units). Electric two-wheeler vehicles stood at 1.44 Lakh units (54,000 units).
During the Q3FY24 earnings call, K N Radhakrishnan, Director and CEO of the company, said the company continued to see good traction for its electric scooter iQube and the company had planned to increase the number of touchpoints to sell iQube, going forward. “We hope to double the current number of 400 outlets in the next three months,” he said.
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