Companies

TVS Motor sees its highest-ever profit, revenue in Dec quarter

Our Bureau. Chennai | Updated on January 28, 2021

Sudarshan Venu, Joint Managing Director, TVS Motors

Two-wheeler major TVS Motor Company on Thursday reported its highest-ever profit and revenue in the December quarter, helped by strong double-digit growth in both domestic and export sales.

For the quarter ended December 31, 2020, the company more than doubled its profit after tax to ₹266 crore, compared to ₹121 crore in the year-ago quarter, on the back of strong operating margins. Its EBITDA grew 41 per cent at ₹511 crore (₹363 crore) while total revenue was the highest-ever at ₹5,404 crore (₹4,126 crore), up 31 per cent.

In Q3 FY21, two-wheelers sales grew 21 per cent and 31 per cent in the domestic and international markets, respectively, ahead of the industry growth of 13 per cent and 20 per cent.

Its total exports grew 20 per cent from 2.17 lakh units in Q3 FY20 to 2.61 lakh units in Q3 FY21, despite a containers scarcity.

Norton Motorcycle Co Ltd, the iconic UK sporting motorcycle brand acquired by TVS Motor, has announced that the company is moving to a new headquarters in Solihull, West Midlands.

Norton will resume production of the Commando Classic model at the Solihull site, building a limited quality to honour customers who had ordered and paid a deposit. Production of the V4SS will commence soon and the full opening of the facility is expected in the first quarter of next fiscal.

“The opening of this state-of-the-art facility will create the foundations for a sustainable long-term future of Norton. The new bikes will meet the world class standards our customers expect,” said Sudarshan Venu, Joint Managing Director of TVS Motors.

 

Published on January 28, 2021

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