TVS Motor Clocks Highest-Ever Monthly Sales In September As iQube Delivers

TVS Motor Co. has clocked its highest ever monthly volumes on the back of surging electric two-wheeler sales.

Total two-wheeler sales of the Chennai-based automaker rose 20% year-on-year to 4.71 lakh units in September, as against 3.86 lakh units in the year-ago period, according to an exchange filing on Tuesday. While domestic sales were up 23% year-on-year at 3.69 lakh units, exports rose 19% to 1.02 lakh units over the same time period.

What stood out, however, was the surge in EV sales.

The company shipped 28,901 electric vehicles to dealerships last month, as against 20,356 units in the year-ago period—a growth of 42%.

• Total sales rose 20% to 4.82 lakh units.

• Total exports increased 11% to 1.11 lakh units.

• Total two-wheeler sales up 22% to 4.71 lakh units.

• Domestic two-wheeler sales rose 23% to 3.69 lakh units.

• Two-wheeler exports up 19% to 1.02 lakh units

Within the two-wheeler space, motorycle sales rose 19% year-on-year to 2.29 lakh units in September 2024. Scooter sales were increased 20% to 1.86 lakh units.

But the three-wheeler business disappointed. TVS Motor shipped 10,703 auto-rickshaws in September 2024 as against 15,598 units in the year-ago period.

In the three months ended Sept. 30, 2024, TVS Motor recorded total two-wheeler sales of 11.90 lakh units as against 10.31 lakh units in the year-ago period. That translated to a growth rate of 15% year-on-year.

Three-wheeler sales stood at 38,000 units while total exports rose 11% year-on-year to 3.09 lakh units.

Shares of TVS Motor erased opening gains and fell as much as 1.02% to Rs 2,811. That compared with 0.16% decline in the country's benchmark NSE Nifty 50. The stock has declined 18.6% so far this year.

Among the 42 analysts tracked by Bloomberg, 21 have a "buy" rating on the stock while nine have a "hold" rating and 12 have a "sell" rating. The analysts consensus 12-month price target tracked by Bloomberg was Rs 2,478.23, implying a potential downside of 12.5% from the last closing price.