TVS Motor Q2 Results: Profit At Record High Yet Misses Estimates
TVS Motor's revenue also hit a record high with iQube delivering strong numbers.
TVS Motor Co. clocked its highest ever quarterly net profit and revenue in July-September 2024 on the back of record two-wheeler sales.
Standalone net profit of the Apache maker rose 23.5% over the year-ago period to Rs 663 crore in the quarter ended Sept. 30, on the back of revenue that increased 13.3% year-on-year to Rs 9,228 crore. Analysts polled by Bloomberg had estimated the bottom line at Rs 696 crore and the top line at Rs 9,419 crore.
TVS Motor Q2 Results (Standalone, YoY)
Revenue up 13.3% at Rs 9,228 crore (Estimate: Rs 9,419 crore).
Ebitda up 20.1% at Rs 1,080 crore (Estimate: Rs 1,117 crore).
Ebitda margin up 70 basis points at 11.70% (Estimate: 11.90%).
Net profit up 23.5% at Rs 663 crore (Estimate: Rs 696 crore).
One basis point is one-hundredth of a percentage point.
The quarterly performance comes on the back of a surge in two-wheeler sales led by its electric scooter—the iQube.
In the quarter ended Sept. 30, the Chennai-based automaker sold 11.90 lakh two-wheelers as against 10.31 lakh in the year-ago period—a growth of 15%, according to an exchange filing on Oct. 1. The three-wheeler sales actually fell to 0.38 lakh units, as against 0.43 lakh units in Q2 FY24. Over the same time, the iQube sales rose 25.24% year-on-year to 55,508 units as against 41,496 units a year-ago, data sourced from the Society of Manufacturers of Electric Vehicles showed.
But it was in September that TVS clocked its highest ever monthly sales.
Total two-wheeler sales rose 20% year-on-year to 4,71,792 units as against 3,86,955 units in September 2023, according to an exchange filing on Oct. 1. While domestic sales were up 23% annually, exports rose 19% to 1,02,654 units. The company shipped 28,901 EVs to dealerships last month, as against 20,356 units a year ago—a growth of 42%.
On Wednesday, TVS Motor shares fell 4.41% to Rs 2,544.00 apiece on the BSE even as the benchmark Sensex ended the day 0.17% lower at 80,084.38 points.
