The two-wheeler manufacturer’s total sales increased by 9% in September 2022, with 379,011 units sold, compared with 347,156 units in September 2021.
Total sales of two-wheelers increased by 9% to 361,729 units in September 2022 compared to 332,511 units sold in September 2021. Domestic sales of two-wheelers amounted to 283,878 units in September 2022, increasing by 16% from 244,084 units sold in the same period last year.
Motorcycle sales increased by 2% to 169,322 units in September 2022 from 166,046 units sold in September 2021. The company’s scooter sales registered 144,356 units in September 2022 compared to sales of 104,091 units in September 2021, with an increase of 39% year on year.
TVS Motor Company has a strong start to the holiday season and demand is expected to continue to increase this season, the company said.
The company’s total exports decreased by 9.08% to 92,975 units in September 2022 compared to 102,259 units in September 2021. Two-wheeler exports decreased by 11.96% to 77,851 units in September 2022 from 88,427 units sold in the same period a year earlier.
There has been a marginal improvement on the international market front, but the challenges of the economic slowdown and higher inflation remain. We are cautious optimists that sales dynamics will continue to improve, the company said in a press release.
In the tricycle segment, the company’s sales increased by 18% to 17,282 units in September 2022 from 14,645 units in September 2021.
In the electric vehicle segment, the company sold 4,923 TVS iQube Electric units in September 2022 compared to 766 units in September 2021.
In the second quarter of this fiscal year, two-wheelers recorded an increase of 12% with sales of 9.77 lakh units compared to sales of 8.70 lakh units in the second quarter of the fiscal year 21-22. The company’s tricycle saw an increase of 7% with sales of 0.51 lakh units in the second quarter of this year, compared with 0.47 lakh units in the second quarter of the 21-22 fiscal year.
TVS Motor Company is a renowned producer of two- and three-wheeled vehicles all over the world. The company has four production plants in Hosur, Mysuru and Nalagarh, India, and Karawang, Indonesia.
The company recorded a standalone net profit of Rs 321 crore in the first quarter of FY23 compared to a net profit of 53 crore in the first quarter of FY22. Operating revenue was 6,009 crore rupees for the quarter ended June 2022 compared to 3,934 crore rupees reported for the quarter ended June 2021, up 52.7% y / y.
TVS Motor Company shares fell 2.36% to Rs 1,007.15 on BSE.
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