PAT increases by 506% to 321 crore, and the board supports the issuance of bonds.
On July 28, TVS Motor Company declared a consolidated profit of Rs. 305.37 crore for the fiscal quarter ending June (Q1FY23), compared to a loss of Rs. 10.55 crore the previous year.
On a standalone basis, its profit was Rs 321 crore as opposed to Rs 53 crore in the first quarter of FY22, representing a four-fold increase.
On July 28, TVS Motor Company reported a consolidated profit of Rs 305.37 crore for the quarter ended June (Q1FY23), compared to a loss of Rs 10.55 crore for the same period the previous year.
Its operational revenue increased by 56 percent year over year to Rs 7,315.70 crore from Rs 4,689.34 crore in Q1FY22.
Its profit increased by more than four times, to Rs 321 crore from Rs 53 crore in the first quarter of FY22. In comparison to last year, operating revenue increased to Rs 6,009 crore from Rs 3,934 crore.
In contrast to the 6.58 lakh units sold in the quarter ended June 2021, the entire sales of two- and three-wheeled vehicles, including exports, reached 9.07 lakh units in the quarter ended June 2022.
Sales of scooters were 3.06 lakh versus 1.38 lakh units sold, and motorcycle sales were 4.34 lakh versus 4.05 lakh.
The company exported 2.96 lakh two-wheelers during this quarter, up from 2.90 lakh during the quarter ending in June 2021, the highest number ever.
Sales of three-wheelers increased from 39,000 units a year earlier to 46,000 units for the quarter under review. Sales of electric scooters increased from 1,000 to 9,000 units.