TVS Motor Company Ltd reported a net profit of ₹593.4 crore for the quarter ended December 31, 2023, on Wednesday, January 24, beating a CNBC-TV18 poll estimate of ₹539 crore. TVS Motor's net profit jumped more than 68% in the October-December quarter on a year-on-year (YoY) basis. It had posted a net profit of ₹353 crore in Q3FY23.
TVS Motor revenue came in at ₹8,245 crore in the third quarter of the current fiscal year, higher than the CNBC-TV18 poll estimate of ₹8,188 crore. The revenue recorded a 26% jump from ₹6,545 crore the auto major had posted a year ago in the same quarter.
#3QWithCNBCTV18 | TVS Motor reports Q3 earnings
Net profit at ₹593.4 cr vs CNBC-TV18 poll of ₹539 cr pic.twitter.com/Av03ShwelF— CNBC-TV18 (@CNBCTV18Live) January 24, 2024
The two- and three-wheeler major reported EBIT of ₹924.5 crore in Q3FY24, which came in below the CNBC-TV18 poll estimate of ₹928 crore but over 40% higher than ₹659 crore it had recorded in Q3FY23.
The auto major's margin also dropped marginally to 11.2%, compared to the CNBC-TV18 poll estimate of 11.3%, but higher than the 10.1% the company posted in Q3FY23.
TVS Motor reported total two-wheeler sales at 10.63 lakh units in the current quarter, as against 8.36 lakh units in the quarter ended December 2022. Two-wheeler exports registered 2.16 lakh units as against 2.07 lakh units in December 2022.
Total three-wheelers registered sales of 0.38 lakh units in the quarter ended December 2023 as against 0.43 lakh units in the quarter ended December 2022.
Electric vehicles registered sales of 0.48 lakh units in the quarter ended December 2023 as against 0.29 lakh units during the quarter ended December 2022.
ALSO READ | TVS and Bajaj stir up competition among India’s leading EV makers, emerge as Ola’s newest rivals
TVS Motor nine months results
The auto major's operating revenue for the nine months ended December 2023 came at ₹23,608 crore as against ₹19,773 crore it reported for the nine months ended December 2022.
TVS Motor's PAT grew by 48% at ₹1,598 crore for the nine months ended December 2023 as against ₹,081 crore during the nine months ended December 2022.
TVS Motor share price
TVS Motor share price settled at Rs 2,009, up more than a percent on NSE. In the last one year, the auto stock has risen by more than 93%.
First Published: Jan 24, 2024 5:22 PM IST
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
I.N.D.I.A. bloc committed to predictable and stable tax environment: Jairam Ramesh
May 21, 2024 6:33 PM
Exclusive | INDIA bloc will ensure stable policy framework, simple GST, end tax terrorism: Jairam Ramesh
May 21, 2024 5:02 PM
Cong leaders 'failed' to protect party's constitution says FM Nirmala Sitharaman in Bihar
May 21, 2024 4:01 PM
Who will succeed Modi? Oppn thinks Amit Shah will, but PM said this
May 21, 2024 2:38 PM