TVS Motor Q3 Results: Profit Rises As Margin Improves But Misses Estimates
TVS Motor's Q3 revenue surged 22% to Rs 8,066.1 crore, against an estimate of Rs 6,333.7 crore.
TVS Motor Co.’s consolidated net profit rose in the third quarter as average selling prices increased even though sales remained flat. However, it missed estimates.
The company’s consolidated net profit rose 23% year-on-year to Rs 303.9 crore in the quarter ended December, according to its exchange filing. That compares with the Rs 309.8 crore consensus estimate of analysts tracked by Bloomberg.
TVS Motor Q3 FY23 Highlights (YoY):
Revenue surged 22% to Rs 8,066.1 crore, against an estimate of Rs 6,333.7 crore.
Ebitda rose 33% to Rs 1,021.9 crore, against a forecast of Rs 661.6 crore.
Operating margin stood at 12.7% compared to 11.7% last year, and estimates of 10.4%.
The company's revenue fell 6% and net profit declined 21% over the previous quarter.
In the quarter ended December, the company’s sales fell 14.4% sequentially to 8.79 lakh units. Year-on-year, the sales were flat.
A fall in exports during the quarter, due to worsening demand in the overseas markets, led to lower overall sales.
Electric vehicles registered sales of 29,000 units in the quarter ended December, as against 2,000 units last year and 16,000 units during the second quarter.
Shares of TVS Motor ended flat today before the results were announced, compared with a 0.3% fall in the benchmark Nifty 50.