TVS Motor Q4 Results: Profit Surges 49% On Higher Realisations
Revenue grew 19% to Rs 6,605 crore, as against a forecast of Rs 6,612 crore.
TVS Motor Co.'s net profit rose in the fourth quarter of fiscal 2023 as average selling prices increased, even as sales growth was muted.
The company's net profit rose 49% year-on-year to Rs 410.3 crore in the quarter ended March, according to its exchange filing. That compares with the Rs 360 crore consensus estimate of analysts tracked by Bloomberg.
TVS Motor Q4 FY22 Highlights (YoY):
Revenue grew 19% to Rs 6,605 crore, as against a forecast of Rs 6,612 crore.
Ebitda rose 22% to Rs 680 crore, as compared with an estimate of Rs 671.3 crore.
Operating margin stood at 10.3% versus 10.1% last year, and an estimate of 10.2%.
The company's revenue rose 1% and net profit grew 16% over the previous quarter.
In the quarter ended March, the company's overall sales rose 1.4% year-on-year to 8.56 lakh units. Two-wheeler sales inched up 3% to 8.15 lakh units, while sales in the three-wheeler segment fell 30% to 41,774 units.
Strong growth in the domestic market was offset by weak exports due to worsening demand in overseas markets. Domestic volumes rose 26%, while exports crashed 41%.
Shares of the company ended 2% higher before the results were announced, as compared with a 0.9% rise in the benchmark NSE Nifty 50.