TVS Motor Q2 net profit grows 35% to INR 242 crore, Auto News, ET Auto

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The total export of two and three-wheelers for the half-year ended September 30, 2021 was 6.43 Lakh units as against 2.96 Lakh units in the previous similar half-year.
The total export of two and three-wheelers for the half-year ended September 30, 2021 was 6.43 Lakh units as against 2.96 Lakh units in the previous similar half-year.

New Delhi: Two and three-wheeler maker TVS Motor Company on Thursday reported a growth of 35.1% to INR 242.17 crore in consolidated profit for the quarter ended September 30, 2021.

The Chennai-based company posted a profit of INR 179.93 crore during the year-ago period, TVS said in a regulatory filing.

The company’s revenue from operations stood at INR 6,483.42 crore for the July to September 2021 quarter while it was INR 5,254.36 crore during July to September 2020 quarter.

On a standalone basis, TVS reported a profit of INR 277.60 crore for the quarter ended September 30, 2021, as against INR 196.25 crore for the year-ago period. Its revenue from operations stood at INR 5,619.41 crore during the quarter compared to INR 4,605.49 crore during July – September 2020.

Despite various challenges in terms of increase in commodity costs, scarcity of containers for international business and shortage in semiconductors, the financial results came through significant cost reduction initiatives and growth in revenue, TVS Motor said .

“During the quarter, focused working capital management and improved operating performance helped the company to generate operating free cash flow of Rs. 1,090 crore,” the company said in a statement.

TVS sold 8.70 lakh two-wheelers in the quarter as against 8.34 lakh units in the second quarter of 2020-21. Two-wheeler exports grew by 46% compared to Q2 of last year.

Motorcycles registered sales of 4.39 lakh units in the quarter ended September 30, 2021 as against sales of 3.66 lakh units registered in the same quarter in 2020. Scooter sales of the Company for the quarter registered 2.66 lakh units as against sales of 2.70 lakh units in the quarter ended September 30, 2020.

Total three wheeler sales were at 0.47 Lakh units in the quarter ended September 30, 2021 as against 0.33 Lakh units in the similar quarter last year.

In the April to September period, TVS reported a consolidated profit of INR 231.62 crore compared to INR 0.56 crore in the similar period last year. Revenue from operations stood at INR 11,172.76 crore as against INR 7,194.01 crore in the year-ago period.

On a standalone basis, revenue from operations stood at INR 9,553.77 crore as against INR 6,037.22 crore in the April to September 2020 period.

The total two-wheeler sales of the company for the half-year ended September 30, 2021 was 14.88 Lakh units as against 10.90 Lakh units recorded in the half-year ended September 30, 2020.

The total three-wheeler sales for the half-year ended September 2021 was 0.86 Lakh units as against 0.45 Lakh units registered in the half-year ended September 30, 2020.

The total export of two and three-wheelers for the half-year ended September 30, 2021 was 6.43 Lakh units as against 2.96 Lakh units in the previous similar half-year.

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Earlier, the Chennai-based TVS Motor Company said its motorcycle model HLX series has crossed the 20 lakh unit cumulative sales milestone globally.

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