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TVS Motor posts 22 percent rise in Q3 net profit, misses estimates

TVS Motor posts 22 percent rise in Q3 net profit, misses estimates

TVS Motor posts 22 percent rise in Q3 net profit, misses estimates
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By Jomy Jos Pullokaran  Jan 24, 2023 5:41:16 PM IST (Published)

The 2- and 3-wheeler company saw a slight YoY fall in vehicle sales this quarter. The results came after the close of the market hours. Shares of TVS Motor Company Ltd ended at Rs 986.20, up by Rs 4.35, or 0.44 percent on the BSE.

Two and three-wheeler major TVS Motor Company on Tuesday, January 24, reported a 22 percent year-on-year (YoY) jump in net profit at Rs 352.8 crore for the third quarter that ended December 31, 2022. In the corresponding quarter last year, the company posted a net profit of Rs 288.3 crore. CNBC-TV18 Polls had predicted a profit of Rs 357 crore for the quarter under review.

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Total income stood at Rs 6,545.42 crore during the period under review, up 14.7 percent against Rs 5,706.4 crore in the corresponding period of the preceding fiscal.
At the operating level, EBITDA increased 15.9 percent to Rs 658.9 crore in the third quarter of this fiscal over Rs 568.3 crore in the corresponding period in the previous fiscal.
EBITDA margin stood at 10.1 percent in the reporting quarter compared to 10 percent in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortization.
The company registered total two-wheeler sales of 8.36 lakh units in the third quarter against 8.35 lakh units in the same quarter last fiscal. Two-wheeler export sales were at 2.07 lakh units against 2.53 lakh units.
The company saw total three-wheelers sales of 0.43 lakh units in the quarter that ended December 2022 against 0.44 lakh units YoY.
The board of directors of the company has declared an interim dividend of Rs 5 per share on equity shares of Re 1 each fully paid up, absorbing a sum of Rs 238 crore, for the financial year ending March 31, 2023. The interim dividend declared will be paid on or after February 9, 2023, to those shareholders.
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