TVS Motor Co.'s net profit rose in the first quarter of fiscal 2024 on higher sales.
The Chennai-based company's profit rose 46% year-on-year to Rs 467.7 crore in the quarter ended June, according to an exchange filing on Monday. That compares with the Rs 437 crore consensus estimate of analysts tracked by Bloomberg.
TVS Motor Q1 FY24 Highlights (YoY)
Revenue rose 20% to Rs 7,218 crore against a forecast of Rs 7,356 crore.
Ebitda up 27% to Rs 764 crore as compared with an estimate of Rs 779 crore.
Ebitda margin at 10.6% versus 10% last year and an estimate of 10.6%.
Sequentially, revenue grew 9% and profit rose 14%. The company's sales rose 5.1% year-on-year and 9.8% sequentially to 9.53 lakh units.
Two-wheeler sales jumped 6.7%, while the sales of three-wheelers fell 24.4%. Exports declined 32.7%, but domestic sales offset the fall with a 27.6% jump in sales.
Shares of TVS Motor were trading 2.53% lower at Rs 1,309 apiece after the results were announced, as compared with a 0.31% decline in the benchmark NSE Nifty 50 at 3.12 p.m.
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