TVS Motor Q3 Results: Revenue Up 10%, Profit Surges On EV Sales

TVS Motor Co. Ltd. clocked growth and improved its profitability in the fiscal third quarter as sales of its electric vehicles surged.

Standalone net profit of the Chennai-based automaker rose 4.23% year-on-year to Rs 618.48 crore in the three months ended Dec. 31, 2024, even as revenue increased 10.33% year-on-year to Rs 9,097.05 crore, according to an exchange filing on Tuesday.

• Revenue up 10.33% at Rs 9,097.05 crore.

• Ebitda up 16.98% at Rs 1,081.45 crore.

• Ebitda margin up 67 bps at 11.88%.

• Net profit up 4.23% at Rs 618.48 crore.

One basis point is one-hundredth of a percentage point.

During the quarter, TVS Motor invested a total of Rs 744.70 crore in its subsidiaries. That includes acquisition of 39.11% stake in DriveX Mobility Pvt., increasing the total equity shareholding to 87.38%. Separately, the company announced that its board of directors has approved a proposal to absorb subsidiary Sundaram Auto Components Ltd.

To be sure, the October-December quarter is the most lucrative for India's automakers for it includes a festive season—those 30-45 days alone bring in nearly a third of annual sales.

Wholesales and exports of the Apache maker rose 10.09% year-on-year to 12,11,952 units in the three months ended Dec. 31, 2024. While motorcycle sales rose 6% to 5.56 lakh units, scooter sales rose 22% at 4.93 lakh units.

What stood out, however, was the performance of the EV division. Sales of the iQube scooter surged 57% year-on-year to more than 76,000 units in October-December last year.