TVS Motor Q2 Results: Profit Jumps 60%; Beats Estimates
TVS Motor Co.'s second-quarter profit beat estimates, aided by a significant improvement in operating margin.
The company's consolidated net profit rose 60% year-on-year to Rs 386.31 crore in the quarter ended September, according to its exchange filing. That compares with the Rs 351.5-crore consensus estimates of analysts tracked by Bloomberg.
TVS Motor Q2 FY23 Highlights (Consolidated YoY):
Revenue rose 32% to Rs 8,560.76 crore, against the projected Rs 6,365 crore.
Ebitda rose 47% to Rs 1,086.32 crore, compared with the Rs 659-crore forecast.
Operating margin stood at 12.7% versus 11.4% last year last year and 10.4% estimated.
In the quarter ended September, the company's sales grew 12.3% year-on-year and 13.3% over the preceding quarter to 10.27 lakh units.
The good financial performance was delivered despite challenges in international markets due to the economic slowdown and higher inflation in some of the key markets, the company said in a press release.
"Though the premium motorcycle sales improved over Q1, the full demand could not be met due to the continued limited availability of semiconductors during Q2," it said. "There was a month-on-month improvement of premium motorcycle sales in Q2 and the supply constraints are expected to further ease out in Q3."
Shares of TVS Motor ended down 1.56% on Friday, compared with a 0.36% rise in the benchmark Nifty 50.
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