TVS Motor Co.'s net profit rose in the fourth quarter of fiscal 2023 as average selling prices increased, even as sales growth was muted.
The company's net profit rose 49% year-on-year to Rs 410.3 crore in the quarter ended March, according to its exchange filing. That compares with the Rs 360 crore consensus estimate of analysts tracked by Bloomberg.
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TVS Motor Q4 FY22 Highlights (YoY):
Revenue grew 19% to Rs 6,605 crore, as against a forecast of Rs 6,612 crore.
Ebitda rose 22% to Rs 680 crore, as compared with an estimate of Rs 671.3 crore.
Operating margin stood at 10.3% versus 10.1% last year, and an estimate of 10.2%.
The company's revenue rose 1% and net profit grew 16% over the previous quarter.
In the quarter ended March, the company's overall sales rose 1.4% year-on-year to 8.56 lakh units. Two-wheeler sales inched up 3% to 8.15 lakh units, while sales in the three-wheeler segment fell 30% to 41,774 units.
Strong growth in the domestic market was offset by weak exports due to worsening demand in overseas markets. Domestic volumes rose 26%, while exports crashed 41%.
Shares of the company ended 2% higher before the results were announced, as compared with a 0.9% rise in the benchmark NSE Nifty 50.
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