TVS Motor expects growth momentum to continue this fiscal

economictimes.indiatimes.com:

TVS Motor Company expects growth momentum to continue in the current fiscal, with the overall economy anticipated to grow at a robust pace and a continuous improvement in the road infrastructure. According to the company, the premium bikes and scooter segment is likely to grow on the back of a rise in overseas shipments and higher penetration of electric two-wheelers this fiscal. In its Annual Report for 2022-23, the company stated that it maintains a cautiously optimistic view regarding the current fiscal.

In spite of the difference in the specific forecast, the almost common agreement is that India's GDP growth will remain the highest among all major economies, it stated. Improving road infrastructure and the economic environment with mass transit systems will further drive the demand for mobility for the masses, TVS Motor said. This demand is today best served by the two-wheeler segment, making its fundamentals very attractive considering a resurgent India, it added.

«Due to the above fundamentals and strong product lineup, unwavering focus on consumer, quality and cost, the company is confident going into FY 2023-24,» the company informed its shareholders. The two-wheeler industry wholesales stood at 15.5 million units last fiscal compared to 13.4 million units in FY22. Although the industry has grown last fiscal, it is still lower than the 16 million unit mark achieved in 2014-15 and a long way off from the industry high of 21.2 million in 2018-19.