TVS Motor Q3FY24 Results: Net profit jumps 68% YoY to ₹593 crore, revenue improves 26% YoY
₹593.35 crore as compared to a net profit of ₹352.75 crore in the same period last year. The outperformance in net profit exceeded the expectations of domestic brokerage firm Motilal Oswal, which had anticipated a net profit of ₹547 crore. Additionally, the company's revenue from operations witnessed 26% growth, reaching ₹8,245 crore in the quarter, up from ₹6,545 crore reported in Q3FY23.
The revenue also came in line with brokerage estimates of ₹8,261.8 crore. Also Read: Bajaj Auto Q3 Results: Net profit rises 37% to ₹2,042 crore, revenue up 30% YoY; 5 key highlights Its standalone operating profit came in at ₹924 crore in Q3, marking a 40% YoY growth from ₹659 crore in the same period last year, while the operating profit margin improved by 60 basis points, coming highest at 11.2%. The company's operating revenue reported for the nine months ended December 2023 came in at ₹23,608 crore, as against ₹19,773 crore reported for the nine months ended December 2022.
Its net profit grew by 48% to ₹1,598 crore in 9MFY24 as against ₹1,081 crore in 9MFY23. The company posted a robust growth of 27% YoY in two-wheeler sales, totaling 10.63 lakh units in Q3FY24. Two-wheeler sales include EV sales of 0.48 lakh units in the third quarter of FY 23–24, as against 0.29 lakh units in the third quarter of FY 22–23, with a growth of 65.51%.
Two-wheeler exports registered 2.16 Lakh units in Q3FY24 as against 2.07 Lakh units in December 2022. Meanwhile, the company's shares have been performing exceptionally well on Dalal Street. They began their upward trend in April last year and continued through all months until December, marking a consistent positive trend.
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