Hot Pursuit     02-Feb-24
TVS Motor rises as sales climbs 23% YoY in Jan'24
TVS Motor gained 1.62% to Rs 2,029.25 after the 2-wheeler maker reported monthly sales of 339,513 units in January 2024, registering a growth of 23% as against 275,115 units sold in January 2023.
Total two-wheelers sales grew by 25% to 329,937units in January 2024 from 264,710 units sold in January 2023. Domestic two-wheeler sales climbed 24% to 268,233units in January 2024 as against 216,471 units sold in the same period a year ago.

Motorcycle registered sales of 155,611 units in January 2024, rising 29% from 121,042 units sold in January 2023. Scooter sales of the company reported 132,290 units in January 2024 as compared to the sale of 106,537 units in January 2023, recording a growth of 24%.

In the electric vehicle segment, the company sold 16,276 units in January 2024, up 34% from 12,169 units sold in January 2023.

The company's total exports rose by 22% to 69,343 units in January 2024 as against 57,024 units in January 2023. Two-wheeler exports increased 28% to 61,704 units in January 2024 from 48,239 units sold in the similar period last year. The firm stated that dispatches during the month were partially affected due to the constraints in the availability of the containers.

In the three-wheeler segment, sales of the company reduced by 17.51% to 9,576 units in January 2024 from 10,405 units in January 2023.

TVS Motor Company is a reputed two and three-wheeler manufacturer globally. It has four manufacturing facilities in Hosur, Mysuru and Nalagarh in India and Karawang in Indonesia. TVS Motor's group company Norton Motorcycles, based in the United Kingdom, is one of the most emotive motorcycle brands in the world. Its subsidiaries in the personal e-mobility space, Swiss E-Mobility Group (SEMG) and EGO Movement have a leading position in the e-bike market in Switzerland.

The company has recorded 59.11% growth in net profit to Rs 478.75 crore in Q3 FY24 from Rs 300.89 crore in Q3 FY23. During the quarter, the company’s operating revenue grew by 25.38% to Rs 10113.94 crore as against Rs 8066.13 crore in Q2 of last year.

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