On Thursday, local automotive major TVS Motor Company reported a 502% year-on-year (YoY) increase in net profit to Rs 320.54 crore for the first quarter that ended June 30, 2022.
The first quarter numbers are not strictly comparable to the first quarter of last year due to pandemic-induced lockdowns, the company said.
In the corresponding quarter of last year, the company recorded a net profit of Rs 53.1 crore. CNBC-TV18 polls had predicted a profit of Rs 305 crore for the quarter under review.
Total revenue stood at Rs 6,008.71 crore during the reporting period, up 52.7% from Rs 3,934 crore in the corresponding period last year.
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At the operational level, EBITDA stood at Rs 599.46 crore in the first quarter of this financial year compared to Rs 273.8 crore in the corresponding period of the previous financial year.
EBITDA margin was 10% in the current quarter compared to 7% in the same period last year. EBITDA is earnings before interest, taxes, depreciation and amortization.
The company posted the highest revenue, EBITDA and profit ever in the first quarter of this fiscal year.
The company reported operating income of Rs 6,009 crore for the quarter ended June 2022, compared to Rs 3,934 crore reported in the quarter ended June 2021. It reported profit before tax (PBT) of Rs 432 crore in the first quarter of 2022-23 as against Rs 102 crore in the first quarter of 2021-22.
Two- and three-wheelers, including exports, recorded sales of 9.07 lakh units in the quarter under review compared to 6.58 lakh units recorded in the first quarter of the previous fiscal year.
Motorcycle sales recorded 4.34 lakh units in the quarter ended June 2022 compared to 4.05 lakh units in the quarter ended June 2021. Scooter sales for the quarter ended June 2022 are 3.06 lakh units compared to sales of 1.38 lakh units in the first quarter of 2021 -22.
The company recorded the highest exports of two-wheelers during this quarter, registering 2.96 lakh units compared to 2.90 lakh units during the quarter ended June 2021.
Three-wheeler sales for the quarter under review are 0.46 lakh units compared to 0.39 lakh units in the first quarter of 2021-22. Sales of electric scooters recorded 0.09 lakh units in the quarter ended June 2022, compared to 0.01 lakh units in the quarter ended June 2021.
The results fell after the close of market hours.
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