EV strategy saw expansion of specialised resources in software, electronics and digital & analytics
Higher investments were made in all key brands with better availability of vehicles and launch of TVS Ronin and new TVS iQube Electric, says TVS Motor Company in its latest financial report for the quarter ended September 2022.
As part of the EV strategy, specialised resources were added in the areas of software, electronics and digital & analytics to further augment the team, said TVS which has manufacturing facilities in Hosur, Mysuru and Nalagarh in India and Karawang in Indonesia.
Though the premium motorcycle sales improved over Q1, the full demand could not be met due to the continued limited availability of semiconductors during Q2.
During the quarter, the company forayed into the premium lifestyle segment by launching TVS Ronin – the industry-first ‘Modern-Retro’ motorcycle, all new 2022 TVS Apache RTR 160 and 2022 TVS Apache RTR 180 launched with more power, ride modes and SmartXonnectTM.
The company also launched TVS iQube Electric scooter in three variants that comes loaded with best-in-class on-road range of 140 km on a single charge.
TVS’ operating revenue grew by 28% at Rs.7,219 crores for the quarter ended September 2022 as against Rs.5,619 crores reported in the quarter ended September 2021.
Operating EBITDA grew by 31% at Rs.737 crores for the second quarter of 2022-23 as against EBITDA of Rs.563 crores in second quarter of 2021-22.
The EBITDA margin for the quarter is at 10.2% as against EBITDA margin of 10% reported in the second quarter of 2021-22.
Profit Before Tax grew by 46% at Rs.549 crores for the second quarter of 2022-23 as against PBT of Rs.377 crores in second quarter of 2021-22.
This was delivered despite challenges in international markets due to the economic slowdown and higher inflation in some of the key markets, TVS said on 4 Nov 2022. fiinews.com
