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TVS Motor Q1 net profit rises 23% to ₹577 crore on strong demand, margins
TVS Motor quarter results: TVS Motor's earnings before interest, taxes, depreciation and amortization margin rose to 11.5% from 10.6% a year ago.
Two-wheeler maker TVS Motor Company reported better-than-expected first-quarter profit owing to firm demand for its two-wheelers and strong margins. The company, which makes the Jupiter brand of scooters and the Apache line of motorcycles, said its profit rose 23.5% to 5.77 billion rupees in the quarter ended June 30 from a year earlier.
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TVS Motor's earnings before interest, taxes, depreciation and amortization margin rose to 11.5% from 10.6% a year ago. Brokerage Motilal Oswal had estimated it to be around 11.7% while Prabhudas Lilladher predicted it at 11.4%.
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This comes as total two-wheeler sales in India rose 20.4% in the June quarter from the year earlier and TVS' sales jumped 14.1% to more than a million units in the quarter.
TVS Motor's June quarter expenses rose 14.5% which was its slowest rise in three quarters and helped push up margins. Revenue from operations rose a less-than-expected 16% to 83.76 billion rupees.
