TVS Motor posts 14% YoY growth in sales volume in FY24

Shares of TVS Motor Company Ltd gained in morning trade on Tuesday after the two and three-wheeler manufacturer reported record sales of 41.91 lakh units for the financial year 2023-24, which ended on March 31.

The Chennai-based company’s total sales jumped 14% in FY24 compared to 36.82 lakh units in the financial year 2022-23, driven majorly by a double-digit growth in two-wheeler sales. The company’s two-wheeler sales rose by 15% to 40.45 lakh units in FY24 compared to 35.12 lakh units in FY23, TVS Motor informed the stock exchanges in a filing.

Three-wheeler sales stood at 1.46 lakh units in FY23 against 1.69 lakh units in the preceding financial year.

TVS Motor’s total exports also declined to 10.13 lakh units in FY 2023-24 against 10.68 lakh units in FY 2022-23. According to the exchange filing, TVS Motor’s total sales in the last month of 2023-24 rose by 12% to 3,54,592 units compared to 3,17,152 units in March 2023.

Total sales rise by 12% in March, driven by motorcycles

Two-wheeler sales in March 2024 increased by 12% to o 344,446 units compared to 307,559 units in March 2023.

Its motorcycle sales jumped 22% to 171,611 units in March 2024 compared to 141,250 units in March 2023. Scooter sales rose by a modest 2% to 131,472 units in March 2024 against 128,817 units in the year-ago month.

EV sales slip in March 2024

The company’s electric vehicle sales slipped to 15,250 units in March 2024 compared to 15,364 units in March 2023.

EV dispatches moderated for a smooth transition into the new EV incentive scheme from the government, TVS Motor explained. However, its three-wheeler sales rose by 6% to 10,146 units in March 2024 compared to 9,593 units in March 2023.

TVS Motor shares gained 1.69% to hit a high of ₹2,175.30 in early trade on NSE on Tuesday. However, the stock pared all the gains later due to profit taking and traded almost flat at ₹2,140.15 apiece, up 0.05%, on the NSE at 11:25 am.