TVS Motor Company reported its earnings for the March quarter after market close on Wednesday.

What Happened: The auto manufacturer’s revenue from operations in the quarter ended March 2024 grew by 24% at ₹8,169 crore against ₹6,605 crore in the quarter ended March 2023. The auto giant’s net profit for the quarter was at ₹485.4 crore, up around 18% from the ₹410 crore posted in the same quarter last year.

The Apache maker posted its highest-ever operating EBITDA of ₹926 crore for the quarter with a growth of 36% as against ₹680 crore in the year-ago period. Operating EBITDA for the quarter was at 11.3%.

See Also: Tata Power Q4: Profit Climbs 11%, Revenue Jumps 27%

The overall two-wheeler and three-wheeler sales including exports grew by 22% at 10.63 lakh units in the quarter ended March as against 8.68 lakh units registered in the quarter ended March 2023. Motorcycle sales for the quarter ended March 2024 grew by 32% registering 5.11 lakh units as against 3.89 lakh units in quarter March 2023.

Earlier in the day the company’s competitor Hero MotoCorp posted its earnings for the March quarter. The auto major reported a revenue from operations of ₹9,519 crore for the quarter, marking a 15% increase from the ₹8,307 crore recorded in the same quarter last year. Additionally, the company’s net profit for the quarter reached ₹1,016 crore, reflecting an 18% growth compared to the ₹859 crore reported in the previous year.

Price Action: TVS Motor’s share price was up 0.85% to close at ₹1,996.15 on Wednesday.

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