TVS Motor Company on Monday registered a standalone profit after tax (PAT) of `288 crore for the quarter ended December 2021 as against `266 crore in the corresponding quarter of last fiscal, logging a growth of 9%.
The company reported the highest-ever operating revenue of `5,706 crore during the quarter as against `5,391 crore same quarter last fiscal. Its operating Ebitda margin was at 10% during the quarter as against 9.5% during the third quarter ended December 2020.
The company’s board of directors has appointed Sir Ralf Dieter Speth, non-executive director as chairman of the board effective April 1, 2022. From that date, Venu Srinivasan would continue to be the managing director of the company, designated as chairman emeritus.
TVS Motor in a statement said the company registered the highest ever operating Ebitda of `568 crore during this quarter as against `511 crore reported in the quarter ended December 2020.
The company registered a total of two-wheeler sales of 8.35 lakh units in the current quarter as against 9.52 lakh units in the quarter ended December 2020. Two-wheeler export sales grew by 12% compared to Q3 of the last financial year.
Motorcycles registered sales of 4.46 lakh units as against sales of 4.26 lakh units and scooters registered sales of 2.56 lakh units as against 3.11 lakh units in the quarter ended December 2020. Total three-wheelers grew by 17% registering sales of 0.44 lakh units in the quarter ended December 2021 as against sales of 0.38 Lakh units in the quarter ended December 2020.
Giving further impetus to its EV plans, TVS Motor last month had announced the appointment of Venkat Viswanathan as technical advisor for electric mobility. Viswanathan is currently an associate professor of mechanical engineering at Carnegie Mellon University and is a global leader in advanced batteries for electric mobility.
Recently, TVS Motor announced a strategic partnership with on-demand delivery platform Swiggy, for deploying its electric vehicles (EVs) for food delivery. TVS Motor and Swiggy will test the implementation of EVs for food delivery and other on-demand services of the latter.
As part of the MoU, two companies are to explore the co-creation of sustainable and comprehensive solutions for Swiggy’s delivery partners. This will include working on customised packages like a need-specific product, flexible financing options and, connected services. The pilot will play a vital role in the adoption of EVs in food delivery and on-demand delivery services.
