TVS Motor Company on Friday said its consolidated net profit increased by 59% to ₹373 crore for the second quarter ended September 2022, riding on the back of strong sales across markets.

The company had reported a net profit of ₹234 crore in the July-September period of previous fiscal.

Revenue from operations rose to ₹8,561 crore for the second quarter as against ₹6,483 crore in the year-earlier period, TVS Motor Company said in a regulatory filing.

The company’s overall two-wheeler and three-wheeler sales, including exports, grew by 12% in the September quarter at 10.27 lakh units as compared with 9.17 lakh units in the second quarter last year.

“This was delivered despite challenges in international markets due to the economic slowdown and higher inflation in some of the key markets,” the company said.

Though the premium motorcycle sales improved over the first quarter, the full demand could not be met due to the continued limited availability of semiconductors during the second quarter, it added.

“There was a month-on-month improvement of premium motorcycle sales in Q2 and the supply constraints are expected to further ease out in Q3,” TVS Motor Company said.

Shares of the company on Friday ended 1.84% lower at ₹1,113.70 apiece on the BSE.

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By Dipak

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