In an earnings call this week, auto major TVS Motor Company’s director and CEO, KN Radhakrishnan, said that some of the EV products planned pipeline are in the final stages, adding that new launches are expected in the upcoming quarters. The launches will appeal to various customer segments. Radhakrishnan added, “We are also extremely happy that we will be announcing multiple options in TVS iQube to provide appropriate range and price combinations with different battery capacity to our customers because this is very, very critical. This also an insight from our customer understanding.”
Radhakrishnan highlighted the company’s performance, stating that 2023-24 was the year where TVS Motor Company achieved significant milestones in terms of sales, revenue and profit. “First time, we have surpassed sales of over 4 million units of 2-wheelers, posted all-time highest revenue of Rs 31,776 crores, profit of Rs 2,781 crores despite many challenges, in the international market.”
Sharing the full year results, Radhakrishnan shared that the revenue from the operations grew by 20% from Rs 26,378 crores to Rs 31,776 crores. Domestic ICE 2-wheeler sales numbers grew by 19% as against the industry growth of 13%. EV volume has doubled from 97,000 during last year to 194,000 this year. IB 2-wheeler sales declined by 3% over the last year as against the industry decline of almost 5%.
In Q4, the company’s operating revenue grew by 24%. “We are at Rs 8,169 crores as against Rs 6,605 crores during last year Q4. In the domestic ICE 2-wheeler market company sales grew by 18% at 7.5 lakhs units as against 6.36 lakh units during Q4 of last year.”
In the international 2-wheeler market, the company sales grew by 47% at 2.36 lakhs as against 1.61 lakhs during Q4 of last year. He added, “We sold 49,000 units of electric 3-wheelers against last year’s 43,000 units of EV. The total 2-wheeler sales grew by 23%, 10.32 lakhs as against 8.39 lakhs. And the 3-wheeler sales grew by 4%, 30,000 units as against 29,000 units last year.
On industry and the performance of EV, the EV industry grew by 32% over last year. The full year penetration was at 5.4% as against 4.7%.
“We believe the industry will continue to grow and with the support from the government and improvement in the infrastructure. During last year, the EV volume grew by 100%, TVS iQube established as a very strong brand in the EV segment with its technology, features and best-in-class quality. TVS iQube, I’m extremely happy that we have crossed now cumulatively 3 lakh customers in India. We also expanded network. We have moved now to almost 712 touch points in India,” Radhakrishnan said.