MARKETS

TVS Motor Gains 3% on Stable Q3 Performance

TVS Motor topped third-quarter profit estimates on higher prices.

Shares of TVS Motor Company rose 3.4% to Rs 1,019.80 intraday on the BSE on Wednesday after the company posted solid results, with the company’s standalone operating EBITDA up 16% at Rs 659 crore in the October-December quarter of 2022. The operating EBITDA margin for the quarter was 10.1%, compared to the 10% reported in Q3FY21-22 (Q3FY22).

Shares of two-wheelers and three-wheelers were higher for the third day in a row, gaining 5%. In contrast, the S&P BSE Sensex was down 0.57% at 60,632 at 9:59 am.

The company’s standalone revenue rose 15% year-on-year to Rs 6,545 crore in Q3FY23, compared to Rs 5,706 crore in Q3FY22. Net profit rose 22% year-on-year to Rs 352.75 crore from Rs 288.31 crore a year earlier.

TVS Motor Company has announced a strategic partnership with Amazon India to enhance electric vehicles, electricity infrastructure and connected services and strengthen its commitment to achieving net zero carbon.

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