TVS Motor Company, a leading player in the Indian automotive industry, marked a significant milestone with a robust 12% surge in its sales volume for March 2024. The company reported sales of 354,592 units, a notable increase from the 317,152 units recorded during the same period last year. Despite this impressive growth trajectory, the company’s shares witnessed a marginal downturn in early trading on April 2.
As the market opened at 9:26 am, TVS Motor Company was quoted at Rs 2,125.10 on the Bombay Stock Exchange (BSE), marking a slight decline of Rs 15.00 or 0.70%.
The stellar sales performance was primarily driven by a remarkable 12% uptick in total two-wheeler sales, which reached 344,446 units compared to 307,559 units in March of the previous year. Additionally, the domestic two-wheeler segment experienced a noteworthy 8% growth, with sales reaching 260,532 units during March 2024.
Among the various segments, the motorcycle category emerged as a key contributor to the sales surge, witnessing a robust growth of 22%. Sales in this segment surged from 141,250 units in March 2023 to an impressive 171,611 units in March 2024. Similarly, scooter sales also witnessed an uptick, albeit more modestly, registering a 2% increase and totaling 131,472 units.
In the Electric Vehicle (EV) segment, TVS Motor Company maintained stability, reporting sales of 15,250 units in March 2024, compared to 15,364 units during the same period last year.
Despite the positive sales momentum, the marginal dip in share prices reflects the nuanced dynamics of the market sentiment. However, with its consistent performance and strategic positioning in the automotive landscape, TVS Motor Company remains poised to capitalize on future growth opportunities and reinforce its market presence.
In a notable achievement, TVS Motor Company witnessed a remarkable 23% growth in its export sales for March 2024. The company reported a surge in exports from 75,037 units in March 2023 to 91,972 units in March 2024. Furthermore, two-wheeler exports demonstrated a substantial 26% growth, with sales escalating from 66,779 units in March 2023 to 83,914 units in March 2024.
Additionally, the company’s three-wheeler segment also displayed a commendable performance, recording a growth of 6%. Sales in this category increased from 9,593 units in March 2023 to 10,146 units in March 2024.
Looking at the broader picture, TVS Motor Company reported a notable 14% growth in total sales during the financial year 2023-24. Total sales surged from 36.82 lakh units in FY 2022-23 to 41.91 lakh units in FY 2023-24, indicating a positive trajectory for the company.
In the fourth quarter of FY 2023-24, the company’s two-wheeler segment witnessed a robust growth of 23%, while the three-wheeler segment experienced a steady 4% growth. Furthermore, the company’s total exports registered an impressive 40% growth during this period, underlining the company’s strong performance in the international markets.
Sources: moneycontrol.com
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