TVS Motor Company reported highest ever revenue of Rs. 5,404 crores in the third quarter of 2020-21 as against Rs. 4,126 crores in the third quarter of 2019-20 registering a growth of 31%. Company reported highest ever EBITDA of Rs. 511 crores for the third quarter recording a growth of 41% as against Rs. 363 crores in third quarter of 2019-20. Company also reported highest ever PBT of Rs. 362 crores in the third quarter of 2020-21 as against Rs. 146 crores in the third quarter of 2019-20. The third quarter results of last year had a onetime reversal of exceptional item of Rs. 76 crores. During the current quarter, company reported highest ever Profit After Tax (PAT) of Rs. 266 crores.

During the nine months period, focused working capital management and improved operating performance helped the company to generate free cash flow of Rs. 1,616 crores. These proceeds are used to reduce the debt. Lean stocks with the dealers also helped to unleash the blocked working capital across the supply chain.

During Q3 of 2020, two-wheelers sales in domestic market has grown by 21% and international market by 31% ahead of industry growth of 13% and 20% respectively.

During the quarter ended December 2020, the overall two-wheeler sales of the company including exports grew by 23% to 9.52 lakh units from 7.73 lakh units in the quarter ended December 2019. Motorcycle sales grew by 31% to 4.26 lakh units in the quarter ended December 2020 from 3.25 lakh units registered in the quarter ended December 2019. Scooter sales of the company grew by 11% to 3.11 lakh units in the quarter ended December 2020 from 2.80 lakh units in the quarter ended December 2019.

The total export of the company grew from 2.17 lakh units in the quarter ended December 2019 to 2.61 lakh units during the quarter ended December 2020 recording a growth of 20% despite scarcity in availability of containers. The demand in export market continues to be robust.

Total three-wheelers sales registered sale of 0.38 lakh units in the quarter ended December 2020 as against sales of 0.48 lakh units in the quarter ended December 2019.

Cumulative nine months results

The total two-wheeler sales of the company including exports is at 20.42 lakh units during the nine months ended December 2020 as against 24.99 lakh units in the nine months ended December 2019. Total three-wheelers sales of the company are at 0.83 lakh units in the nine months ended December 2020 as against 1.31 lakh units in the nine months ended December 2019. The total export sales of the company are at 5.57 lakh units during the nine months ended December 2020 as against 6.37 lakh units in the nine months ended December 2019.

Total revenue reported for the nine months ended December 2020 is Rs. 11,455 crores as against Rs. 12,949 crores reported for the nine months ended December 2019.

The ccompany’s Profit Before Tax (PBT) for the nine months ended December 2020 is Rs. 439 crores as against Rs. 665 crores during nine months ended December 2019.

Profit After Tax (PAT) for the nine months ended December 2020 is Rs. 323 crores as against Rs. 518 crores reported for the nine months ended December 2019.

It may however be noted that cumulative revenue, PBT and PAT for the current year are lower mainly due to loss incurred in Q1 due to all India shut down consequent to COVID-19. However, we are glad to report near normalcy from Q2 onwards.

Interim Dividend

The Board at its meeting held today, declared an interim dividend of Rs. 2.10/- per share (210%) absorbing a sum of Rs. 99.77 crores for the year 2020-21.