TVS Motor Co posted highest ever revenue of Rs 5,404 crores in Q3 FY2021, up 31 percent.
TVS Motor Co posted highest ever revenue of Rs 5,404 crores in Q3 FY2021, up 31 percent year-on-year (Q3 FY2020 revenue: Rs 4,126 crore). The Q3 Profit After Tax at Rs 266 crore was also the highest ever, up from Rs 121.07 crore in Q3 FY2020. This is primarily on the back of improved two-wheeler sales in the domestic and international markets.
The third quarter of of last year had a one-time reversal of exceptional item of Rs 76 crore. The company also reported highest ever EBITDA of Rs 511 crore in Q3, recording a growth of 41 percent as against Rs 363 crores in third quarter of FY2020.
The company statement details that over the 9-month period this fiscal (FY2021), "focused working capital management and improved operating performance helped the company generate free cash flow of Rs 1,616 crores." These proceeds are used to reduce the debt. Lean stocks with the dealers also helped.
The two-wheelers sales in domestic market has grown by 21 percent in Q3 FY2021 and in international market sales are up by 31 percent, well ahead of average industry growth. Overall two-wheeler sales including exports grew by 23 percent to 952,000 units in Q3 FY2021 (Q3 FY2020 sales: 773,000 units). The total exports grew 20 percent to 261,000 units in Q3 FY2021 from 217,000 units in Q3 FY2020 despite scarcity in availability of containers. The three wheelers sales were slightly lower on a year-on-year comparison.
The TVS Motor board also declared an interim dividend of Rs 2.10/- per share.
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