- The company also posted its highest-ever operating EBITDA of ₹764 crore with a growth of 27%.
- Its operating EBITDA also expanded by 60 basis points to 10.6% as compared to 10% in Q1 of FY23.
- Its 3-wheeler sales fell sharply, but EVs and scooters maintained good sales growth.
The company also posted its highest-ever operating EBITDA of ₹764 crore with a growth of 27%. EBITDA is earnings before interest, tax, depreciation and amortisation.
Its operating EBITDA also expanded by 60 basis points to 10.6% compared with 10% in Q1 of FY23.
Most of the companies in the sector are expected to post strong year-on-year EBITDA growth in spite of lower volumes due to a fall in input costs, as per IIFL Securities.
Its overall vehicle sales for the quarter — both two-wheeler and three-wheeler sales including exports – grew 5% at 9.53 lakh units.
Jefferies and IIFL expected two-wheeler sales (for the sector) to show double-digit growth due to the lower base effect of last year.
And TVS Motor’s volume growth was in line with estimates at mid-single digits. Its motorcycle sales grew by 7% to 4.63 lakh units.
Scooter sales for the quarter grew in the double digits – rising 11% to 3.5 lakh units. Three-wheeler sales fell sharply by around 24% to 35,000 units.
Electric scooter sales, however, registered a four-fold growth at 39,000 units as against 9,000 units in the same quarter last year. “The booking for
For the quarter, IIFL Securities had said that it sees margin headwinds on a quarter-on-quarter basis, due to losses in its EV scooter iQube after reduction of FAME subsidies.
The company’s stock fell by 2.7% in today’s trade ahead of the earnings announcement.