TVS Motor ties up with Zomato, share flat

TVS Motor will deploy over 10,000 electric scooters over the course of two years and also ensure charging facilities for delivery persons, the auto manufacturer has said

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TVS Motor has announced a strategic partnership with food-delivery startup Zomato to accelerate eco-friendly transportation for short-distance deliveries.

TVS Motor will deploy over 10,000 electric scooters over the course of two years, the auto manufacturer said in an after-market-hours filing on June 28. It would also ensure that delivery partners onboarded on Zomato have access to charging stations within their radius and receive smooth digital integration to ensure ease of delivery.

“It strengthens the company’s electrification journey across diverse mobility segments and aligns with Zomato’s efforts to enable the adoption of electric vehicles (EVs),” the company said in a press release.

The move seem to have left investors unimpressed as the share were trading flat at Rs 1,332 apiece on June 30 morning, up 0.2 percent from the previous close.

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Following the revision of the faster adoption and manufacturing of electric vehicles (FAME II) scheme, TVS increased the price of its iQube electric scooter by Rs 17,000 to Rs 22,000, depending on the variant.

In the March quarter, TVS Motor Company’s net profit rose 49 percent to Rs 410 crore from the year-ago period.

Consolidated revenue from operations jumped 19.4 percent to Rs 6,604 crore for Rs 5,530 crore in the same quarter of the previous year.

The fourth quarter showed improved earnings before interest, taxes, depreciation, and amortization (EBITDA) at 10.3 percent. TVS Motor’s operating EBITDA for the fourth quarter reached Rs 680 crore, reflecting a 22 percent growth compared from the year-ago quarter.

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