TVS Motor Company registers sales growth of 9% to 330,609 units in May 2023

Shares of TVS Motors Company Ltd rallied 1.5 percent in early trade today post release of sales growth numbers. At 9:24 am, the TVS Motors Company Ltd stock was trading 1.35 percent higher at Rs 1,291 on NSE. TVS Motor Company’s May sales rose 9 percent to 330,609 units over the same period last year, the company told NSE.

Total two-wheelers sales grew 11 percent year-on-year to 319,295 units in May. Domestic two-wheeler sales were up 32 percent to 252,690 units in May 2023.

Motorcycle sales rose 9 percent to 162,248 units and scooter sales grew 3 percent to 103,203 units. Three-wheeler sales declined 29 percent to 11,314 units.

Electric Vehicle

TVS iQube electric recorded sales of 17,953 units in May 2023 as against sales of 2,637 units in May 2022. TVS iQube has a healthy booking pipeline of over 30,000 units and we are confident of continued improvement of supplies in the coming months.

International Business

The Company’s total exports registered sales of 76,607 units in May 2023 as against 110,245 units in May 2022. Two-wheeler exports registered sales of 66,605 units in May 2023 as against 95,576 units in May 2022.

ICICI Securities View

“TVS motors continued its growth momentum and reported healthy monthly EV sales at ~|17.9k units (highest in recent past), however we expects EV volumes to soften temporarily post reduction in FAME II subsidy.”

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