Bajaj Auto and TVS Motor Company have recorded positive financial growth in the April-June 2022 period (Q1 FY2023). This success has been attributed partly to their growing export numbers as well as increasing demand for battery-powered two-wheelers. 

TVS Motor Company: Strong sales numbers across all categories

The Chennai-based manufacturer has reported total sales of 9,07,000 units (including exports) in this quarter, up 38 percent Year-on-Year (YoY). Motorcycle sales comprised 4,34,000 units, (up 7 percent) and TVS also recorded its best-ever two-wheeler exports in this quarter – 2,96,000 units.

Scooter sales are where TVS recorded the most growth, with sales figures shooting up by 121 percent to 3,06,000 units. A small part of this growth can be attributed to the TVS iQube, which sold 8,724 units, up 822 percent YoY from 946 units in the same period last year, reflecting the growing demand for electric scooters in the market. This quarter also saw TVS launch new variants of the iQube EV, with an increased range of up to 140km on a single charge. The refreshed iQube, which is presently available in 33 cities, is slated to reach 52 more cities within India.

Bajaj Auto: Exports increase as domestic sales decline

The commissioning of a state-of-the-art plant under Chetak Technologies, part of its burgeoning EV investment commitment, is the key highlight for Bajaj this quarter. Two-wheeler sales this quarter, however, dropped down by 8 percent over the previous financial year. Even compared to the numbers from January to March 2022 (Q4 FY2022), two-wheeler volumes in the April-June 2022 period dipped 7 percent. Export of two-wheelers, however, recovered some ground and were up 2 percent from Q4 FY2022, despite a 4 percent drop over the previous financial year.

Bajaj Auto posted a profit of Rs 1,173 crore in this quarter, which is a jump of 11 percent over last year’s numbers. However, the profit after tax slipped almost 20 percent this quarter from the Rs 1,469 crore profit amassed in Q4 FY2022. Revenues from operations in Q1 FY2023 rose 8 percent to Rs 8,005 crore compared to Rs 7,386 crore in the same quarter last year.