Revenue from operations during the reporting quarter rose 20% year-on-year (YoY)to Rs 7,218 crore.
The profit was slightly above the ET Now Poll estimate of Rs 432 crore, while revenue fell short of expectations.
The company posted its highest-ever operating EBITDA at Rs 764 crore, with a growth of 27% for the first quarter. It was Rs 599 crore in the corresponding quarter of previous year.
EBITDA margins improved 60 basis points at 10.6% against 10% in the year-ago period.
The company also clocked a record profit before tax (PBT) of Rs 610 crore, recording a growth of 41% for the first quarter. PBT for the quarter includes Rs 55.6 crore towards profit on the sale of investments.
Total expenses for the quarter jumped 19% YoY to Rs 6,665 crore for the June quarter, against Rs 5,599 crore in the same quarter of last year.
The overall two- and three-wheeler sales, including exports, grew 5% to 9.53 lakh units in the quarter ended June, compared with 9.07 lakh units in the last year period.
Motorcycle sales rose 7% to 4.63 lakh units in the first quarter, while scooter sales for the same period increased 11% to 3.50 lakh units.
The company sold 35,000 three-wheelers during the quarter, down from 46,000 units in the same quarter of last year.
Electric scooter sales picked up pace in the reporting quarter with 39,000 units against a meagre 9,000 units in the quarter ended June 2022. The company said bookings for TVS iQube continue to be healthy.
On Monday, the company’s shares were trading 2.56% lower at Rs 1,309.45 on NSE.
