TVS Motor reports 10% dip in sales in October, expects uptick in coming months
Chennai-based two-wheeler major TVS Motor Company on Monday reported a 10 per cent dip in its total sales for the month of October at 3,55,033 units. In the same month last year, the company had sold 3,94,724 units.
TVS Motor had sold a total of 3,41,513 two-wheelers during the month as against sales of 3,82,121 units in October of 2020, a decline of 10 per cent. It sold 2,58,777 units in the domestic market last month, a decline as compared to 3,01,380 units in October of 2020. However, the company expects an uptick in its sales figures in the coming months. "With pandemic restrictions easing and the festive season soon approaching, we expect the retails to improve significantly in the coming months," it stated in the regulatory filing.
While TVS sold 1,72,361 units of motorcycles in the month of October as against 1,73,263 units in the year-ago month, it sold 1,13,124 units of scooters last month as compared to 1,27,138 units sold in October of 2020.
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The two-wheeler major witnessed a growth on the export front by selling 95,191 units in October 2021, a 3 per cent increment as against 92,520 units in the same month last year. "Two-wheeler exports registered a growth of 3 per with sales of 82,736 units in October 2021 as against sales of 80,741 units in October 2020," the company said.
TVS Motors' three-wheeler sales also grew by 7 per cent at 13,520 units last month as compared to 12,603 units sold in October of 2020.
Last month, the company had reported its highest ever revenue of ₹5,619 crore in the second quarter of 2021-22. When compared to the revenue of ₹4,605 crore in second quarter of 2020-21, the revenue witnessed a growth of 22%. TVS had said that the feat was achieved despite the adverse market conditions.