TVS Motor Company announced its financial results for the first quarter of fiscal 2023, showing a significant increase in revenue and profit compared the first quarter of fiscal 2022. The company reported operating income of Rs 6,009 crore for the quarter ended June 2022, up nearly 53% from the first quarter of fiscal 2022. Earnings before interest, tax and depreciation also increased by Rs 5.99 crore compared to Rs 2.74 crore in the same period last year. Meanwhile, profit after tax surged 505% year-on-year to Rs 3.21 crore.

Compared the fourth quarter of fiscal 2022, TVS’s revenue rose about 9% from Rs 55.3 crore, while net profit also rose about 17% from Rs 2.75 crore.

TVS also reported a year-on-year improvement in overall sales, including exports, in the first quarter of fiscal 2023, with retail of 907,000 units compared 658,000 units in the April-June 2021 period. Motorcycle sales rose by about 29,000 units YoY to 434,000 units in the first quarter of fiscal 2023, while scooter sales more than doubled in the quarter. TVS said it had sold 306,000 scooters in the quarter, compared with 138,000 a year earlier.

Scooter more than doubled year-over-year in the first quarter and were also up 17% from the fourth quarter of fiscal 2022.

On the international front, TVS said it shipped 296,000 units in the April 2022-June 2022 window, the highest number ever for the quarter and an increase of about 6,000 units from last year. Electric scooter also increased from 1,000 units in the first quarter of fiscal 2022 9,000 units in the first quarter of fiscal 2023. Meanwhile, three-wheeler sales rose by 7,000 to 46,000 versus 39,000.

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Overall also rose compared the fourth quarter of fiscal 2022, with TVS selling 856,000 units in the last quarter of the previous fiscal year. Motorcycle sales were down in the first quarter compared to the fourth quarter (434,000 vs. 442,000), but scooter sales were up 17% compared to 262,000.