With the pandemic affecting both production and sales, the auto sector has recently experienced many ups and downs. However, two significant businesses, TVS and Hero MotoCorp, recorded exceptional net profits in the fourth quarter of 2023. The financial results of these two businesses will be analyzed in this article.
TVS Motors
In India, TVS Motors is the industry-leading producer of two and three-wheelers. With its headquarters in Chennai, the business was established in 1978. Automobile rickshaws, motorcycles, scooters, and mopeds are just a few of the many items offered by TVS Motors. The business has a significant presence in Asia, Africa, and Latin America and exports to more than 60 nations worldwide.
Hero MotoCorp
In terms of volume, Hero MotoCorp is the biggest producer of motorcycles and scooters in the world. The company’s headquarters is located in New Delhi, where it was established in 1984. Among the many products offered by Hero MotoCorp are scooters, premium bikes, and commuter bikes. The business exports to more than 40 nations and is well-established in Asia, Africa, and Latin America.
TVS Q4 2023 Financial Performance
TVS Motors recorded a net profit of ₹410 crores in the fourth quarter of 2023, up 49% from the same period the previous year. In both domestic and foreign markets, there was a high demand for its two- and three-wheeled vehicles, which was largely responsible for this. The business’s revenue increased by 24% to ₹5,500 crores. When compared to the same quarter in the previous year, TVS Motors sold 9.3 lakh two-wheelers, an increase of 21%. Domestic sales at the corporation increased by 18%, while exports increased by 27%.
Hero MotoCorp Q4 2023 Financial Performance
In Q4 2023, Hero MotoCorp, the country’s largest two-wheeler manufacturer, posted a net profit of ₹955 crore, up 35% from the same period in the previous year. By boosting its sales volume and operating margins, the company has been able to experience this growth. Additionally increasing by 25% to ₹9,350 crore, the company’s quarterly revenue. Hero MotoCorp announced a revenue growth for the fourth quarter of 11.9% YoY at ₹8,307 crore and a growth for the entire fiscal year of 23 of 17.7% at ₹33,806 crore.
