TVS Motor cautiously optimistic about FY23 business outlook

Scooter sales to grow on demand from students, working women

June 27, 2022 07:11 pm | Updated 09:46 pm IST - CHENNAI

TVS Motor Company Ltd. is cautiously optimistic about the business outlook for the financial year 2022-23, chairman Ralf Dieter Speth said.

Addressing the shareholders of the company's at the 30th AGM, he said that the company had posted the highest-ever turnover and profit during FY22 while achieving one million in two-wheeler sales.

Going forward, the company feels that it could sustain the momentum given the normal monsoon, improved consumer sentiment, government spending in infrastructure and PLI and FAME-II initiatives of the government. However, companies might face headwinds due to geopolitical issues, climate change, supply-chain constraints on account of semiconductor shortage and super cycle of increase in commodity prices among others.

Asserting that the company had a planned series of launches in FY23 catering to different segments of customers, he said that there would be growth in scooter sales following demand from students and working women. New premium bikes would further boost the sales. Exports were likely to see growth.

MD Sudarshan Venu said they are taking all steps to ensure that their electric two wheelers are fully safe and best in quality.

“Our teams are fully committed to regress engineering, testing, compliance with standards and being the best in class. We will leave no stone unturned in ensuring that these are achieved in all our products,” he said.

Mr. Venu said that the launch date of TVS Motor-BMW sub-15kw electric two-wheeler will be announced at the appropriate time.

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