June quarter Auto sector There was a lot of fanfare. The profits of three big companies of India’s auto sector, Bajaj, Tata and TVS have increased by more than 40 percent respectively. Domestic auto maker Bajaj Auto’s standalone net profit for the quarter ended June 1 of the current financial year rose 42 per cent to Rs 1,665 crore. Giving information about the results of the April-June quarter in a statement on Tuesday, the company said that in the same quarter a year ago, its net profit on a standalone basis was Rs 1,173 crore.
The company’s operating income jumped 29 per cent to Rs 10,310 crore in the quarter under review as against Rs 8,005 crore in the year-ago period. During this period, Bajaj Auto’s total vehicle sales increased by 10 percent to reach 10,27,407 units. In the same quarter last year, this figure was 9,33,646 units.
82 percent increase in Bajaj’s domestic sales
During the period under review, the company sold a total of 8,89,330 two-wheelers, which is five percent higher than 8,47,158 units a year ago. At the same time, sales of commercial vehicles stood at 1,38,077 units, which is 60 percent higher than last year’s 86,488 units. The company’s domestic sales grew by 82 per cent to 6,41,556 units but the export figure fell by 34 per cent to 3,85,851 units. Bajaj Auto said it registered double digit growth in motorcycle sales despite challenges in overseas markets.
On the other hand, the integrated net profit of Tata Motors for the first quarter of the current financial year ending June 30, 2023 has increased to Rs 3,300.65 crore. The company gave this information to the stock markets on Tuesday. The company had a consolidated net loss of Rs 4,950.97 crore in the same period last year.
Outperformance in Jaguar, Land Rover and Commercial Vehicle businesses
Tata Motors reported that its UK-based unit Jaguar, Land Rover and commercial vehicle business had better performance due to better quarterly results. The company said that its integrated operating income for the quarter under review stood at Rs 1,01,528.49 crore, as against Rs 71,227.76 crore in the same period a year ago. Tata Motors said that its total expenses during this period stood at Rs 98,266.93 crore, as against Rs 77,783.69 crore in the same quarter a year ago. The company reported that its standalone net loss narrowed to Rs 64.04 crore as against Rs 181.03 crore in the same period a year ago. Standalone operating income increased to Rs 15,733.05 crore from Rs 14,793.12 crore on a year-on-year basis.
Tata Commercial Vehicles revenue up 4.4 percent
JLR and commercial vehicles business showed a sharp recovery in the quarter under review, while the passenger vehicle business was stable. PB Balaji, Chief Financial Officer, Tata Motors Group, said, “The beginning of the financial year 2023-24 has been right and all the vehicle segments have performed strongly. The specific strategy of each business is now showing results and these segments are becoming structurally stronger. We are confident of maintaining this momentum in the rest of the year and achieving our stated targets.” JLR’s revenue for the period under review was 6.9 billion pounds, up 57 per cent year-on-year, while profit before tax was 435 million pounds. Tata Commercial Vehicles revenue grew 4.4 percent to Rs 17,000 crore, the company said
TVS net profit 42 percent
TVS Motor Company’s consolidated net profit for the first quarter of the current financial year ending June 30, 2023 has increased by 42 percent to Rs 434 crore. The company’s profit has increased due to strong sales. The company had earned a net profit of Rs 305 crore in the April-June quarter of the last financial year.
Two wheeler and three wheeler sales grew by five percent to 9.53 lakh units
TVS Motor Company said in a regulatory filing that its total income rose to Rs 9,142 crore in the June quarter from Rs 7,348 crore in the year-ago period. The company said that its total two-wheeler and three-wheeler sales, including exports, increased by five percent to 9.53 lakh units in the quarter ended June 2023, compared to 9.07 lakh units in the same period of FY 2021-22.