TVS Motor Company (532343) Q4 24/25 earnings summary

Executive summary

• Achieved record sales of 4.74 million units in FY 2024-25, up 13% year-over-year, with highest-ever revenue of INR 36,251 crore and record profit.

• Operating EBITDA margin reached 12.3% for the year, including PLI benefits, and 14% in Q4 due to full-year PLI recognition.

• Strong performance in both ICE and EV segments, with significant growth in domestic and international markets.

• Q4 sales reached 1.22 million units, a 14% increase compared to Q4 last year.

• Electric vehicle sales surged 44% in FY 2024-25 and 54% in Q4, reflecting strong growth in new mobility segments.

Financial highlights

• Operating revenue grew 14% year-over-year to INR 36,251 crore; Q4 revenue up 17% to INR 9,550 crore.

• Operating EBITDA for the year was INR 4,454 crore, up 27%; Q4 EBITDA at INR 1,333 crore, margin at 14%.

• Profit before tax for the year increased 31% to INR 3,629 crore; Q4 PBT at INR 1,112 crore, up 65% year-over-year.

• Profit after tax for the year rose 30% to INR 2,711 crore; Q4 PAT at INR 867.7 crore.

• EPS for FY 2024-25: INR 57.05; Q4 EPS: INR 17.94.

Outlook and guidance

• GDP expected to grow 6.5% in FY26, driven by consumption and agriculture.

• Domestic market growth momentum expected to be similar to last year, with Q1 moderate and improvement in May-June due to marriage season and normal monsoon.

• International business expected to see healthy growth, especially in Africa and LatAm, with optimism for recovery in key markets.

• Management highlights continued focus on innovation, EV expansion, and global market growth.

• Positive demand trends expected to continue, with emphasis on sustainable mobility and premium product launches.