TVS Motor Q4 Results FY25: Profit up 76%, EV sales

Strong March-quarter print lifts FY2024-25 finish

TVS Motor Company reported a strong March-quarter performance, closing FY2024-25 with record revenue and profitability as electric vehicle (EV) and scooter volumes accelerated. In Q4, revenue from operations rose 17% year-on-year (YoY) to ₹9,550 crore from ₹8,169 crore. Profit before tax (PBT) jumped 65.5% YoY to ₹1,112 crore from ₹672 crore, reflecting improved operating leverage and a better mix. Standalone profit after tax (PAT) rose 76% YoY to ₹852 crore compared with ₹485 crore in the year-ago quarter. The company also reported record operating EBITDA of ₹1,333 crore for the quarter, up 44% YoY from ₹926 crore. The results were described as ahead of market expectations in the coverage, supported by higher volumes across key segments.

Q4 FY2024-25: Revenue up 17%, PBT up 65.5%

The company’s Q4 performance combined volume growth with stronger profitability. Revenue from operations stood at ₹9,550 crore, while PBT came in at ₹1,112 crore. Standalone PAT of ₹852 crore represented one of the sharpest quarterly YoY jumps cited in the report. Operating EBITDA rose to ₹1,333 crore, a record level for TVS Motor in the quarter. The reported operating EBITDA margin for Q4 was 14.0%. The write-up also noted that excluding production-linked incentive (PLI) benefits of previous quarters, the Q4 EBITDA margin would be 12.5% versus 11.3% in Q4 of the prior year.

EBITDA, margin bridge, and the PLI adjustment

Operating profitability improved materially in Q4, with the EBITDA line rising 44% YoY to ₹1,333 crore. The reported EBITDA margin of 14.0% was highlighted as being impacted by PLI accounting for earlier quarters. On an adjusted basis, the quarter’s EBITDA margin was stated at 12.5%, compared with 11.3% in the year-ago quarter. The coverage also pointed to operational efficiency and favorable product mix supporting the margin expansion. In addition, the company reported a 5% quarter-on-quarter (QoQ) growth and a 2% YoY increase in realisation per vehicle, attributed to product mix improvement and price increases.

Volume growth broad-based, scooters lead the mix

TVS Motor’s Q4 volumes rose across two-wheelers and three-wheelers. Total sales in the quarter were 12.16 lakh units, up 14% YoY from 10.63 lakh units. Scooters led growth with sales up 27% to 5.02 lakh units, while motorcycles grew 10% to 5.64 lakh units. Three-wheeler sales increased 21% to 37,000 units. The overall volume expansion supported operating leverage and contributed to higher EBITDA.

EV sales jump 54% in Q4 to 76,000 units

EV momentum was a key contributor to the quarter’s narrative. TVS Motor reported Q4 EV sales of 76,000 units, up 54% YoY from 49,000 units. The increase was positioned as evidence of strong consumer demand and the company’s electrification strategy. The report also linked the EV ramp-up to better product mix and improved profitability. With scooters also growing strongly, the quarter reflected a shift toward categories that can support margin improvement when volumes scale.

FY2024-25: Highest-ever revenue, PAT rises 30%

For FY2024-25, TVS Motor reported its highest-ever sales, revenue, and profitability. Revenue from operations increased 14% to ₹36,251 crore (₹36,251.32 crore cited in the detailed figure) from ₹31,776 crore in the previous year. Standalone PAT for the year rose to ₹2,711 crore (₹2,710.54 crore cited in the detailed figure), up from ₹2,083 crore in FY2023-24. PBT for the full year was reported at ₹3,629 crore, up 31% YoY. The company also cited the highest-ever operating EBITDA of ₹4,454 crore for the year, up from ₹3,514 crore in the previous year.

Full-year margins and segment sales trends

TVS Motor reported an operating EBITDA margin improvement of 120 basis points to 12.30% for FY2024-25 from 11.10% in the previous year. On volumes, overall two- and three-wheeler sales grew 13% to 47.44 lakh units from 41.91 lakh units. Motorcycles grew 10% to 21.95 lakh units from 19.90 lakh units, while scooters rose 21% to 19.04 lakh units from 15.70 lakh units. EVs grew 44% to 2.79 lakh units from 1.94 lakh units. Three-wheeler sales for the year were 1.35 lakh units versus 1.46 lakh units in the previous year, a decline of 7.5% as cited.

Street expectations, sequential trends, and March sales

The coverage referenced estimates for the quarter, including a revenue estimate of ₹9,394 crore, alongside broker expectations. On a sequential basis, PAT increased 38% from ₹618 crore in Q3, while revenue rose 5% from ₹9,097 crore. The company’s March 2025 sales were also referenced, with 414,687 units reported versus 354,592 units in the prior period, a 17% increase. These data points supported the view that demand remained firm into the end of the fiscal year.

Stock reaction after results

TVS Motor shares were described as being in focus after the earnings release. One report noted the shares closed 1.5% higher at ₹2,778.20 on the NSE after the announcement. Another cited the stock ending 2.48% higher at ₹2,803.55 following the earnings update. The movement was linked to the reported profit beat, record EBITDA, and strong EV-led volume growth.

Key numbers at a glance

What to watch next

The reported numbers underline the role of scooters and EVs in driving both growth and profitability for TVS Motor through FY2024-25. Investors will likely track whether the adjusted margin level of 12.5% in Q4 sustains as the impact of PLI accounting normalises across quarters. Volume momentum in EVs, along with realisation trends driven by mix and pricing, remains central to the operating trajectory cited. The company’s next updates on quarterly volume mix, EV scaling, and margin disclosure around incentives will be key data points.

Conclusion

TVS Motor’s March-quarter results showed strong YoY expansion in revenue, PBT, and PAT, supported by record operating EBITDA and higher scooter and EV volumes. For FY2024-25, the company reported its highest-ever revenue, PBT, and PAT, alongside a higher EBITDA margin. EV sales growth of 54% in Q4 and 44% for the year stood out as a demand and execution marker. The next set of results and disclosures should clarify how margins evolve with product mix, pricing, and incentive accounting over subsequent quarters.