TVS Motor Company Q2 profit jumps 37% on export growth and festive-demand tax cut

TVS Motor Company reported a second-quarter profit of 9.06 billion rupees (~US$103 million), a 37% increase year-on-year, driven by a 23% jump in two-wheeler sales to 1.5 million units and a 31% surge in exports which now contribute 26% of sales. Revenue rose 29% to 119.05 billion rupees, and operating margin expanded to 12.7% from 11.7% a year ago. A recent tax cut on motorcycles up to 350 cc to 18% from 28% also boosted demand. The stock, however, fell about 2.1% post-results on concerns about rare‐earth-magnet availability for EVs.