"The year-on-year growth is not comparable due to the low base of sales in May 2021 because of the localised lockdown imposed by the Government of India during that period," the company said in a statement.

Total two-wheelers sales grew from 154,416 units in May 2021 to 287,058 units in May 2022.

TVS Motor Company said that the shortage in the supply of semiconductors had impacted the production and sales of premium two-wheelers. The company is working aggressively with alternate sources and taking every effort to improve supplies at the earliest. Some improvement has been seen this month. The company is optimistic that volumes will revive to normal levels once the semiconductor supplies improve.

Three-wheeler of the company grew by 28% to 15,924 units in May 2022 from 12,473 units in May 2021.

The company's total exports registered sales of 110,245 units in May 2022 as against 114,674 units in May 2021.

TVS Motor Company, part of the TVS Group, is a two and three-wheeler manufacturer.

The company reported a 5.1% decline in standalone net profit to Rs 274.50 crore for quarter ended March 2022 as against Rs 289.24 crore in quarter ended March 2021. Revenue from operation stood at Rs 5,530.31crore in Q4 FY22 as against Rs 5321.93 crore posted in Q4 FY21, registering a growth of 3.9%.

The scrip declined 0.39% to currently trade at Rs 733.70 on the BSE.