Total two-wheelers registered a growth of 4% with sales increasing from 293,715 units in June 2022 to 304,401 units in June 2023. Domestic two-wheeler aggregated to 235,833 units (up 22% YoY).

While motorcycle sales rose by 2% to 148,208 units, sales of scooters increased by 11% to 121,364 units in June 2023 over June 2022.

TVS iQube Electric recorded sales of 14,462 units in June 2023 as against sales of 4,667 units in June 2022.

"The first two weeks of June witnessed a decline in EV two-wheler industry sales due to readjustment in prices owing to the reduction in FAME II subsidy. However, TVS iQube's order book remains very healthy. We are already seeing a pick up in sales and are confident of continued improvement in the coming months,” the company said in a statement.

It further informed that the company's total exports registered sales of 79,144 units in June 2023 as against 114,449 units June 2022, down 31% YoY.

Three-wheeler of the company registered sales of 12,010 units in June 2023, which is lower by 19% as compared with 14,786 units sold in June 2022.

During the first quarter of the current financial year, two-wheeler sales grew by 7% increasing from 8.6 lakh units in the first quarter FY 22-23 to 9.18 lakh units in the current quarter.

TVS Motor Company is a reputed two and three-wheeler manufacturer globally. It has four manufacturing facilities in Hosur, Mysuru and Nalagarh in India and Karawang in Indonesia. TVS Motor's group company Norton Motorcycles, based in the United Kingdom, is one of the most emotive motorcycle brands in the world. Its subsidiaries in the personal e-mobility space, Swiss E-Mobility Group (SEMG) and EGO Movement have a leading position in the e-bike market in Switzerland.

The company's standalone net profit jumped 49.5% to Rs 410.27 crore on 19.4% rise in revenue from operations to Rs 6,604.78 crore in Q4 FY23 over Q4 FY22.

The scrip rose 0.37% to currently trade at Rs 1329.90 on the BSE.