Total two-wheelers sales grew 4% to 264,710 units in January 2023 as compared with 254,139 units sold in January 2022. Domestic two-wheeler sales stood at 216,471 units in January 2023, registering a growth of 29% from 167,795 units sold in the same period last year.

Motorcycle registered sales of 121,042 units in January 2023, declining 12.05% as against 137,630 units sold in January 2022. Scooter sales of the company reported 106,537 units in January 2023 as compared to the sale of 80,580 units in January 2022, recording a growth of 32%.

The company's total exports dropped 41.73% to 57,024 units in January 2023 as against 97,858 units in January 2022. Two-wheeler exports slumped 44.13% to 48,239 units in January 2023 from 86,344 units sold in the same period a year ago.

Given the macro-economic uncertainties in a few international markets, the company has reduced stock to enable the channel partners. Customer retails continue to be well ahead of the despatches. With reduced distributor stocks and improved retails, the company is optimistic of improving despatches in the forthcoming months, TVS Motor stated in the press release.

In the three-wheeler segment, the sales of the company declined 17.74% to 10,405 units in January 2023 from 12,649 units in January 2022.

In the electric vehicle segment, the company sold 12,169 units of TVS iQube Electric in January 2023 as against sales of 1,529 units in January 2022. The electric scooter recorded its highest ever sales in January 2023.

TVS Motor Company is a reputed two and three-wheeler manufacturer globally. The company has four manufacturing facilities in Hosur, Mysuru and Nalagarh in India and Karawang in Indonesia.

The company reported 22% rise in standalone net profit to Rs 353 crore on a 15% increase in revenue to Rs 6,545 crore in Q3 FY23 over Q3 FY22.

Shares of TVS Motor Company declined 1.87% to Rs 1,017.90 on the BSE.