“We are constantly looking at white spaces. FY25 will be an interesting year, you will see launches in both ICE and EV category. More options on the current iQube will be available shortly,” KN Radhakrishnan, Director and CEO, TVS Motor Company, said during the company's Q4FY24 analyst call on Wednesday.
The company will begin with the launch of new variants of its electric scooter iQube. Without sharing specific timelines, the automaker said it will be introducing new variants to provide different battery capacities and price points. An electric three wheeler (e3W) is in “advanced stage” of development and will also be launched this year. It will be “not only for India but many other markets”.
| TVS iQube Electric Scooter | Domestic Sales (in units) |
| FY20 | 18 |
| FY21 | 1,061 |
| FY22 | 10,773 |
| FY23 | 96,654 |
| FY24 | 1,89,896 |
Last year, TVS Motor introduced its X electric scooter, deliveries for which are set to begin in the upcoming weeks.
On Wednesday, the automaker reported 15% growth in its consolidated net profit to INR 387 crore for the January-March 2024 quarter. The company had reported a net profit of INR 336 crore in the January-March 2023 period.
Revenue from operations increased to INR 10,042 crore in Q4 FY24, when compared with INR 8,031 crore in the fourth quarter of FY23.
The company generated an operating free cash flow of about INR 2,300 crore and managed to cut its debt by INR 1,000 crore. This comes after meeting the capex and investment requirements made overseas.
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