• TVS Motor Company – The third largest 2-wheeler manufacturer in India
  • TVS Motor has footprints globally, including geographies like Middle East, Africa, SE Asia, Indian subcontinent, Latin & Central America.
  • The company has four manufacturing plants, three located in India and one in Indonesia.


Company Overview

TVS Motor Company (NSE:TVSMOTOR)  is the third largest 2-wheeler company in India with a revenue of over ₹18,217 crore (over US$2.9 billion). It has an annual sale of more than 3 million units and an annual capacity of over 4.95 million vehicles. TVS Motor is also the 2nd largest exporter in India with exports to over 60 Countries. A member of the TVS Group, it is the largest company of the group in terms of size and turnover.1

TVS Motor has footprints globally, including geographies like Middle East, Africa, SE Asia, Indian subcontinent, Latin & Central America.

Manufacturing Locations

The company has four manufacturing plants, three located in India (Hosur in Tamil Nadu, Mysore in Karnataka and Nalagarh in Himachal Pradesh) and one in Indonesia at Karawang.




  • TVS Ntorq
  • TVS Jupiter
  • TVS Zest 110
  • TVS Scooty Pep+


  • Apache RR 310
  • TVS Apache RTR Series
  • TVS Raider
  • TVS Radeon
  • TVS Star City +
  • TVS Sport


  • TVS XL100


  • TVS Iqube

Three Wheelers

  • TVS King


Electric Vehicle

Launched in January 2020, TVS iQUBE marked the foray of Company into the Electric Vehicle segment. The TVS iQUBE is a smart mobility solution that promises to deliver a convenient, personalized, connected and future mobility experience. It comes equipped with SmartXonnect, advanced features like Geo-fencing, Ride Statistics, Telematics, Remote charge assist and Navigation assist along with 117 connected features. With a top speed of 78 kmph, a range of 75 Km in a single charge and features like Q-Park assist, the TVS iQUBE redefines style, comfort and riding experience. A dedicated public charging ecosystem spanning across 10 dealerships in Bengaluru further enhances customer ease and experience.

With TVS iQUBE, the Company also leveraged digital channels for vehicles booking and sales. A digitally enabled purchase process allows seamless home charging unit installations providing a truly hassle-free experience to the customers. The product has seen extremely encouraging response from the customers. With the increased focus on Electric Vehicles, the TVS iQUBE is a strong contender in this space in the times to come.

Major Subsidiary Companies

  • Sundaram Auto Components Limited
  • TVS Housing Limited
  • TVS Motor Services Limited
  • Intellicar Telematics Private Limited
  • TVS Credit Services Limited
  • TVS Motor (Singapore) Pte. Limited, Singapore
  • The Norton Motorcycle Co Limited, United Kingdom
  • TVS Motor Company (Europe) B.V., Amsterdam
  • PT. TVS Motor Company Indonesia, Jakarta
  • Sundaram Holding USA Inc., Delaware, USA

Industry Overview


The domestic two wheeler industry recorded a sale of 15.1 Mn units in 2020-21, a decline of 13% from 17.4 Mn units of 2019-20. It witnessed a decline of 74% in Q1. However, for the rest of the year, the industry revived and grew by 11% compared to same period previous year. This growth was primarily led by a resilient rural economy which was less affected due to the pandemic, supported by good monsoon and agriculture growth.2

The scooter industry declined by 20%, with 4.5 Mn units sold in 2020-21 over 5.6 Mn units in 2019-20. The category share declined to 29.7% in 2020-21 from 32% in 2019-20. This was primarily led by higher spread of CoVID-19 cases in urban areas, stringent lockdown norms and implementation of work from home

The motorcycle industry declined by 11% over last year. The category share of motorcycle grew by 1.9% to 66.3% in 2020- 21. The premium motorcycle sales declined by 14% from 1.61 Mn units in 2019-20 to 1.39 Mn units in 2020-21 maintaining category share at 9.2%. The commuter motorcycle category share grew 1.5% to 51.5% while volumes declined by 11% to 7.8 Mn units in 2020-21 from 8.7 Mn units in 2019-20.

In international market, two wheeler industry declined by 7% in 2020-21 over 2019-20. Industry was adversely impacted by the CoVID-19 related lockdowns of the demand markets and also by supply side factors which impaired the speed to restore export supplies due to CoVID-19 during Q1. However stable price of crude oil, steady rates and availability of forex and continued growth in Africa propelled the growth of exports in the remaining quarters of 2020-21.


Overall three wheeler small passenger industry (3 plus 1 segment) declined by 41% in 2020-21 (from 7.46 lakh units in 2019-20 to 4.42 lakh units in 2020-21). Domestic industry declined by 77% and exports market declined by 22% in 2020-21 over last year.


Financial Overview

The Company registered sales of 29.3 lakh units of two wheelers in 2020-21.

Domestic Sales

The Company achieved sales of 21.6 lakh units of two wheelers in the domestic market compared to sales of 24.1 lakhs in 2019-20. The Company outperformed the broader Industry which declined by 13%.

In domestic motorcycles, Company achieved sales of 6.3 lakh units and registered a decline of 17% over 2019-20. The TVS Apache, grew better than the Premium motorcycle industry with sale of 3.3 lakh units, posting a decline of only 11% while the Premium Motorcycle industry declined by 14% in 2020-21 against 2019-20.

In domestic scooters, Company achieved sales of 9.2 lakh units and registered a decline of 10% over 2019-20. However, Scooters volume growth was higher than Industry supported by product interventions in Jupiter and launch of Super Squad edition in TVS NTORQ.

Exports sales

The Company's two wheeler exports in 2020-21 were 7.64 lakh units and witnessed an improvement with a growth of 12% over 2019-20. Three wheeler exports during the year reached 1.15 lakh units and recorded a decline of 29% over 2019-20.

2020-21 tested the strength of the very fundamentals of India, its institutions, administrative and healthcare system and even its social, moral and economic fibre. The choices between lives and livelihood needed to be made every day, by individual citizens, organizations, institutions and the entire administrative system. The nationwide 42 day lockdown a key response, led to GDP contraction of 24% in the first quarter. But with the easing of the active cases and the Government intervening with multiple initiatives, recovery in Quarter 2 was ahead of estimates with a 7% GDP decline instead of the estimated 11% decline. The Q3 & Q4 saw the GDP return to positive territory, posting gains of 0.5% and 1.6%, bringing the full year to a 7.5% decline.

The domestic two wheeler industry declined by 13% in 2020-21 over 18% decline during 2019-20. The two wheeler industry saw sharp changes in growth momentum over the quarters. Q1 2020-21 contracted due to the pandemic with a 74% decline and when the markets opened up, registered 0% growth in Q2, 13% in Q3 and 24% growth in Q4.

Compared to 2W industry decline of 13%, Company's performance in domestic was at 10% decline in sales volume of 2020-21.

In the International Business, exports of two wheelers in 2020-21 were at 7.6 lakh units with a growth of 12% over 2019-20. Company exited the month of March 2021 with an all-time high of 1,05,282 two wheelers exports resulting in Q4 volume of 2,84,098 with a growth of 74%. Threewheeler exports during the year reached 1.15 lakh units with a decline of 29% over 2019-20.

Sales revenue of spare parts grew by 1% in domestic and 41% in exports.

In course of the transition to BS VI compliant technology, TVS Motor was the first and only company to launch dual Fi platforms catering to consumer use cases - Eco Thrust Fuel injection (ETFi) for enhanced fuel efficiency and Race Tuned Fuel injection (RTFi) for enhanced throttle response. Across the portfolio, consumer insights were converted to thoughtful improvements that went beyond BS VI, like ride modes for Apache or additional underseat storage for Jupiter. This enhanced portfolio was also taken to consumers in a much loved corporate campaign "Hum Banaye Jo Aapka Dil Chahe !", this focused on TVS DNA of customer centric innovation.

Continuing with customer centric innovation beyond the BS VI transitions, saw new launches like TVS NTORQ 125 super squad edition, RTR 200 4V with riding modes, Jupiter ZX Disc intelliGo and TVS XL100 Win Edition. During the year 2020-21, Company's products bagged 10 awards, of which Moped won 5 awards, Motorcycles won 3 awards and Scooter 2 awards.

The Company also ensured systematic, company-wide initiatives to control costs, prioritize capex, improve productivity and above all improve health of cash flows across the extended enterprise, unlocking significant potential for velocity and financial returns.

Total income of the Company including other income was $ 16,783.51 Cr in the current year 2020-21 as against $ 16,455.44 Cr in the previous year. Profit before tax (PBT) was $ 826.24 Cr in the current year as against $ 754.41 Cr in the previous year (after exceptional item of $ 32.33 Cr). Similarly, Profit after tax (PAT) was $ 612.04 Cr in the current year as against $ 592.25 Cr in 2019-20.

June 2021 Results

TVS Motor Company’s Revenue At Rs. 3,934 Crores As Compared To Rs. 1,432 Crores In Q1 Of Last Year Records Highest Ever Quarterly Revenue In International Business Company Achieves PBT Of Rs. 102 Crores In A Challenging Quarter Impacted By Second Wave Of COVID-19. 3

29 Jul 2021;  TVS Motor Company reported operating revenue of Rs. 3,934 Crores for the quarter ended June 2021 as against Rs. 1,432 Crores reported in the quarter ended June 2020.

The Company reported EBITDA of Rs. 274 Crores for the first quarter of 2021-22 as against negative EBITDA of Rs. 49 Crores in first quarter of 2020-21. Company’s EBITDA margin for the quarter is at 7.0% as against negative margin of 3.4% reported in first quarter of 2020-21. The reduction in Revenue & EBITDA from the preceding quarter is mainly on account of lockdowns in key markets. With the gradual opening of markets, the Company is optimistic about the domestic & international demand coming back to normalcy.

The Company reported Profit Before Tax (PBT) before exceptional items of Rs. 102 Crores in the first quarter of 2021-22 as against loss of Rs. 190 Crores in the first quarter of 2020-21. During the quarter, Company incurred Rs. 30 Crores towards COVID-19 related expenses and the same is shown as an exceptional item. During the current quarter, the Company reported Profit After Tax (PAT) of Rs. 53 Crores as against loss of Rs. 139 Crores during first quarter of 2020-21.


The overall two-wheeler and three-wheeler sales including exports registered 6.58 Lakh units in the quarter ended June 2021 as against 2.67 Lakh units registered in the quarter ended June 2020. Motorcycle sales registered 4.05 Lakh units in the quarter ended June 2021 as against 1.19 Lakh units in quarter ended June 2020. Scooter sales for the quarter ended June 2021 is 1.40 Lakh units against the sales of 0.82 Lakh units in the first quarter of 2020-21. The Company recorded highest two-wheeler exports in this quarter at 2.90 Lakh units as against 0.70 Lakh units in the quarter ended June 2020. Three-wheeler sales for the quarter under review is 0.39 Lakh units as against 0.12 Lakh units during first quarter of 2020-21.


Recent developments

TVS Motor Company expands and strengthens its presence in South Africa 4

September 7, 2021; TVS Motor Company, a reputed two-wheeler and three-wheeler manufacturer globally, today announced their new distribution partnership with ETG Logistics (ETGL).

TVS Motor Company ranks amongst the top five two-wheeler companies in the world with a presence in over 70 countries across Africa, South East Asia, the Indian Sub-Continent, Latin America and the Middle East. ETGL is a division of ETG (Export Trading Group) – a global conglomerate present in 48 countries with expertise across various industries.

ETGL will operate 30 dealerships for TVS Motor Company in South Africa as part of this partnership.  The company will also support TVS Motor with dedicated sales, service, spares and customer relationship management (CRM), including the assembly set-up and training centre in Johannesburg.

Speaking on the occasion, Mr. R Dilip, President – International Business, TVS Motor Company, said, “TVS Motor is delighted to partner with the reputed global conglomerate, ETGL, to expand its presence in South Africa.  ETGL comes with rich experience, deep understanding and vast knowledge of the market.  South Africa is an important market for it, and ETGL’s extensive distribution network, along with its shared ethos and values, makes them the ideal strategic partner.  This association with ETGL is a significant step towards expanding TVS Motor Company’s market presence in Southern Africa, driving innovation through best-in-class products and setting a customer experience benchmark.”

Mr. Rajeev Saxena, Director, ETGL, said, “TVS Motor is excited to announce its partnership with TVS Motor Company.  This partnership will be instrumental in bringing a range of mobility solutions to address specific requirements of different customer groups in the country. The technology and quality prowess of TVS Motor Company combined with its strong understanding of the market will definitely create an impact in mobility space in South Africa.”

TVS Motor Company will launch products such as TVS Apache series, TVS HLX series, TVS NTORQ 125 and TVS Duramax Cargo in South Africa. The premium motorcycle series, TVS Apache, will cater to the aspirations of the customers and the global favorite, TVS HLX, will provide last-mile connectivity for both personal commute and commercial delivery segments. TVS NTORQ 125, a revolutionary Bluetooth enabled scooter, will address Gen Z’s superior style, performance and technology promise. The three-wheeler Duramax Cargo will carve a niche segment in the delivery space with an economical TCO offering.


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Created by Asif Farooqui on 2021/10/04 19:27

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