Brands
Q3 Results: TVS Motor Company continues its growth momentum
Mumbai: TVS Motor Company’s operating revenue grew by 26 per cent at Rs. 8,245 crores for the quarter ended December 2023 as against Rs 6,545 crores reported in the quarter ended December 2022.
The Company’s operating EBITDA grew by 40 per cent at Rs 924 crores for the third quarter of 2023-24 as against the EBITDA of Rs 659 crores in third quarter of 2022-23. The company’s operating EBITDA margin for the quarter is highest at 11.2 per cent as against the operating EBITDA margin of 10.1 per cent reported in the third quarter of 2022-23. The company’s profit before tax (PBT) grew by 63 per cent at Rs 775 crores for the third quarter of 2023-24 as against PBT of Rs 475 crores in third quarter of 2022-23. PBT for the quarter includes Rs 73 crores of other income relating to gains realised from investments. The company’s profit after tax (PAT) grew by 68 per cent at Rs 593 crores for the third quarter of 2023-24 as against PAT of Rs 353 crores in the third quarter of 2022-23.
The company reported total two-wheeler sales at 10.63 Lakh units in the current quarter as against 8.36 Lakh units in the quarter ended December 2022. Two-wheeler exports registered 2.16 Lakh units as against 2.07 Lakh units in December 2022. Total three-wheelers registered sales of 0.38 Lakh units in the quarter ended December 2023 as against 0.43 Lakh units in the quarter ended December 2022. Electric vehicles registered sales of 0.48 Lakh units in the quarter ended December 2023 as against 0.29 Lakh units during the quarter ended December 2022.
Cumulative nine months results
Operating revenue reported for the nine months ended December 2023 is Rs 23,608 crores as against Rs 19,773 crores reported for the nine months ended December 2022.
The Company’s PBT grew by 45 per cent at Rs 2,109 crores for the nine months ended December 2023 as against Rs 1,457 crores during nine months ended December 2022 surpassing the PBT of FY 2022-23 of Rs 2,003 crores. The Company’s PAT grew by 48 per cent at Rs. 1,598 crores for the nine months ended December 2023 as against Rs. 1,081 crores during nine months ended December 2022.
The Company’s two-wheeler sales including exports grew by 13 per cent registering 30.13 Lakh units in the nine months ended December 2023 as against 26.74 Lakh units registered in the nine months ended December 2022. Motorcycle sales grew by 10 per cent registering 14.79 Lakh units in the nine months ended December 2023 as against 13.45 Lakh units in nine months ended December 2022. Scooter sales for the nine months ended December 2023 grew by 18 per cent registering 11.74 Lakh units as against the sales of 9.94 Lakh units in the nine months ended December 2022. The company recorded two-wheeler exports of 6.52 Lakh units in the nine months ended December 2023 as against 7.54 Lakh units in the nine months ended December 2022. Total three-wheeler sales are at 1.16 Lakh units for the nine months ended December 2023 as against 1.40 Lakh units during nine months ended December 2022. Electric vehicles registered sales of 1.44 Lakh units for the nine months ended December 2023 as against 0.54 Lakh units during the nine months ended December 2022.
Brands
Lululemon picks former Nike executive to be its next chief
Heidi O’Neill, who helped grow Nike into a $45 billion giant, will take the top job in September
CANADA: Lululemon has found its next chief executive, and she comes with serious credentials. The athleisure giant named Heidi O’Neill as its new CEO on Wednesday, ending a search that has left the company running on interim leadership since earlier this year. O’Neill will take charge on September 8, 2026, based out of Vancouver, and will join the board on the same day.
O’Neill brings more than three decades of experience across performance apparel, footwear and sport. The bulk of that time was spent at Nike, where she was a central figure in one of corporate sport’s great growth stories, helping take the company from a $9 billion business to a $45 billion global powerhouse. She oversaw product pipelines, brand strategy and consumer connections, and played a significant role in shaping how Nike spoke to athletes around the world. Earlier in her career, she worked in marketing for the Dockers brand at Levi Strauss. She also brings boardroom experience from Spotify Technology, Hyatt Hotels and Lithia and Driveway.
The board was unequivocal in its enthusiasm. “We selected Heidi because of the breadth of her experience, her demonstrated success delivering breakthrough ideas and initiatives at scale, and her ability to be a knowledgeable change and growth agent,” said Marti Morfitt, executive chair of Lululemon’s board.
O’Neill, for her part, was bullish. “Lululemon is an iconic brand with something rare: genuine guest love, a product ethos rooted in innovation, and a global platform still in the early stages of its potential,” she said. “My job will be to accelerate product breakthroughs, deepen the brand’s cultural relevance, and unlock growth in markets around the world.”
Until she arrives, Meghan Frank and André Maestrini will continue as interim co-CEOs, before returning to their previous senior leadership roles once O’Neill steps in.
Lululemon is betting that a Nike veteran who helped build one of the world’s most powerful sports brands can do something similar for an athleisure label that has genuine love from its customers but is still chasing its full global potential. O’Neill has done it before at scale. The question now is whether she can do it again.
