CHENNAI: Two-wheeler and three-wheeler manufacturer TVS Motor, will be focussing on strengthening its exports and international business for the next three to five years.
Along with entering new overseas markets, the Chennai-based firm aims to improve exports from its Indonesia plant, which posted a positive EBITDA of $750,000 for the full year against a loss of $3 million in FY19.
Addressing the company’s AGM on Wednesday, chairman and managing director, Venu Srinivasan said the international business of TVS Motor has grown by 7 per cent in 2019-20, compared to 16.6 per cent in 2018-19. “The company has a long term strategic partnership with BMW and has produced 72,000 units of BMW 310 motorcycles under the collaboration.
TVS has also acquired Norton motorcycles which has enhanced its global portfolio bringing in complimentary products, segments, markets in the super premium category,” said Srinivasan. TVS has long-term plans to increase its presence in the overseas market. “We will consolidate our presence in Africa and Latin America and improve our market share in some of the countries where we have scope for improvement.
For next three to five years we will be focussing on international side of the business by improving market share, ensuring customer satisfaction and entering new markets,” Sudarshan Venu, who is the joint managing director, added. On the covid-19 impact on the business, Srinivasan said that domestic demand was down last year due to lower GDP and product prices rose by nearly 30 per cent in the last 18-24 months due to GST, emission norm changes and insurance cost. The pandemic further worsened the woes. However, the second quarter looks to be good, he added.