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Time of India
5 days ago
- Automotive
- Time of India
Two-wheeler sales July '25: Honda overtakes Hero MotoCorp, here's how others performed
Honda Motorcycle & Scooter India has claimed the top spot in two-wheeler sales for July 2025, pushing Hero MotoCorp to second place. Honda clocked a total of 5,15,378 units, which includes 4,66,331 units sold in the domestic market and 49,047 units exported overseas. Hero MotoCorp, on the other hand, posted a total dispatch of 4,49,755 units last month. While it marked a healthy 21% growth over July 2024 (370,274 units), it wasn't enough to stay ahead of Honda. Out of the total, Hero's domestic sales stood at 4,12,397 units. TVS Motor Company retained its third-place position, reporting a total of 3,08,720 units in July. The Hosur-based company saw a steady rise, with sales growing by nearly 10% compared to June 2025 (2,81,012 units) and a 21.42% jump over July 2024, when it sold 2,54,250 units. Bajaj Auto had a mixed month. Its domestic two-wheeler sales fell sharply by 18%, dropping to 1,39,279 units from 1,68,847 in July last year. However, its export numbers told a different story: Bajaj shipped 1,56,968 units overseas, a strong 22% increase over July 2024 (1,28,694 units). by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 20 Pieces of Clothing Older Women should Avoid Learn More Undo Royal Enfield Classic 650 Review: An Icon Just Got Bigger! | TOI Auto Suzuki Motorcycle India posted total sales of 1,13,600 units. While exports grew to 17,571 units, the domestic tally stood at 96,029 units. Compared to July 2024, when the company sold 1,16,714 units in total, Suzuki witnessed a slight dip in overall sales. Royal Enfield , meanwhile, reported robust growth. The brand sold 88,045 units in July 2025, marking a 31% year-on-year rise over the 67,265 units sold in the same month last year. Domestic sales increased to 76,254 units (up 25%), while exports nearly doubled to 11,791 units from 6,057 in July 2024. Discover everything about the automotive world at Times of India .
The Hindu
26-06-2025
- Entertainment
- The Hindu
Queer persons on the pressure to conform to a particular image
On June 30 last year, when IT professional Kavya, who identifies as omnisexual, was leaving her apartment in Chennai to go join a Pride march, she was stopped by members of her housing association. The residents criticised her bold make-up and attire, and also threatened to reveal her queer identity to her house owner. A week later, she was asked to vacate the flat. 'It was a nightmarish experience,' says Kavya. 'It was a breach of my privacy. I thought the apartment was my safe space where I could express myself.' For Ayushi Mathur of Pune, Pride has always been a deeply emotional space — equal parts celebration and protest. 'I remember my first march vividly: the nerves, the rush, and an overwhelming sense of belonging. There's a beautiful power in being surrounded by people who reflect different fragments of yourself. Fashion has often been my refuge when words have failed me. I've used it to carve a space for myself, especially in environments that feel rigid or heteronormative.' But it's a double-edged sword, Mathur says. 'At some Pride marches, I've felt quiet, like my look wasn't 'loud enough' to be queer or 'bold enough' to belong. There's sometimes this invisible yardstick about how 'queer' you're allowed to look, which feels ironic in a space meant to celebrate individuality.' Pride marches are both acts of protest and expressions of queer joy, demanding visibility, equality, and safety. According to some members of the LGBTQIA+ community, however, the spotlight has increasingly shifted towards fashion and performance over the years, with performative queerness often taking centrestage. Stylised ideal Kavya Dharini, a Hosur-based psychologist who identifies as gender-fluid, talks about the unspoken pressure to be either a 'rainbow-drenched' symbol of Pride or to appear as a 'respectable, digestible' queer person for cis-het audiences. 'I've felt caught between both. As someone who doesn't always want to be on either extreme, I've often felt like I'm not 'queer enough' or 'visible enough',' she says. Mathur agrees that there is this curated image of queerness that's become 'market-friendly'. 'I've felt the pressure to be either the glitter-covered extrovert or the buttoned-up queer. But the truth is, queerness isn't one aesthetic. It's a spectrum of expression. The pressure to conform — especially within a community that celebrates diversity — is a painful contradiction,' she says. Psychologist Aanchal Narang, founder of Another Light Counselling, adds that a lot of younger queer people who are new to the community are often the ones to feel the weight of perception. 'It is also internalised, in the sense that if you have grown up in a particular way for years, and if you suddenly see a bunch of people going around dancing, wearing feathers or extravagant make-up, there's this distance that you want to keep between them and you.' Narang adds that a lack of spaces for the queer community, apart from drag shows, marches or Pride parties, may lend an added sense of pressure and social anxiety. 'When queerness becomes performative or tokenised, it often excludes those who don't fit the mainstream, whether due to class, caste, neurodivergence, or simply by being less visible,' says Kolkata journalist and writer Sohini S. 'Pride began as protest, but in many places, it now feels like a fashion show led by the most privileged. We need to make space for all queer experiences, not just the loudest.' While she is glad that she has stepped into her bolder self, Kavya admits it wasn't entirely by choice. 'I'm introverted,' she says. 'But being queer in today's world is political. Even in progressive spaces, people assume you're outspoken just because you're queer. That expectation pushed me to perform a version of myself that wasn't fully me. I'm proud of who I've become, but it's disappointing that I had to change to feel accepted.' Using the platform For Leel Krishna, 20, a stylist from Chennai, Pride is anything but alienating. He describes his first Pride march in three words: 'magical, belonging, and emotional'. 'It evoked a deep sense of belonging, which emotionally empowered me to be openly proud' he adds. Jaya, who identifies as a transwoman, is the general manager at Chennai NGO Sahodaran, which works for the upliftment of LGBTQIA+ persons. She is also one of the volunteers of the Tamil Nadu Rainbow Coalition, which organises Pride marches in the city. She calls it a celebration. 'It is our festival. We show the world our struggle and fight in the form of celebration and festivity. Just like one dresses up for a festival, we too dress up for ourselves on that day.' Jaya says a lot of people use the march as a platform to show the world who they are, and to show their solidarity and their identity. Whether styled up or dressed in a simple kurta, one cannot deny that Pride marches provide a space for the queer community to express themselves and foster a sense of belonging. Its ethos — of a liberating and judgement-free space — must be safeguarded at all costs, say LGBTQIA+ members, without succumbing to the pressures of commerce and representational politics.
Mint
29-04-2025
- Automotive
- Mint
TVS investments in loss-making UK arm Norton spark analyst concerns
TVS Motor Company Ltd's investments into its loss-making United Kingdom-based subsidiary Norton continues to concern analysts who expect that the company is still far away from generating meaningful revenue. India's third-largest two-wheeler seller's management highlighted during the post-Q4 results earnings call on Monday that the company will focus on developing new product range for Norton, which is expected to hit the markets by the end of the current fiscal year. At least two brokerage firms highlighted that the investments into the subsidiary are weighing on the overall performance of TVS, while a third analyst noted that meaningful revenue from Norton will only come in the second half of financial year 2027. 'Capital allocation remains a concern. TVS has heavily invested in foreign subsidiaries. Over the last five years, these investments have grown at ~25% CAGR,' analysts at Nirmal Bang wrote in a 29 April note. 'On a cumulative basis, these subsidiaries have been making losses with the bulk of the losses booked in Norton and SEMG.' Norton was acquired by the Hosur-based company in 2020 in an all-cash deal for ₹ 153 crore. Since taking over the motorcycle brand, TVS has invested more than ₹ 1,000 crore into the company. In 2021, it opened a new plant in Solihuli, UK, with a capacity to produce around 8,000 motorcycles annually. Through these investments, TVS wanted to create products for the global market through the Norton brand. However, losses have piled up. Ebit (earnings before interest and taxes) losses from subsidiaries, which includes Norton but excludes TVS Credit, stood at ₹ 140 crore in 4QFY25 versus ₹ 91 crore in 4QFY24, according to a 29 April note released by Kotak Institutional Equities. TVS did not respond to Mint's emailed queries. Analysts at Kotak Institutional Equities also noted that free cash flow generation of the company, or the cash generated by its business, saw a sharp decline of 83% to reach ₹ 230 crore due to capital expenditure and investments nearly doubling to about ₹ 4,000 crore in financial year 2025. 'Increased losses from subsidiaries (excluding TVS Credit) need to be monitored,' Rishi Vora of Kotak noted. 'The company continues to incur losses on the Norton Motorcycle subsidiary as it continues to undertake costs of the development cost of TVS Motor.' To be sure, this is not the first time the company is facing tough questions on the viability of its UK-based business. Faced with persistent questioning by analysts in the October 2023 earnings call, the management of the company had put up a brave face. TVS CEO K.N. Radhakrishnan had expressed confidence in Norton's ability to generate profits earlier. "You give me a few more quarters, Norton will start delivering very good results for the company," Radhakrishnan said in October 2023. Large share of investments is going into product development for Norton. The first new product under development is expected to hit the market by the end of this financial year. But some believe the company is still far from generating meaningful revenue. In a note dated 29 April, analysts at Axis Securities wrote that increased investments have muted the company's free cash flow. 'We estimate Norton's business to be able to generate meaningful revenues by H2FY27,' Shridhar Kallani of Axis Securities wrote in the note. TVS reported its earnings on Monday, in which it beat estimates. During the January to March period, the company saw its net profit jump 76% to ₹ 852 crore, from ₹ 485 crore in the year-ago period. Total revenue during the period grew 17% to ₹ 9,565 crore, from ₹ 8,140 crore a year ago. For the full year, its profit grew by over 30% to reach ₹ 2,710 crore, while revenue rose 14% to ₹ 36,309 crore. During the year, it also recorded the highest-ever sale of 4.7 million units of two-wheelers in the country. But the better-than-expected performance of the company was not able to impress investors. On Tuesday, TVS shares closed 3.4% lower as against a 0.24% fall in Nifty Auto. First Published: 30 Apr 2025, 05:00 AM IST
Mint
28-04-2025
- Automotive
- Mint
TVS Motor remains bullish on growth as FY25 ends with strong momentum
TVS Motor Co . Ltd announced better-than-expected earnings for the January-March period, citing strong scooter sales in the country that helped it record its highest-ever profit during the last fiscal year. The Hosur-based TVS, which doesn't give forward guidance for growth, remains optimistic that the growth momentum during the current year will continue due to a reduction in interest rates, relief in income tax and a normal monsoon. During January-March, the third-largest two-wheeler seller saw its net profit jump 76% to ₹ 852 crore, up from ₹ 485 crore in the year-ago period. Total revenue grew by 17% to ₹ 9,565 crore, up from ₹ 8,140 crore in the year-ago period. A Bloomberg poll of analysts had predicted ₹ 731 crore profit and ₹ 9,283 crore revenue during the quarter. Also read: How IPO-bound Ather Energy intends to take on the competition For the full year, its profit grew by over 30% to ₹ 2,710 crore, while revenue rose 14% to ₹ 36,309 crore. 'We expect the strong growth momentum to continue. The first quarter may see flattish growth due to the base effect in April, but a good marriage season will lead to better growth in the following months," TVS Motor CEO K.N. Radhakrishnan told analysts during a post-results earnings call. During the previous financial year, the company recorded its highest-ever sales figure at 4.7 million, led by strong momentum in the scooter segment. As per Society of Indian Automobile Manufacturers (SIAM) data, its scooter sales jumped by 25% to reach 1.8 million units in the domestic market during the last fiscal year. The scooter segment's strong growth offset the decline in motorcycle sales. In the previous fiscal year, motorcycle sales in the company's domestic market declined 2% to 1.2 million units. 'The share of scooters in the overall market was around 38%. It will go up. A big reason has been the increasing penetration of electric scooters," Radhakrishnan said. With TVS Motor's sales growth remaining strong, it was able to outpace Hero Motocorp Ltd. As against a 5% growth for the Delhi-based firm, TVS recorded a 12% jump in its two-wheeler sales. The management highlighted that its electric scooters continue to attract great traction from customers, and it will continue to invest heavily in introducing new products. During the current fiscal year, there will be more launches in the space. According to the company's statement, its electric vehicle sales grew by 44% to 2.79 lakh units in the year 2024-25, as against 1.94 lakh units during 2023-24. Also read: Former Suzuki CEO Osamu Suzuki conferred Padma Vibhushan posthumously, India's second-highest civilian award However, the firm remains hopeful that some of its products, such as the TVS Raider in the 125 cc range and the Apache bike series, will do well. On the international front, the company is optimistic about growth in key markets such as Africa, Latin America, and Asia. 'Latin America and Asia have done well. Performance in Africa was mixed due to a slowdown in some key markets. We remain quite optimistic that our growth in both domestic and international markets will be higher than the industry's growth," Radhakrishnan noted. Analysts remain optimistic about the company's growth prospects. 'Higher salience for scooters and their increasing share in the market is a net positive for the company. They are able to maintain good margins along with expansion in the scooter market," Saji John, senior research analyst at Geojit Financial Services , said. Also read: Ather Energy IPO Day 1 Highlights: Issue subscribed 16% so far, retail booked 63%; check GMP and other details 'However, one thing to watch out for will be how the company will build on its total sales from here, given they are on such a high base. The competition is also increasing in the scooter segment, particularly in EVs." In the financial year 2024-25, Bajaj Auto increased its sales in electric vehicles by more than 100% to cross the 2-lakh mark. The difference in market share with TVS also closed down to 0.6% from 8% earlier. TVS Motor's shares during the year have grown by 15% as against a 3.4% fall in Nifty Auto.
Mint
27-04-2025
- Automotive
- Mint
TVS Motor looks to close FY25 on a high as scooter sales boost performance
For K.N. Radhakrishnan-led TVS Motor Company Ltd, the fiscal year 2025 was one of many firsts. The company managed to maintain a healthy balance of traditional fuel vehicles and the new-age electric vehicles to record its highest-ever sales of 4.7 million. The country's third-largest two-wheeler seller outpaced the market leader Hero Motocorp Ltd in terms of growth. As against a 5% growth for the Delhi-based firm, the Hosur-based TVS recorded a 12% jump in its two-wheeler sales. Even in the EV two-wheeler space, TVS Motor was able to take the challenge to market leader Ola Electric Mobility Ltd which recorded just 4.5% growth in the financial year 2025. In contrast, TVS posted a growth of nearly 30% to cross 2 lakh sales. The ambition to take the challenge to the market leaders was set by Radhakrishnan in the very first quarter of the previous financial year. However, it did not go in favour of the company. During the year, its domestic sales of motorcycles declined by 2% even as the motorcycle market grew by 5%. In the electric vehicle space, Bajaj has closed the gap with TVS in market share from a difference of 8% in the financial year 2024 to just 0.5% at the end of March 31. However, analysts remain bullish about the prospects of the 63-year-old company. 'We expect TVS Motor's market share to remain steady in the motorcycle segment; however, expect overall market share to improve to 18.3% in FY2027 from 17.1% in FY2024," analysts at Kotak Institutional Equities wrote in a 13 March note. Against this backdrop, Mint lists five things to look out for when TVS announces its results for the January to March quarter on Monday . As per average estimates of four brokerages, the company will post revenue growth of around 13% in the last quarter of the financial year 2025. In Q4FY24, the company's revenue grew 24% to ₹ 8,168 crore. Analysts attribute the double-digit growth in revenue to the strong surge in volumes in a year where total scooter sales in the country crossed the pre-pandemic total of 6.7 million for the very first time. 'Revenues are expected to increase by ~15% YoY, led by a 15% YoY increase in volumes, a richer domestic vehicle mix being partly offset by higher export volumes (exports being of lower cc models)," analysts at Axis Securities wrote in a 9 April note. The company recorded a 14% growth in two-wheeler sales during January-March period, with sales increasing to 11.80 lakh units from 10.32 Lakh units in the fourth quarter of financial year 2023-24. Also Read: The TVS Group's nuclear family pact is path-breaking The average of four analyst estimates for the quarter suggests that the profitability of the company will see a nearly 40% growth to around ₹ 680 crore in the March quarter as margins expand. To be sure, the estimates of the brokerages have not accounted for any PLI benefit the company may have accrued during the quarter. 'We expect Ebitda margin to expand 70bp YoY to 12% led by favorable product mix and cost control," analysts at Motilal Oswal Financial Services wrote in a 7 April note. The management's commentary on the international business will be closely watched as the company recently completed the acquisition of Singapore-based electric vehicle start-up Ion Mobility's assets for $1.7 million to expand its presence in Southeast Asia. During the January to March period, the exports of the company grew by 31% to 3.40 lakh units. Commentary on whether international volatility due to the announcement of tariffs by the US administration will affect the growth will be closely tracked. TVS Motor has rapidly expanded its electric vehicle sales in the last few years. From sales of 9,740 units in the financial year 2022 to more than 2.3 lakh in the financial year 2025, the trend suggests that the company is rapidly expanding its EV offering. Launched in May last year, TVS' economic iQube 2.2 kWh model has managed to boost sales in the previous year which saw nearly 30% growth. Although it is challenging the market leader Ola Electric for the leadership, it is increasingly coming under pressure from Bajaj Auto which saw a more than 100% jump in EV two-wheeler sales in the last financial year. A key highlight to watch for would be company's plans for new product offerings and how the company will stave off competition as it looks to defend its 20% market share. Also Read: EVs hit with falling resale value as consumer demand cools While scooter sales in the country are surging ahead, the company is facing pressure in the motorcycle segment which is witnessing weak demand in the cheap economical segments. During the last financial year, the pricier Apache Bike series of the company witnessed strong growth of 18% to reach 4.46 lakh sales. Management's commentary on whether it will increase focus towards premium bikes will be a key highlight as the economy segment is recording weak demand. Also Read: TVS Motor zooms in Q3 but speed bumps lie ahead
