Afternoon to all, and I wish to inform the 61 number of shareholders are present and attending the meeting, holding 24.27 crore shares, constituting 52% of the share capital of the company. Now I request chairman to convene the meeting.
Good afternoon, ladies and gentlemen. Also, a very warm welcome from my side, and I want to thank you for your participation, your interest in, and your commitment to TVS. I, Professor Sir Ralf Späth, Chairman of TVS, will call the meeting to order now. The required quorum is present. Let's start the meeting with a prayer, please.
Namaste Sumaha Mahe Sri Peethe Sura Pujithe, Shankh Chakra Gada Haste, Mahalakshmi Namostute. Namaste Garudha Roophe, Koha Surabhayankari, Sarva Paapahare Devi, Mahalakshmi Namostute.
I request Chairman to read out the statutory requirements for this meeting.
Ladies and gentlemen, I have to inform you about the statutory requirements. Firstly, in compliance with the circulars issued by the Ministry of Corporate Affairs and Securities and Exchange Board of India, this AGM is being convened through video conferencing and has engaged National Securities Depository Limited, NSDL, for this purpose. TVS, being one of the top 100 listed companies, is providing one-way live webcast of the proceedings of the AGM. Soft copy of the register of directors and key managerial personnel and their shareholdings, register of contracts, register of members and debenture holders are accessible on the TVS website during the continuation of this AGM. As per the guidelines, TVS sent the annual report to its shareholders through email. Hard copies were sent as requested.
Shareholders participating at the AGM who have not cast their votes earlier through e-voting, can exercise their votes by using the link provided on the NSDL website. Please do so. Notice of the meeting has already been circulated to the shareholders. Last but not least, both the stationary auditor report and the secretarial auditor report are already available with you. Both reports are free. They are free from any qualifications, observations, or other remarks. Next on the agenda is the introduction of the directors. The moderator, Raja, will call out the director's name one by one. I would like to inform you that our Chairman Emeritus, unfortunately, cannot make it today, so please excuse him. Let's start, and dear Sudarshan, can you start, please?
Good afternoon. I'm Sudarshan Venu, Managing Director. Thank you, sir. Mr. K. N. Radhakrishnan?
Good afternoon. I am KNR, Director and CEO.
Thank you, sir. Mr. C. R. Dua
Hello
Thank you, sir. Mr. R. Gopalan?
Afternoon. This is R. Gopalan, Independent Director of the company and also Chairman of the Audit Committee.
Thank you. Mrs. Lalita D. Gupte?
Good afternoon. I'm Lalita D. Gupte, Independent Director.
Thank you. Mr. Kuok Meng Xiong.
Good afternoon. I'm Kuok Meng Xiong, Independent Director.
Thank you. Mr. H. K. Singh?
I'm Hemant Krishan Singh, Independent Director of the company, and also Chairman of the Stakeholders Relationship Committee.
Mr. B. Sriram?
Yeah, good afternoon. This is B. Sriram. I'm Independent Director of the company.
Dr. Lakshmi Venu?
I'm Lakshmi Venu, Non-Executive Director.
Thank you. Thanks a lot. Now I will provide you a comprehensive overview about TVS. Good afternoon again, ladies and gentlemen. It's a immense pleasure in welcoming you to the 31st annual general meeting of the TVS Motor Company. Many thanks for participating today. Thanks for your time. Thanks for your commitment. I want to take this opportunity to extend my sincere appreciation and gratitude for the relentless efforts rendered by you and our TVS team members and partners, contributing towards our defined vision, making TVS Motor Company the strong, the advanced technology global player in the smart mobility sectors. Ladies and gentlemen, unfortunately, I have to start with very sad news. I share our profound grief on the sudden passing of Mr. T. Kannan. As you know, Mr. T. Kannan served a very long time, for generations, as director of the TVS board.
Mr. T. Kannan has guided TVS during tough times, and he brought business perspective to all the issues and deliberations made at the board meetings. He always encouraged the teams. It's a great loss for all of us. His loss will be felt not only with us, but greatly by many in the industry, in education and philanthropic sectors. I want to express my deep sympathy, also on behalf of the management board. Thank you. Ladies and gentlemen, TVS. TVS is really anchored in very well-defined values, set already generations ago by the founder, our Chairman Emeritus. Our goal is it to achieve sustainable, profitable growth worldwide. We are doing this in a very predictable, consistent, and transparent way. Maybe you can say we are a little bit conservative, call it old style on that side.
Today, I will give you a review of the TVS performance in fiscal 2023 and an outlook on the fiscal year 2024. Before I dive in the TVS performance, I want to set the scene in providing you some relevant information about the economic conditions in 2023. India was open for business throughout the fiscal year, and this revitalization of growth provided the much-needed momentum from the prolonged impact of coronavirus pandemic, felt over the last two years. Overall, this kind of trajectory of the Indian economy outperformed global peers, and this was made possible by an interplay of mainly four levers: the active and prudent policy management by the government, inherent fundamentals of the Indian economy, the reliance on growth drivers like private consumption, capital formation, infrastructure, manufacturing, and/or services, and very importantly, by passionate, very well educated and resilient Indian people.
Now, fiscal year 23 is history. Time is running, and time is a competitive advantage. Earlier today, we published the figures of the Q1, fiscal year 24 already. We all experienced fiscal year 23. The most prominent experts and institutions analyzed and published their findings. Against that background, I don't want to continue to talk about generic economic details, but rather focus on the business of TVS. In the vital steps toward digitizing the country's transportation sector, India launched the VAHAN 4.0 portal. The portal is a part of the government's Digital India initiative, which aims to transform India into a digitally empowered society and knowledge economy. Managed by the Ministry of Road Transport and Highways and the National Informatics Centre, it has quickly become a reliable indicator of automotive retail trends. That's the reason why we use it.
The portal documents the two-wheeler industry VAHAN registration growth of 16.1% in fiscal year 2023, excluding Madhya Pradesh, Andhra Pradesh, and Telangana. The growth year-over-year was not homogeneous, but characterized by a high seasonal amplitude. Quarter 1, +54.5%, primarily driven by the low pandemic levels the year before in Quarter 1, fiscal year 2022. Quarter 2, a decline, -3.7%, and then Quarter 3 and Quarter 4 saw growth rates of 13.5% and 10.7%, respectively. The two-wheeler industry dispatch grew every and each quarter. In Q1, with a growth rate of 52.8%, and this mirrors more or less the VAHAN pattern. Followed by Quarter 2 to Quarter 4, with 11.7%, 5.3%, 4.5%, respectively.
Overall, this corresponds to an annual growth rate of 15.5% or 15.5 million units, compared to 13.4 million units in the last fiscal year. Ladies and gentlemen, the figures sound sensational high, these very positive double-digit growth figures have to be assessed in context. The level achieved is still below than 60 million units from fiscal year 15, and significantly lower than the industry height of 21.2 million units in fiscal year 2019. This justifiable reason reflects both the healthy growth momentum and the availability of ample headroom for future growth. The iScooter segment dispatch grew by 21.9%, 4.86 million units were sold, compared to 3.98 million units in fiscal year 22.
This high demand resulted largely from increased economic activities and the reopening of schools, offices, and the urban centers post-pandemic. I have to say, also from top-end products. The ICE motorcycle segment dispatched grew by 13.9% over last year. The category share fell. The category share fell from 66.8% to 65.8%. The subcategories developed differently. The economy motorcycle and moped segment showed muted demand. The potential customers were the most severely impacted. This customer segment are yet to fully recover from pandemic-induced challenges, most notably depleted personal savings. The premium motorcycle segment declined in quarter one, especially impacted by semiconductor supply chain shortages. However, these challenges were mitigated. The segment rebounded to post a growth of 16.6% for the year.
The commute motorcycle volume increased by 10.6%. The category share continued to be at the dominant 51% of the overall two-wheeler industry. This resilience in the sustaining of this high category share is a clear indicator of the critical role played by this segment in meeting India's mobility needs. The growth was mainly driven by the executive sub-segment, which has greater skew to relatively affluent urban customers as opposed to the economy segment. I think you wanna know more about EV. EV last year, saw a strong growth of the complete EV two-wheeler industry. 0.71 million, 7.18 lakh units were sold, translating to a growth of about 2 times over fiscal year 2022.
The heightened consumer interest is driven by the alluring total cost of ownership, digital-first technology propositions, the FAME II and PLI support from the central government, combined with state-specific support that EVs offer. If consumers consider increasing fuel prices, EVs are even more attractive. As electric mobility gains momentum in India and other countries, it will prompt disruptions and structural shifts in the automotive industry. You can see it already, you can experience it in the industry around the world. For instance, in India, the penetration rate stood at 4.7, with an exit of 5.4% for Q4 2023, and growing fast. By the way, in other countries around the world, I just give you an example of China, the EV penetration rate is already at 38%. TVS.
TVS is at the real leading edge in smart EV, TVS will capitalize on these opportunities by investing continuously in EV technologies. Let's turn to the international business. Over the last years, the pandemic impacts have played a major role in shaping the global economy. Many sectors have found themselves in difficulty and still struggling. Countries dependent on those sectors are now trying hard to get back up again. Some African geographies with significant high TVS market share are challenged also, very hard. The global geopolitical strife persisted unresolved. Tension areas increased. In response to strong inflationary pressure, advanced global economies tightened their monetary policies, with consequent cascade impact felt on global market, especially on the economies of emerging and low-income countries. TVS, please be sure, is entering new markets and launching more products in these areas.
Ladies and gentlemen, let's go to TVS. Let's present the TVS performance to you in fiscal year 2023. I can make it brief. I can make it in summary. In summary, TVS really has outperformed the industry in both retail, according to VAHAN registrations, as I mentioned already, but also in dispatch growth. TVS sold 3.5 million, 35.12 lakh units of two-wheelers and 0.18 million units of three-wheelers. As a result, TVS can report records. A new record in turnover of INR 26,479 crore or $3.29 billion. That's a plus of 27.2%. Also a new record in profit on a PBT level.
PBT, we reported INR 2,003 crore, $249.15 million. That's an increase of 61.1%. In India, TVS sold 2.4 million units of ICE two-wheel as compared to 2.03 million units in fiscal 2022, +23%. 9 lakh units motorcycles, +28.7%. The premium motorcycle segment was affected drastically by semiconductor shortages, as mentioned earlier in the year. TVS really catched up. The TVS team outperformed. Many thanks for their agility, their flexibility, and their creativity. It was really impressive to experience that unbelievable spirit. TVS, our premium product, is in very high demand. The communal motorcycle segment sold 5.56 lakh units. That's a growth of 48%.
TVS Raider was a primary growth driver. Raider is now the flagship executive motorcycle in the market. In domestic scooters, TVS sold 1.14 million units. That's a growth rate of 34.3%. Jupiter and Jupiter 125 attracted the customers most, Jupiter and Jupiter 125 are really in high demand. Internationally, as highlighted, through the geopolitical, geoeconomical, and pandemic resulting impacts, the markets were challenging. Against that background, TVS exported and sold 9.15 lakh two-wheelers, a decline of 16%, 1.53 lakhs three-wheelers, a decline of 6%, and that's a real decline. In comparison, TVS managed to weather the storm relatively moderately, please be assured, we don't take it as an excuse. On the contrary, the teams are really working hard.
About parts and accessories, I only have positive things to say. The parts and accessory business is evolving. Customers trust our service and like the product portfolio and assortments. The revenue grew by 14% from INR 2,368 crore, $317.83 million, to INR 2,700 crore, $336.48 million. EV business. In fiscal 23, TVS sold 97,000 units of EV two-wheelers. In fiscal 22, if you think about it, TVS just sold 1,032 units, this ramp up of from 1,000 units to nearly 100,000 units is really impressive. Again, the background of the scenarios I have mentioned, but also introducing the latest technology. iQube.
iQube is the winning product in the market. It's a compelling combination of high energy efficiency, latest technology, attractive design, combined with a well-known TVS quality and reliability DNA, which really attracts customers. Given all these kind of sales and marketing figures, I wanna pose some key financial indicators. Profit before tax of 2,003 crore INR, $249.15 million, up from 1,213 crore INR, $162.81 million. I mentioned the figures already. That brings me to profit after tax. Profit after tax increased to 1,491 crore INR, that's $185.46 million, from 894 crore INR or $119.99 million.
The operating EBITDA margin became double-digit. First time, EBITDA grew from 9%, 9.4% to 10%, 10.1%. Very consistently, a very solid improvement. So the share price increased more than 75% from INR 628 or $7.66, to INR 1,113 or $13.57 in March 2023. It is an absolute increase of 77.2%. TVS paid an interim dividend of INR 5 per share, 500% on 475,087,114 equity shares of INR 1 each. The TVS stocks have been upgraded from mid-cap to large-cap by the Association of Mutual Funds in India, AMFI, in its semiannual classification of stocks. Isn't it impressive, ladies and gentlemen?
ladies and gentlemen, you know, TVS is led by a very experienced team, the TVS team is also leading the transition into smart mobility. With very well-selected acquisitions, TVS is strengthening its capabilities further. During the last year, we acquired, therefore, on the very 1st of April, 2022, a 70% stake in EBCO Limited, UK. EBCO is focused on the rapidly expanding British e-bike market by a tailored product portfolio. Just for your info, a well-known privately-owned Bavarian bicycle brand holds the remaining 30%, and this partnership creates, as you can imagine, interesting new opportunities. On the 15th of October of 2022, TVS acquired a 48.27% stake in DriveX Mobility, which is engaged in selling, trading, and distributing pre-owned two-wheelers in India.
On the 2nd February of 2023, TVS acquired a 19.6% stake in ION Mobility Pte. Ltd., Singapore, a tech and automotive OEM startup, which aims to create and deliver aspirational and sustainable mobility and energy solutions to customers. To make it clear, it's our intention to develop the dynamics of the startups further, independently, but also simultaneously, of course, we want to use these potentials and gain additional values in our core business. Norton Motorcycle Co. Limited, UK. Norton is now delivering first bikes to the customers in UK. The new state-of-the-art facility in Solihull, close to Birmingham, is ramping up, and the sales and marketing strategy, including mixed distribution channel, has been aligned, and first dealers are selling the Norton products. The future product plan is very well-defined.
Norton will offer premium products for various segments globally. Swiss E-Mobility Group. During 2023, TVS acquired a majority stake in the Swiss E-Mobility Group and its subsidiaries. The trademark rights of Cilo, Simpel, Zenith, and Sun were also taken over. The SMG Group reported a revenue of $69.5 million, mainly out of Switzerland so far. Our plan is to set up additional dealerships and at the same time expand into Europe. The SMG acquisition offers TVS the opportunity to expand the core product range and in the adjacent segments with electric bicycles, including e-kick scooters and e-cargo bikes, which are in very emerging trends, and also go international, so expand into Europe. Ladies and gentlemen, you can imagine that I am, as an engineer, I'm keen on informing you about advanced technologies and innovations.
TVS has been and will be the forerunner in telling, in developing cutting-edge technologies and deploying features which are highly regarded by its target customers. In this spirit, many first industry and first-in-class features were introduced. I just want to highlight some. Hope you share my enthusiasm. With emphasis, TVS leverages its artificial intelligence, digital and data analytics capabilities to improve both the operations as well as the products across TVS Motor and its subsidiaries. SmartXonnect, a connected technology with voice assist, is a first-in-the-industry feature implemented already in some of our products. Always connected. Always connected is a mantra we are following, Always connected supports the customer in many ways, like, in many ways, like, on navigation, digital document storage, and/or obtain SOS alerts in case of emergencies.
you see, it's a very, very interesting technology and quite clear add-on technologies like Alexa skills were introduced in addition. Another first-in-the-industry feature provides an exciting technology, customizable ride modes for powertrain, chassis, and braking ABS systems. The system was deployed in the Apache series already, so customers can choose an option to adjust their vehicle character according to the road, weather condition, and/or their mood. Thin-film transistor and hyper LCD cluster features were incorporated to provide best-in-class user experience for navigation, connectivity, and entertainment. Customers really like this kind of latest technology. Just to mention another issue, the latest addition is a smart helmet solution with Bluetooth connectivity and meshed intercom. Customers can connect up to 20 devices. It also offers active noise cancellation and voice assistant for calls and music.
The smart helmet seamlessly connects to our SmartXonnect application, both of which are also first in the industry features. Our tour and racing infused guests, they are really thrilled by this kind of new technology. TVS iQube has been designed to provide an immersive experience to scooter commuters. Our journey toward this responsible, smart electrification is inspired by three fundamental principles to our customers. The power of choice for range, connected capabilities, chargers, and defined specification and attributes. A complete peace of mind around vehicle safety by adhering to latest norms and overall simplicity of operation, including a convenient purchasing journey. Our electric scooters are loaded with a variety of features to make an everyday commute very reliable and even more delightful. TVS offers distinguished, sophisticated features like smart conversation with AI companion, like, "Hey, TVS.
Good morning, TVS. In addition, the iQube brings the customer best-in-industry value proposition by excelling in all key parameters, such as best WMTC range and highest energy efficiency and fastest acceleration. What a package! You see, TVS is going the famous step extra to create desirable top products in every category and to delight our customer. As a testament to our continuous efforts to foster a culture of innovation, the company was recognized as a top Indian company organization for designs, filing, registration, and commercialization at the National IP Awards Forum in both fiscal year 21 and fiscal year 22. You will also see more of this kind of innovation to come very soon. TVS also won the WIPO IP Enterprises Trophy for patents and commercialization in India.
Ladies and gentlemen, TVS really believes that community building through immersive consumer experiences will be crucial in moving the needle for the premium two-wheeler category. These consumer trends and developments have placed greater demands on our engineering and manufacturing functions to innovate, incorporate the latest technologies, raise the bar on aesthetics and design, and deliver an overall experience that is safer, more intuitive, unique, and exciting. In consequence, we are building premium sales and service experience centers for our customers across 500 dealerships in domestic and international markets. TVS takes care. We also take care about our customers post-purchase. We are engaging with our customers, and some examples to name, the Apache Owners Group, has grown to a size of 300,000, one of the largest in India.
The Ronin CuLT community gives customers access to rides, meetups, and racing experiences, extending their overall ownership experience beyond the motorcycle. Build out of TVS Racing and developed on the track to record philosophy, the TVS Apache has a strong heritage. It has democratized racing and set a new benchmark with a best-in-class performance, segment-first technology, and unique design. As you know, racing is the strongest pillar for reliability and safety, as all our motorcycles are tested by our racers on the racetrack. As a consequence, as you can imagine, TVS pushed the limits again. Just to name two, the TVS Apache, RR 310, 10 Asia OMC race bike achieves a top speed of 215.9 kilometer per hour, breaking the top speed record at the Chang Circuit in Thailand and Sugo Circuit in Japan.
TVS Apache RR 310 also created an Indian National Endurance Speed Record, completing 3,657.92 kilometers in 24 hours with an average speed of 152 kilometers per hour and a top speed of 173 kilometers per hour. TVS Apache also started the Apache Racing Experience GP Championship. It will be organized across 20 cities, making it the ultimate racing championship in the country. Overall, concerning products, we are busy and we are really delivering. TVS new products were very well received by customers, experts, the media, and the trade. Let me present a few significant new products of the last year. Ronin. Ronin was launched in July 2022 to cater to the requirements of an unscripted new age rider.
It has been a category builder, modern retro, and refuses to be slotted into any existing genre and a stereotype. Apache RTR 160, 180, was refreshed with new striking design elements and technologies in line with its racing DNA. In addition, the special edition RTR 160 4V has been introduced. Raider. Raider is Indian's most award-winning 125cc motorcycle. Raider 125 has continuously lived up to its promise of delivering exceptional performance, sporty design, and thereby a big rider we are seeing in the field. NTORQ. NTORQ XT has revolutionized the scooter segment by not just serving as a means of transportation, but a technological marvel that has changed the way of people ride. With its SmartXonnect connectivity platform, it has set a new comfort standard in the segment. Jupiter is highly desirable.
The overall package convinces customer. The classic derivative was added. iQube was already launched in January 2020, and iQube has been loaded for its dependable performance, reliable range, and silent, comfortable riding experience. The iQube portfolio was expanded by two derivatives. The reaction was really overwhelming. As you have heard, the sales and service network has been expanded to 130 plus towns and 230 plus dealers across India. You see, there's a lot of headroom. Last but not least, from the product side, I would like to mention the TVS HLX, one of the well accepted and most liked motorcycle products of TVS, also, especially in the African market. It was refreshed again. In summary, one can say that TVS strives to offer the customer the best possible attractive product, substance, and valuable services. TVS is investing in the future.
TVS is investing for the customers. We are not only investing intensively in technology and products, we are also committed to support the society. TVS envisions to be a partner in the transformation of rural communities by empowering people to achieve sustainable development through the Srinivasan Services Trust. TVS aims to take the SST model of empowerment and transformational change to over 20,000 villages in India, so that they become sustainable and self-reliant. We will reach this goal by partnering. Partnering with the government and other organizations, working together to create a prosperous rural community. The impact of our model of transformation has been recognized across multiple fora and platforms, leading to increased interest among other corporates to partner with SST. Last year, big multinational corporations and real global players supported SST's work in Tamil Nadu and Maharashtra directly.
Others adopted the SST integrated approach. SST has provided process and knowledge support. I only can tell you, it's an honor to work for a company with such a commitment set up by our CE. Ladies and gentlemen, I would now like to share our initiatives and vision for a sustainable future with you. We are the first Indian two-wheeler and three-wheeler manufacturer to be part of the United Nations Global Compact, UNGC, demonstrating our commitment towards upholding human rights, labor standards, environmental protection, and anti-corruption practices. Our certification and the social accountability standards, SA8000, occupational health and safety standard, ISO 45001, and Environment Management Standard, ISO 14001, highlights the integration of social, ethical, and environmental factors in the business activities, ensuring wellbeing of employees and the society. We really understand the pressing needs to mitigate climate risks.
Our strategies and actions are aligned with the UN SDGs, the United Nations Sustainable Development Goals, to effectively address climate-related challenges. Our focus is on the following goals. Firstly, water conservation. Water conservation to minimize the wastage, ensuring a sustainable water future. Secondly, extensive adoption of renewable energy. We have an 88% contribution of renewable energy to our operations already. Certainly, adopting sustainable practices across our value chains reduce environmental footprint. As one example, we have recycled 494 tons of post-consumer plastic waste across India. We really believe in this circular economy, as our parents and parents showed us. We have aimed to significantly reduce carbon emissions in operations as well as in our products. Embracing smart mobility electric vehicles is one of the actions. Last but not least, preserving biodiversity and ecosystems.
On World Environmental Day in 2022, we planted 50 different variety of rare, endangered, and threatened the IT plant species at our Hosur facility. We want to conserve the nature of the natural world, protecting the vital ecosystems for future generations. We move forward, our resolve to drive change and to make a positive impact on the world remains unshakable. We will continue to push the boundaries of what is possible, setting new benchmark for environmental sustainability, and inspiring others to follow in our footsteps. Ladies and gentlemen, it's an honor to report also that TVS received significant awards and recognition in many areas during the last year. The TVS iQube S won the prestigious Green Two Wheeler of the Year award from Autocar India. TVS Ronin won important awards from Top Gear, Bike India, and Torque Charge India.
It is the Bike of the Year in its category, a testament of the fantastic value it offers to the customers. TVS Raider 125 also won 3 significant awards, including Bike of the Year in its category also. TVS Jupiter 125 won the Scooter of the Year award in its category at the first edition of the FASTER Awards. Isn't it fascinated? Also even 1 thing more. TVS had achieved Brand of the Year. TVS is Brand of the Year in the two-wheeler category by CO and Best Brands of 2022, in the fifth edition of the Economic Times Best Brands Conclave. The TVS Design Studio won the Indians Best Design Awards. Good design is expensive. We want to make the difference, we invest.
The in-house digital and artificial intelligence team of TVS won a significant award for Best Use of AI in Retail at the Global Artificial Intelligence Summit & Awards in 2022. The team has innovated a machine learning process to improve fundamental sales and marketing challenges. Gentlemen, excellent in human capital development is paramount, and TVS has always put people and its development at the forefront. There's a small formula for me: business is people. In the last few years, there has been an even greater push to induct different technical and management programs for our employees, as the business world continues to evolve rapidly, especially in the almost virtual business space we are now having to operate in. Executive education plays a vital role.
Lifelong learning is important, and so we encourage hundreds of our managers to further learning and education, like master's degrees and PhD programs in many subjects. we offer academic programs at some of the best universities globally, in the UK, in the Netherlands, in Germany, Sweden, and in Singapore. Closer home, our engineers and managers have pursued master and doctoral programs in major IITs, IIMs, and IISCs. as a testament to our continuous effort to make TVS an exciting, contemporary, safe, and inclusive place to work for our employees, TVS has been recognized as a great place to work for inclusive practices by GPTW India. as an important recognition for the company, as it sets a direction for sustaining the syncretic culture as envisioned in our long-term vision.
TVS also won the Best Companies for Women in India award from Avtar India, Best Employer for Person with Disabilities award from the respective associations. To ideally strengthen the leadership team, TVS is led, as you know, by an outstanding, experienced leadership team. To create a strong bench to strengthen our operation and to explore new horizons, the TVS leadership team has integrated top talents in many areas in wise foresight. Business is people, as I highlighted. That's the core business of TVS, but now let's also inform you about the subsidiaries. Firstly, PT TVS Indonesia. PT TVS Indonesia recorded sales of 90,049 units of three-wheelers. That's growth of 70% and 88,089 units of two-wheelers. That's a growth of 2%.
The growth in sales numbers, coupled with effective management of fixed costs, enabled PT TVS to achieve an EBITDA of $8.3 million. That's a 7.9% turn, turnover versus turnover, as against $5.3 million last year. PT TVS has posted an operating PBT of $5.6 million for the full year. Secondly, I want to inform you about the TVS Credit Services Limited. TVS Credit Services is a non-banking finance company catering to financing of retail-focused products such as two-wheelers, used cars, used and new tractors, used commercial vehicles, consumer durables, digital finance products, and personal loans.
During the year, fiscal 2023, the asset under management are around INR 20,602 crore, or $2.56 billion, as against INR 13,911 crore, or $1.86 billion during the previous year. That's a growth of 48%. Total income increased to INR 4,160 crore, or $570.47 million, from INR 2,755 crore or $369.77 million. That's an increase of 51%. The profit before tax, after the exceptional items, stood at INR 511 crore or $63.56 million, as against INR 151 crore or $20.27 million during the previous year.
That's an increase of 238%. What a success! Outlook. I wanted to give you also a brief outlook, and as we step into fiscal 2024, TVS really maintains its cautiously optimistic view. In India, for fiscal 2024, GDP is expected to be around 5.5% by various sources. Despite the difference in the specific forecast, the almost common agreement is that India's GDP growth will remain highest among major economies. I'm convinced, I'm absolutely convinced that India can benefit from major shifts in the geopolitical, geoeconomical, and social landscape. India can accelerate for the better of the people in many ways. The TVS performance will be based on and dependent of the underlying socioeconomic fundamentals with active policy management.
Some of the key drivers are: pickup in urban discretionary consumption demand, especially on services including travel, tourism, and hospitality. Improvement of consumer sentiment as indicated by RBI's Consumer Confidence Survey. The moderation of global growth, oil prices, the introduction of tax reforms, leading to higher consumption driven by the availability of increased disposable income, improved investment climates, and shift from agriculture to industry. Business is people, again, young and passionate people, well-educated, will make a huge difference. The expansion of capital expenditure, combined with reduction in fiscal deficit, can create a platform for higher growth with lower future liabilities. The lift in the consumption cycle is tied to broad-based pickup in economic activities, supported by a focus on investments by the Indian government.
The rural economy continues to be slow, with significant impacts to the growth trajectory of the economy. El Niño arriving earlier and affecting monsoon may lead to a weaker performance of the rural agricultural sector, impacting the already weakened rural demand. The pressure on domestic moped and the economy motorcycle segments may continue. The TVS experts are really positive. They are positive about the performance of the premium motorcycle and scooter segment due to improved urban demand. International, key export markets of TVSEM are impacted through forex shortages, inflation, high interest rates, et cetera, in the backdrop of existing geopolitical strives. Against that backdrop, TVS expects that the export of two wheel is likely to see a gradual recovery over the weak performance in fiscal year 2023.
The African market is expected to improve moderately, but at least to come back again in a positive way. That gives us hope that we also will become more powerful in the African markets. Additional expansion programs in Latin, ASEAN, and Middle East will add further momentum. TVS has set up a dedicated EV team to rapidly transform into electrification, ramp up the direct and indirect product pipelines, and to offer our Indian-tested, most reliable products, also internationally. TVS will launch desirable new products with latest, and I say really latest technologies in electric electronic architectures and with high energy efficiencies. Our team is determined to deliver additional values for our customers. As you know, TVS is leading the way to smarter EV mobility. Smarter EV mobility, to also improve the living conditions for the society.
In addition, with a strategic association with BMW Motorrad, TVS will be working jointly on design and development of EV vehicles for the global markets. With the above factors, and backed by its strong product lineup, unwavering focus on customer, and quality, and cost, TVS is confident for the fiscal year 2024. Can you see it? Quarter one. Earlier today, TVS has reported a bright start by posting a Q1 domestic two-wheeler sales growth of 22.6% already, by the way, against the growth of the industry of 10.4%. The Q1 EBITDA and the Q1 profit figures grew again. It was a brilliant start, TVS continues to have a sustainable, profitable growth trajectory. Now let's also focus the teams on this quarters and the next quarters to come.
Ladies and gentlemen, in concluding, I hope you got a comprehensive overview about TVS. The board of directors join me in thanking you, our shareholders, for your continued confidence you post to TVS. I want also to express our grateful thanks to our customers, bankers, financial institutions, dealers and suppliers, and partners for their continued cooperation and invaluable support. Again, many thanks to all of our employees contributing with passion and really a very well valued commitment. Altogether, we can make TVS so much stronger. Many thanks. That concludes my overview. Dear ladies and gentlemen, I hope that I could convince you of the positive spirit and inner power of TVS. Now let's focus on the ordinary resolutions being considered in this AGM.
Firstly, the adoption of both the standalone and consolidated audited financial statements, together with the directors' report and auditors' report for the year 2022 and 2023. Secondly, the reappointment of Mr. Sudarshan Venu as a director, liable to retire by rotation. Thirdly, the appointment of M/s Sundaram & Srinivasan, Chartered Accountants as statutory auditors of TVS for a period of five years. Fourth, ratifying the remuneration payable to C S Adawadkar & Co, the cost auditor, for the fiscal year 2023 and 2024. Last but not least, my reappointment as a director, liable to retire also by rotation. Ladies and gentlemen, now the Q&A session is going to start. Shareholders who have registered themselves as speakers are requested to speak one by one. The moderator will call all of you. Overall, eight shareholders want to speak, so let's begin. Let's begin with the first speaker.
Tiracha, please take over.
Yes, I will call this shareholders name one, speaker shareholders one by one. I will request the shareholders to keep the question short in the interest of time of all concerned. First speaker, Mr. K.P. Venkata Ramakrishnan. Yes, Mr. Ramakrishnan.
Good afternoon, one and all. I am K.P. Venkata Ramakrishnan, shareholder of TVS Motor. My hearty congratulations to the management for the excellent results delivered for the financial year 2022, 2023. I am happy to witness an upsurge in the stock price to 45% and a profit growth to 26% in the last 10-year tenure. I have a few questions to the management. Number 1: What is the outlook of the EV industry? Number 2: With the recent reduction in the FAME incentives, do you see any major disruption in the segment? Number 3: Could you please elaborate on the EV-related capabilities of TVS Motor? Thank you.
Thank you.
Thank you. Now I call the second speaker, Mr. Praful Chawda.
Chairman, Sir, board of directors, good speech. Good explanation, Chairman, Sir. Very good, Sir. Chairman, Sir, thank you, sir. TVS Motor Company celebrate the promise milestone of the issue 50 million vehicle in the road. Very good, Sir!
Very good sir. Sir, last year भी मैं AGM में बोला था कि डिकोड, 3 डिकोड कंपनी चालू हो रहा है और इसके कंपनी अच्छा ही रहेगा और good रहेगा और मैंने देखा भी earning per share last year 18 था, ये साल 31. हर पहलू में देखकर dividend भी extra आपने ज्यादा दिया. बुक वैल्यू INR 127, last year 1.1. हर पहलू में कंपनी ने ये साल बहुत अच्छा काम किया है. इसके लिए मैं कंपनी के directors को, कंपनी के employees को, कंपनी के dealers को, सबको बहुत बहुत धन्यवाद देता हूं. Sir, खासकर मैं यह कहना चाहता हूं कि मैं electronic गाड़ी EV चलाता हूं. जब मैं 15, 20 kilometers भी चलाता हूं तो कई लोग enquiry करते हैं कि यह गाड़ी कैसी है?
यानी कि लोग खरीदना चाहते हैं. पूरे India में हर एक स्टेट में 2% गाड़ी EV गाड़ी है, ज्यादा गाड़ी नहीं है. लोग सोचते हैं कि ये गाड़ी में क्या problem आएगा, कैसा चलाना? चलाने के बाद रुक गई तो क्या होगा?
मेरा मानना है कि आप publicity जो करते हो, ज्यादा से ज्यादा आप service के बारे में बताइए कि service अच्छी मिलेगी। गाड़ी कहीं भी खराब हो गई तो मैं आपको 15 minutes, 20 minutes या 1 hour के अंदर repairing आपके घर पर आएंगे, आपके पास आएंगे, repair हो जाएंगी। सब 2-wheeler है, कहीं भी खराब होता है तो repair करने के लिए हर एक जगह पर service है। half a kilometer अंदर कोई भी mechanic मिल जाता है। EV का mechanic नहीं मिलता, EV का part नहीं मिलता है तो पहले आप customer को sure करें कि हमारे पास यह problem नहीं रहेगा। आपका गाड़ी का sale double हो जाएगा। Sir, मेरा मानना है कि यह एक है कि हम लोगों को sure करो कि आपका गाड़ी कहीं भी खराब हुआ, अच्छा रहेगा sir. Sir, lithium battery का weight ज्यादा होता है तो इसके लिए battery size कम करने के लिए और 2-wheeler EV है। इसमें आप 2 batteries का रखें तो अच्छा रहेगा। 2 chargers भी मिलेगा, 2 batteries भी मिलेगा ताकि customer को कहीं भी तकलीफ हुई तो दूसरी battery से भी काम चल जाता। अपने 3-wheeler भी अच्छा बना रहे sir, next future में 4-wheeler की तरफ भी जाएंगे क्या?
ये भी फोर व्हीलर आएगा तो चाहेंगे। ऐसा मेरा मानना है। सर, आपने बहुत सारी गाड़ियों के फोटोग्राफ दिया है। सबसे ज्यादा गाड़ी है, छोटा हाथी, स्मॉल एलीफेंट। जो TVS का गाड़ी है। गरीब लोग, मीडियम क्लास के लोग। पैसे नहीं है। साइकिल चलाने वाला पहले वही सोचता है कि मैं TVS खरीदूंगा और मेरा सामान इसके ऊपर लेकर कहीं भी सेल करूंगा, बिजनेस करूंगा, पैसे कमाऊंगा तो इसका फोटोग्राफ नहीं दिया। फोटोग्राफ के साथ साथ सर, नेक्स्ट फ्यूचर में 1 गाड़ी का कितना प्रोडक्शन हुआ, कितना गाड़ी सेल हुआ, कौन से साल में कितना प्रोडक्शन हुआ, कितना सेल हुआ, इसका भी डिटेल बताएंगे तो हम लोगों को, कस्टमर को पता चलेगा कि यह गाड़ी कौन सी ज्यादा बिकती है। बाकी तो TVS का लोगो इतना फेमस हो चुका है कि मेरा 3 साल का बच्चा भी बोलता है, ये गाड़ी TVS है। इसको ABCD आता है तो TVS पढ़ने को आता है। दूसरी गाड़ी का नाम पढ़ने को नहीं आता, TVS तो बराबर पढ़ लेता है। ये लोगो भी बहुत शानदार है अपना। मेरे बाद में भी बहुत शेयरहोल्डर बोलने वाले हैं, इसलिए मैं ज्यादा नहीं बोलता हूं। फिर 1 बात पूछना चाहता हूं कि कौन से स्टेट में कितना अपना सेल होता है, उसके बारे में भी नेक्स्ट फ्यूचर में बताएंगे कि यह स्टेट में अपना ज्यादा सेल होता है, इस स्टेट में कम होता है। धन्यवाद सर।
थैंक यू मिस्टर चवड़ा। मिस्टर जोहर चंद्रशेखर! यस मिस्टर चंद्रशेखर, यू कैन स्पीक नाउ।
हां, थैंक यू, थैंक यू फॉर गिविंग मी दिस अपॉर्चुनिटी। फर्स्ट ऑफ ऑल, आई लाइक टू थैंक द चेयरमैन, चेयरमैन, एमडी, सीएमडी, ऑल द बोर्ड मेंबर्स एंड द मैनेजर्स ऑफ द कंपनी फॉर द एक्सीलेंट परफॉर्मेंस ऑफ द कंपनी, रिजल्टिंग इन वेरी गुड इंक्रीज ऑफ द शेयर वैल्यू बेनिफिटिंग ऑल द शेयरहोल्डर्स। थैंक यू अगेन। आफ्टर गोइंग थ्रू द एनुअल रिपोर्ट, आई वुड लाइक टू फॉर ओन्ली वन क्वेश्चन। ओन्ली क्वेश्चन आई वुड लाइक टू फॉरवर्ड इज व्हाट इज द रीजन फॉर द रिडक्शन इन एक्सपोर्ट सेल्स ड्यूरिंग द ईयर एंड व्हाट इज द लॉन्ग टर्म आउटलुक ऑफ द कंपनी एंड व्हाट अदर स्ट्रेटेजीस आर प्लान फॉर इंप्रूविंग द एक्सपोर्ट सेल्स। दैट इज माय क्वेश्चन। थैंक यू।
Thank you.
थैंक यू सर। Mr. Manoj Kumar Gupta. Yes Mr.
Hello, hello. Good afternoon, respected Chairman, Board of Directors, fellow shareholders. My name is Manoj Kumar Gupta. I am a shareholder of TVS. I have joined this meeting from Kolkata. First of all, I thanks to you for a very lengthy and visionary speech, which is cover several things in your one hour speech. That speech is given a very good picture of the company for the future, for the employees and investors. Your speech cover several things and I thanks. I am very. I feel proud to be a part of TVS of our foundation Shri Venu Srinivasan sir. He is a visionary man and I have a great respect and regard for him and his family, who has done a lot of things for the community and society. I thanks to the Company Secretary and his team to help us this meeting to be VC.
I thank, especially thanks to Mr. Raja Prakash, who always take care of the small investors in, they call us before AGM and help us to join this meeting. What's your future plan for next 2 to 3 years with CapEx? When our share price will be more than INR 2,000 under your legacy. Because the investor has invested for A, B, C, D, E, A for appreciation, B for bonus, C for convertible debenture, D for dividend. Everything, when we will, what's your plan for electric vehicles? Now that our government, our visionary Prime Minister, is focusing and giving his his tense to the launch electric vehicles. What's your plan in that regard? Just now, Mr. Prakul Chavra says there is some problem, but when I go to Chhattisgarh, Madhya Pradesh, which I find only TVS Scooty.
Everyone is using the TVS. TVS name is very popular in that region, especially in Chhattisgarh. Every student, every people use the TVS Scooty. It's a good sign that we feel proud, when we find that and that peoples are using TVS. Sir, just try to spread the wings of electric vehicles distributors in the country and TVS motor parts distributors. Sometimes they feel, they find some problem to get the parts, if any parts. The dealer says, "Okay, you wait, I will arrange within three days, four days." Such type of things should be arranged, that the distributorship should be increased. Sir, try to think about to give some discount to the students, the young generation, that they can attract to buy the TVS if they studying in the higher education, 12th and graduation college.
They, if they buy, they want to buy the TVS motor Scooty, you should consider on the student discount. Sir, CSR, I will not say a single word about the CSR. Sir, have you any plan to launch the Divyang scooty for the Divyang handicapped people's scooty? Now that our Prime Minister is insisting to the motor vehicle industry that we try to launch some such type of a scooty or cycles, that we, Divyang can run that on the road without any problems. You should also consider at a nominal price with a discount. Sir, there is a, how you face the challenge of shortage of semiconductor. Industry is facing a lot of problem due to the shortage of semiconductor. In your speech, you have mentioned some words, what's your view in that regard?
Last but not least, how you will reward to the shareholders? Because 11 years back, the company has issued a bonus, so when the next bonus will come to the shareholders? Do not issue the equity bonus, issue the bonus debenture. Like as a Sundaram-Clayton, issue the bonus debenture. That will not increase the equity burden on the company. Issue the bonus debenture at a coupon of 8%, 6.5% for 3 years. Try to consider. Once again, thanks to you and your team and Mr. Raja Prakash, who has help us to join this meeting through VC, and we feel proud to be a part of TVS. Thank you, sir.
I have to say thank you very much. Not answering the question, but please be convinced that we will convey, your best wishes to the CE. Thanks a lot.
Thank you.
Mr. B Ravichandran?
Hello.
Yes, Mr. Ravichandran, you can speak.
Yeah. Good evening to one and all. Firstly, please accept my congratulations, on your good performance. TVS Motor has been performing well year after year, but shareholders seem to be, you know, disappointed. I'll come to that in the end. See, I have seven points to make. One is on the road conditions. See, you manufacture vehicles, but you need good roads, for the vehicles to ply. I'm sure Chennai, Chennaites will understand, so is the case in many other cities. Are there any discussions with the government on the road conditions? With e-commerce, you know, expanding, two-wheelers are becoming a must, and so are the three-wheelers. Any discussions with the government on the road conditions?
Second point is, everybody is switching to EV. EV is going to, you know, bring about climate change and all. Any discussions at the effects level on the EV waste disposal? That you may like to clarify. The third point is, consolidated PAT is lower than the standalone PAT. This is, this I'm seeing it year after year. It looks like, you know, the standalone entity is cross-subsidizing the performance of the subsidiaries. Is there any timeline to end this anomaly? You may like to highlight. On the dividend front, I've been a shareholder since, you know, there was a company called Lakshmi Auto Components Limited, which was a subsidiary of Indo Suzuki Limited, the S two L company.
It got merged into Indo Suzuki, I was allotted shares. I've subsequently purchased previous proper shares, I continue. I'm a shareholder since 2004. Being a shareholder for 19 years, I should have received at least 2 bonuses. The last bonus that was given was in 2010. No word on the bonus. On the dividend front also, you see, last year you made 30+ EPS, your payout is just 5 INR. It's less than 20%. Year-over-year, this is the same story. At least you should, in good years, you should, you know, splurge. You should make shareholders happy. See, today, people are investing at 1,300+.
If you consider INR 5, it is hardly, it is less than 0.5% of their investment. Company doesn't have any, you know, connection with the share market, price movements, but at least there must be some commitment to reward the shareholders, because based on the performance, only people are investing at higher levels. There must be some commitment from the company to reward the shareholders at higher levels. This is my request. One question on the costs. See, miscellaneous expenses under other expenses category, it has increased from INR 616 crore to INR 877 crore. There are no details because of the, you know, regulatory requirements, you have to club up so many things into one and report it as other expenses. You may like to clarify on this.
That's all, my questions.
Sorry.
Any other questions are not-
Seven questions. At the moment, you only have raised six. Do we miss something?
No, I clubbed, 2 into 1. Actually, I have 7. 6 is the correct number.
Okay, it's good. Thank you very much.
Thank you, and wish you all the best.
Thank you.
Wish you all the best for better performance in future years also. Thank you.
Thank you. We really need it. For the next one.
Mr. Bimal Krishna Sarkar. Yes, Mr. Sarkar, you can speak.
Hello. Very good afternoon, sir. I, Bimal Krishna Sarkar, equity shareholder of the company, joining from my residence, Kolkata. Respected Chairman, Professor Sir Ralf Dieter Speth and other dignitaries, company secretary present, and shareholders present in the VC. At first, thanks to the chairman for excellent and valuable presentation regarding national and international scenario and regarding performance of the company. Sir, very, very thank you, sir. Sir, thanks to company secretary and secretary department for sending AGM notice, annual report, link for joining AGM well in advance. Sir, company secretary is an experienced and good manager. Secretary department is keeping good relation with the shareholder. Thank you. Sir Raja Prakash Ji, well, excellent, good relation with the shareholders. Sir, 𝑼𝒓𝒅𝒐𝒏𝒆 𝒂𝒏𝒆 𝑩𝒐𝒉𝒐𝒕 𝒂𝒄𝒊𝒉𝒂 𝒉𝒂𝒊, 𝑾𝒆 𝒉𝒂𝒎 𝒍𝒐𝒏𝒐क 𝒔𝒂𝒅 𝒓𝒆𝒍𝒂𝒕𝒊𝒐𝒏 𝒂𝒄𝒉𝒄𝒉𝒂 𝒓𝒂𝒂𝒏𝒊𝒕𝒂 𝒉𝒂𝒊, 𝒊𝒔𝒍𝒊𝒆 𝒊𝒏𝒏 k𝒐 𝑩𝒊𝒂𝒐𝒊 𝑩𝒐𝒉𝒐𝒕 𝑩𝒐𝒉𝒐𝒕 𝒅𝒂𝒏𝒂𝒏𝒊𝒂𝒅.
Sir, now I come to the performance of the company. Despite of the geopolitical turbulence, persisted unresolved and economical challenges in India, our company is making profit year after year. Sir, two-wheeler sale increased 35.30 lakhs unit. Last year, it was 31.38. Thanks. Revenue from operation grown up, INR 31,973.99 crores. Last year, it was Compared to last year, INR 24,355.31 crores. This financial year, our company has achieved significant financial results. Sir, excellent or significant profit after tax increased by 73.02%. Sir, many, many thanks, management team, you chairman, also. The company's new product launches has been well received by the customer and expert entrance. Very good, sir. Sir, two-wheeler export, Sir, Mere ye sawal ai.
Sir, two-wheeler exports, export reduced INR 0.91 million. It was last year, INR 1.09 million. Three-wheeler exports also were reduced. Sir, what is the reason? Please explain. Sir, our CSR committee, many thanks to the CSR committee for excellent performance. Sir, company has been successfully driving positive change in rural communities in the areas health, education, environment, and economic empowerment through its CSR arm, the Srinivasan Services Trust.
Very good thing.
Sir, CSR obligation under Section 135, paragraph 5, is INR 18.61 crores. Spent INR 19 crores. Sir, very good, sir. Sir, I request our solution to stand by the helping the specially abled person through CSR activities. Sir, please see the specially abled person through CSR activities. Sir, I fully support the annual report and voted in favor of the resolutions through e-voting system. Sir, I pray to God for good health, you, chairman, and management team, company secretary, all the employees of the company, and shareholder present in the AC. Sir, thank you all for patiently hearing what to you, sir. Thank you very much, Chairman, sir.
Thank you very much.
Very, very thank you for your presence.
Thank you.
Excellent result, all significant. I am always with you, sir. Thank you. Thank you very much.
By the way, all the thanks should go to the operational teams. The chairmans are not involved in this kind of progress. Let's continue, please.
Mr B.Sriram,Yes, sir, you can speak now.
Good evening, Chairman. An excellent speech, giving a full overview of the company for the past financial year, as well as for the current year, covering almost every aspect of the company. Basically, the turnover and the profit before tax has increased significantly. TVS Motor Company no longer is a domestic company, is an international global company. Therefore, incremental margin will be a much better method of evaluating the performance of the company. Incremental margin is calculated by the percentage of increase in the profit on the percentage of increase in the turnover. For TVS, now, the turnover has gone from INR 36,467, say, INR 79 crores, from INR 20,800 crores, which is an increase of about INR 5,670 crores.
Same way, PBT also has gone up by INR 794, which means the incremental margin is 14%. In absolute terms, that is the margin for the year 2022-23, has been, as you said, is a double digit, 10.5%, which is what this company was getting sometime in the year 1997, 1998 and 1999. I think they are back to those periods on much larger volumes and with much better product portfolios. Same way, last year, comparing 2021-22 versus 2020-21, the incremental margin was only 12.9%, there's also a significant growth of 1.1%, which is a hell lot of growth as far as the profit is concerned. The second, this is as far as the overall business is concerned.
the second significant achievement as far as the business is concerned is the incremental book value of the shares. Book value of the share has gone from INR 101.5 to INR 127.3, which means a growth of almost 25.8%, and incrementally, it has grown by about 25.4%, which is a phenomenal increase. These two are the real important guidelines as far as the real performance of the company, leave alone other things. it is, as you had mentioned, it is heartening to note that the TVS Motor EV has been recognized as the Green Scooter of the Year by Autocar India, which is a significant achievement within a short span of time from the new product launch.
The only one clarification or the only one, some sort of, thing that I would like to get it from you is, EV is a new business as far as the company is concerned. ICE has been the business. It has been there for a long period of time. Certainly, there will be some penetration of the EV into the ICE. Obviously, the company would have so far quantified the impact of EV on the ICE. If only we can know something on the domestic front, as well as the international front, it'll be very good. I think that's all I have to say. I really congratulate the chairman, the board of directors, and all others who have worked very hard in reaching this performance. Thank you so much for the opportunity. Thanks.
Thank you very much also from our side. Now let's continue with the very last speaker.
Mr. J. Abhishek. Yes, Mr. Abhishek. Mr. Abhishek?
You are on mute, probably.
Hello, sir. Can you hear me, sir? Am I audible, sir?
Yes.
Sir, my name is Abhishek, shareholder of the company. My DPID is IN301637, and client ID is 41359155. Sir, first of all, I congratulate the management on the eve of 31st annual general body meeting. Sir, trust, all is well with you and your family in this challenging situation. Our company deserves much more respect than the current market cap after completing more than a decade of successful operations, profitability, dividend history, and becoming one of the strongest brand in our respective segment. I would like to know, sir, what are the steps being taken by the management to reduce the other expenses, legal, professional charges, other expenses? What steps have been taken? Kindly enlighten us on that, sir. What is the relationship with BMW, and when is the EV product from that series is going to be expected by the company?
Sir, kindly enlighten the investor fraternity on that. What is the revenue being generated from the EV series during the year 2020 to 2023? Kindly give us some insight on that, sir. Nothing much to ask, sir. I thank the company secretary and their entire team for sending us the link well in advance, and making this 31st annual general body meeting a grand success. I wish the company and the board of directors a great success and prosperity in the coming future. Hope to see you in the physical AGM next year, sir. Thank you very much, sir.
Would be great. Thanks a lot. Would be great to see you. Thanks a lot for your comments. Dear ladies and gentlemen, all registered speakers have expressed their thoughts, now raised their questions. I and we wanted to make sure that you hear the answers directly by the respective responsible operational leaders. The Managing Director, Mr. Sudarshan Venu, will take over now. Dear Sudarshan.
Thank you, Chairman.
Can you take over, please?
Thank you, Chairman. Good afternoon to you and to the fellow directors and fellow shareholders. It's really a pleasure to be with all of you. Thank you so much for many of your detailed questions, analysis, and thoughts. We really value them, and I will try to bucket them into a few clusters and answer them. I will start with EV. I think that is one of the most important areas for the company. It is an area in which we have been investing significantly. You are also beginning to see the results, where we have crossed the 1 lakh sales milestone for iQube. Exports of iQube to Nepal have already begun, and we are developing a full range of products in 5-25 kilowatt two-wheelers and three-wheelers, and also electric bicycles.
Some of these products will also launch this year, including the e-3-wheeler and 1 or 2 other products. We believe that while after the reduction in subsidy, there has been some temporary slowdown in registrations, demand is now back and EV as a segment, will continue to grow structurally from now onwards. The penetration of EVs has increased in this year, we do believe that over the next 3 years, we expect over 20%-25% EV penetration. Given the huge consumer demand in India and the growing population and demographics, we believe there will be growth of the EV segment hugely, but also growth in the ICE segment, the company will launch attractive new products in both segments of the market. Coming back to EV, our partnership with BMW is continuing on program, I will request Mr.
Radhakrishnan to mention something about that in a minute. We are also expanding access to chargers through our partnerships with Jio-bp, Tata Power, Kazam, and CESL through the TVS iQube mobile app. There are over 2,000 charging points already enabled. We've also partnered with Zomato, since you mentioned about e-commerce, to deploy over 10,000 TVS electric scooters, and also discussing with Swiggy, Amazon, and Rapido. Regarding exports, I think this is certainly an area where the global economic slowdown and inflation has impacted many of the markets in which we were leading to slowdown in the past financial year. With inflation under control and demand improving, we do believe and are beginning to see a recovery in these markets. TVS is also launching new products in some of these markets and focusing on expanding into other new markets as well.
Kenneth, do you want to add on the BMW before I move on?
Good evening, everyone, and the BMW Association, this is the 10th year we have completed, and it's a milestone year. There are more than 140,000 customers globally who are delighted with the 300 series, which we have partnered with BMW. Specifically on the EV side, earlier this month, BMW unveiled their latest EV product, which is CE 02, a new kind of mobility that provides great riding fun for youngsters in the urban environment. This product platform was designed, developed, and manufactured by TVS for the worldwide sales, working jointly with BMW. The sales of this vehicle will start sometime from 2024. Yes, Sudarshan.
Some of you had also... I'm just going in order of sequence of the points made by the speakers. Some of you had requested and also mentioned about ABCD. We will certainly place your requests for dividend, bonus shares, and debentures before the board for their consideration. Regarding handicapped vehicles, we are supplying handicapped, vehicles for handicapped people in conjunction with various state governments, and we'll also look further at your proposal to start doing this directly. Regarding a question made on road conditions, I think road conditions are improving in India. Government has made huge investments behind building roads and improving infrastructure, and this should further enable the sales of vehicles and also higher power vehicles, which we are seeing, and of course, importantly, improve economic productivity of the country.
A point was also made on waste disposal of EVs important for the circular economy. This is the point we will definitely take up as well. Regarding the subsidiaries, I think different subsidiaries are in different phases of their growth. If you look at TVS Credit compared to the investment that has been made by the company, you've already seen as valuation at a substantial multiple at which we have announced the deal with PremjiInvest. Indonesia has also been turned around and is producing profits now. As far as Norton and SEMG are concerned, we believe that we see a very promising opportunity for Norton brand and also for electric bicycles, we will invest, and you will start seeing the results for that in the future as well. I think, Chairman, this broadly covers the question and some of the answers to the broad questions raised.
I'll hand it back to you now. Thank you.
Thank you very much. Dear ladies and gentlemen, the Managing Director, Mr. Sudarshan Venu, as well as, Mr. K.N.R., the Director and CEO, replied to the questions. If we missed something, please don't hesitate. Talk to us also directly. We are happy to take your questions, and we'll answer everyone. I would like to ask and also, talk directly to Raja Prakash, who will, take care about all this kind of process information. Given that, I guess we have now more or less covered all the items of the agenda, Thus, I want to conclude the 31st Annual General Meeting. Again, I want to thank all of you, all the shareholders, for participating today, spending your time with us, and I wanted to give you really a comprehensive overview.
Now, the voting facility on the NSDL website will remain open up to 15 minutes from the conclusion of this meeting to enable you, the shareholders, to cast your vote through e-voting. The results of the e-voting will be declared on or before the 26th of July, 2023, and the declared results will be made available also on the websites of TVS, stock exchanges, and NSDL. Ladies and gentlemen, that concludes officially the proceedings of this AGM. I declare the meeting as closed. Again, I just wanna thank you. I wanna thank you, but I also wanna especially thank the operational team, the leaders, and everyone, and each manager or worker, everybody who works with such a passion and commitment for TVS.
We are a strong team, and you wait, you will see further improvements, you will see interesting products coming up in the future. Thanks again. All the very best. Take care. Goodbye.