Chennai, July 23:
TVS Motor Company Chairman Sudarshan Venu today said this year the company has invested over Rs 1,250 crores in R&D with more than 2,000 engineers working at the intersection of connected platforms, electrification, newer vehicles, and innovation.
In his address at the company’s agm, he said it has also established a design and engineering hub in Bologna through Engines Engineering.
He said it believe generative AI is a significant opportunity and are investing in this to embrace the future o and how it can impact our customers and our business.
Across every segment we are in, our growth is underpinned by the huge focus on quality and trust. This has been publicly recognized with rankings from JD Power, S&P Global, CII GreenCo, which are some of the recognitions that reflect our commitment to product quality, sustainability, and governance, he said.
He said “Our sustainability journey is now in its fourth decade. This year, more than 97 percent of the energy used across our Indian operations came from renewable sources, avoiding over 76,000 tons of carbon emissions. We are committed to further widening our sustainability footprint across the supply chain. We see this as part of our longer-term view of resilience in the world around us, which is facing uncertainty. Shifting trade policies, supply chain disruptions and volatility in energy and freight costs have touched every manufacturer, and TVS Motor is looking at all the risks and putting in place plans to mitigate that”.
Stating that the financial services business TVS Credit has had a strong year, he said disbursements grew 26 percent and the company ended the year with an asset base of over Rs 30,000 crore, serving over 2.4 million customers across two wheelers, consumer durables, tractors and other products. TVS Credit makes it possible for more people to meet their financial aspirations in India, within the fastest growing large economy with increasing middle class.
Over the years, the group has made sustained investments in building and nurturing its financial services business, which have evolved into an important part of the broader TVS VENU ecosystem.
Looking ahead, the company may at an appropriate time, in stages, guided by long-term strategic considerations, evaluate alternatives including a possible separation of the financial services business to further strengthen and unlock shareholder value.
He said looking ahead, there is a sense of uncertainty and volatility, and at the same time a sense of opportunity, both in India which is a fast growing economy, and in some of our other markets as well. In light of this we continue to invest in technology and new products. Our international business is expected to hold momentum and India’s trade relationships continue to open doors for us as we grow.
India is expected to continue to be the fastest growing large economy, projected in the range of 6.4 to 6.5 percent in FY 26-27. The first quarter of this year has demonstrated the aspirations of India and the robust growth that it gives to the two-wheeler business.