TVSM roadmap for the future
Dear Stakeholders,
TVSM's stellar performance in FY 2023-24 has once again proved our
commitment to excellence, our agility and our abiding dedication to the customer.
In the ever-evolving landscape of mobility, TVSM offers a compelling
combination of advanced technology and reliable design by creating attractive products and
solutions that seamlessly integrate cutting-edge features with immersive experiences to
captivate customers and deliver value.
Strong Business Performance
We surpassed 4 million two-wheeler sales for the first time and posted
a record revenue of H 31,925 crore. Within India, ICE two-wheeler sales went up by 19%,
outpacing the industry's 13% growth, while the EV two-wheeler sales increased to
101%, vis-a-vis industry growth of 32%, showcasing our capability in leading the shift
towards high-tech, energy-efficient, and smart mobility solutions.
Market Outlook
The global two-wheeler market is set for substantial advancement,
driven by increasing demand from developing countries seeking innovative mobility
solutions. Key factors include, the expanding e-commerce sector, shared micromobility
services, and a growing young workforce with rising disposable incomes.
The global automotive industry is transitioning from ICE to EVs due to
numerous advantages such as lower Total Cost of Ownership (TCO), advanced technology,
operational ease, and reduced environmental impact. Government regulations are
accelerating EV adoption. Emerging technologies like artificial intelligence, machine
learning, and blockchain are being leveraged to enhance product quality and customer
experience.
Focus on Highest Quality
At TVSM, we maintain an unwavering focus on the highest quality across
the value chain. Our commitment to top-tier product quality and service is anchored in the
philosophy of Total Quality Management. This ensures every vehicle we produce delivers
exceptional reliability and performance, significantly enhancing customer trust and
satisfaction. Our relentless efforts to develop superior products and solutions stem from
a deep understanding of the mobility aspirations of the customer.
This dedication to quality enables us to create products that
consistently exceed expectations. TVSM winning 7 out of 10 categories in the J.D. Power
2024 India Two-Wheeler Initial Quality Study (IQS), underscores this commitment. This
award is an outcome of direct endorsement of vehicle quality by customers within the first
six months of ownership. Further solidifying our position, our products also received top
awards in the J.D. Power APEAL Study for being the most 'appealing' in the economy,
executive, and premium segments.
Dynamic Leadership
Our remarkable growth in the past few years has been made possible by
the dynamic leadership team, headed by Mr. Sudarshan Venu, MD, and Mr. KN Radhakrishnan,
Director & CEO, duly supported by our dedicated employees, partners, stakeholders, and
shareholders. Under their visionary leadership, we have fostered a passionate, motivated,
and aligned team working towards one goal.
In TVSM, women constitute 13% of the overall workforce. This
representation extends across all levels, including senior leadership. We are committed to
fostering diversity and inclusion, ensuring that women have equal opportunities for growth
and advancement within the Company.
We have developed comprehensive, indigenous, end-to-end capabilities
spanning the modern mobility value chain. We have created advanced electronic architecture
and connected solutions, aimed at elevating the new-age mobility experience. The TVS
SmartXonnect, our homegrown connected solution, is now available on multiple products
enabling a wide range of customers to experience connected mobility.
We have built a future-ready, diverse, and multi-cultural workforce.
Our focus is on leadership development, continuous education, skill building, and
integrating new capabilities in software, data analytics, and AI. TVSM has been certified
as a ‘Great Place to Work in Manufacturing - Top 50' in 2023-24.
Building a Sustainable Ecosystem
Our achievements are supported by co-operation partners like BMW
Motorrad and various supply chain collaborators. Together, we are creating a sustainable,
closed-loop circular ecosystem. This collaboration benefits customers, the community, and
the planet. With our new vision, we aim to deliver the highest sustainable value for our
stakeholders.
With our focus on providing electric mobility solutions, advanced
safety systems and notably with the usage of 93% of our infrastructure energy needs by
renewable and clean energy, we commit to driving a positive change towards a sustainable
future.
Impacting the Society
The Srinivasan Services Trust (SST), our CSR arm, enhances its impact
on rural development. SST transforms attitudes and empowers people through long-term
engagement. The goal is to foster collaboration and self-sufficiency, creating positive
change in rural India. Partnering with communities, SST drives sustainable development and
improves quality of life.
The Road Ahead for India and TVSM
India is making steady progress towards becoming one of the largest
economies in the world. With a young, intelligent, thriving workforce with a global
outlook, the nation is well-positioned to leverage its advantages.
At TVSM, we are committed to holistic, qualitative, and sustainable
growth. We are leveraging this talent pool, coupled with our core values of trust,
customer obsession, maximising value, speed, agility, exactness, and a disruptive mindset,
to deliver the best.
Making EVs the Fulcrum of Future Growth
Our focus on EVs as one of our future growth enablers fits perfectly
with our 2030 vision. EVs represent a commitment to sustainable innovation, addressing
environmental concerns while meeting customer demands for energy-efficient transportation
solutions.
To realise our vision, it is essential to align technological
advancements with strategic infrastructure development and proactive collaboration between
industry and Government.
At TVSM, we are gearing up for exciting times ahead as we transition to
a high-tech, global, and smart mobility company. With our technology adoption, strategic
partnerships, and a start-up mindset within the organisation, we are confident in our
leadership and our ability to delight the ‘new-age customer'.
Once again, I take this opportunity to sincerely thank the leadership
team, employee union, employees, partners and all stakeholders.
With best wishes,
Prof. Sir Ralf Dieter Speth
Chairman