TVS Motor Company said on Thursday that its first-quarter net profit surged 35% to ₹779 crore, as the two-wheeler manufacturer clocked its highest-ever sales in a quarter. Its revenue also grew by 20% to ₹10,081 crore, the company said in an exchange filing.

For the quarter ended June 30, the two and three-wheeler manufacturer recorded its highest-ever quarterly sales of 12.77 lakh units, growing 17% from the corresponding period last year. Motorcycle sales grew by 21% year-on-year, registering 6.21 lakh units in the first quarter. Scooter sales for the quarter ended June 30 rose by 19% from the year-ago period to 4.99 lakh units. Three-wheeler sales for the reporting quarter grew by 46% from the same quarter last year to 45,000 units. Sales for its electric scooters grew 35% year-on-year to 70,000 units.

The Federation of Automobile Dealers Association had said earlier this month that the retail sales of two-wheelers grew 5% in the quarter. In June, festival and marriage-season demand provided a boost for two-wheeler demand, in tandem with early monsoons and rising EV penetration. Motilal Oswal Financial Services said in a research note earlier that, despite motorcycle volumes declining by 9% in the first quarter, TVS has been an outlier, with its volumes increasing by 3% in the same period.

The report also adds that TVS has been an outperformer in the 150-250 cc segment, even as the segment as a whole underperformed, and competition’s volumes declined in double-digits year-over-year. TVS, on the other hand, saw a 19% year-on-year increase in volumes. According to Motilal Oswal Financial Services, TVS is now the market leader in this segment, gaining 840 basis points in market share to 31.6%. Both the Apache and the Ronin are performing well for TVS.

Rivals Hero MotoCorp and Bajaj Auto are yet to publish their first-quarter results. TVS has also made inroads in the ICE scooter segment, despite the sector de-growing by 5% year-on-year. TVS, on the other hand, significantly outperformed peers, posting 20.5% year-on-year growth, while Suzuki also performed well with about 11% year-on-year growth.

The Motilal Oswal Financial Services report also states TVS gained a substantial 600 basis points in market share in scooters, reaching 27.9% in the first quarter—its highest ever in this segment. The key growth driver was the newly launched Jupiter 110, which is witnessing strong demand, recording 37% year-over-year growth. However, Ntorq sales declined 16% year-on-year in the first quarter.