TVS Motor Q2 Net Surges 20% To Rs 213 Crore

Robust sales across domestic as well as export markets pushed TVS Motor Company's profit.

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TVS Motor Q2 Net Surges 20% To Rs 213 Crore

TVS Motor Company sold a total of 9.23 lakh units, up 16.1%, from July-September period of last year.

New Delhi: TVS Motor Company on Wednesday posted 20.2 per cent rise in net profit at Rs 213.16 crore for the second quarter ended September 30, aided by robust sales across domestic as well as export markets. The company had reported a net profit of Rs 177.39 crore during the same period of previous fiscal. Its revenue rose to Rs 4,097.99 crore during the second quarter, as against Rs 3,465.69 crore during the same period of previous fiscal, TVS Motor Company said in a regulatory filing.

During the period under review, the company sold a total of 9.23 lakh units, up 16.1 per cent, from July-September period of last year.

Motorcycle sales grew 9.9 per cent to 3.65 lakh units in the second quarter, as compared with 3.32 lakh units in the second quarter of 2016-17.

Scooter sales also increased to 3.28 lakh units from 2.29 lakh units in the same period of previous fiscal, a growth of 43.2 per cent.

TVS exported 1.48 lakh units of two and three wheelers in the quarter under review, up 32.1 per cent from 1.12 lakh units in the second quarter of 2016-17.

The company's board, which met on Wednesday, announced an interim dividend of Rs 2 per share (200 per cent) for 2017-18 entailing a sum of Rs 114.36 crore.

The board re-appointed Sudarshan Venu as Joint Managing Director in the rank of Managing Director for a period of five years effective from February 18, 2018.

TVS Motors also appointed K Gopala Desikan as the Group Chief Financial Officer (CFO). He succeeds S G Murali who retired in September 2017.

TVS shares were trading 0.47 down at Rs 721.90 per scrip on BSE.

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