Mumbai: Net profit of TVS Motor Co, India’s third-largest two-wheeler maker, more than doubled in October-December, riding high on a booming auto market in the country.
It reported a net profit of Rs557.5 million compared with Rs235.4 million a year ago. Net sales jumped to Rs1,613 crore from Rs1,072 crore, it said.
Total two-wheeler sales grew 39% to 518,000 units and that of three-wheelers jumped to 10,079 units from 3,225 units.
TVS’ strong showing comes a day after bigger rival Bajaj Auto met estimates with a 40% jump in quarterly net profit.
India’s domestic auto sales have grown by a third in 2010, powered by strong economic growth, an expanding middle class, and easy financing options.
The pace of growth has made it the second fastest growing auto market in the world after China, which grew at a comparable rate.
Auto sales in the third quarter tend to be higher because of the Hindu festival season that peaks in October-November and is considered an auspicious time for purchases such as vehicles and white goods.
At 2:41 pm, TVS Motor shares were up 1.63% at Rs62.4 in a choppy Mumbai market.