TVS Q2 net profit up 20% at Rs213 crore
New Delhi: TVS Motor Co. Ltd on Wednesday posted 20.2% rise in net profit at Rs213.16 crore for the second quarter ended 30 September, aided by robust sales across domestic as well as export markets.
The company had reported a net profit of Rs177.39 crore during the same period of previous fiscal. Its revenue rose to Rs4,097.99 crore during the second quarter, as against Rs3,465.69 crore during the same period of previous fiscal, TVS Motor said in a regulatory filing.
During the period under review, the company sold a total of 9.23 lakh units, up 16.1%, from July-September period of last year. Motorcycle sales grew 9.9% 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%. TVS exported 1.48 lakh units of two and three wheelers in the quarter under review, up 32.1% 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 Rs2 per share (200%) for 2017-18 entailing a sum of Rs114.36 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 18 February 2018. TVS Motor 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 Rs721.90 per scrip on BSE.