TVS Motor Q3 net profit rises 16% to Rs154.35, misses estimates
Mumbai: Chennai-based two-wheeler maker TVS Motor Co. Ltd on Tuesday reported a 16.3% rise in net profit to Rs154.35 crore over the year ago for the quarter ended December, the company said in a statement.
Sales stood at Rs3,684.95 crore for the period, up 23.5% from Rs2,983.38 crore in the year ago. The maker of the Apache motorcycle provided revenue figures for the previous year, excluding excise duty, to ensure comparability post the implementation of the goods and services tax (GST).
The earnings before interest, tax, depreciation and amortization (Ebitda) margin, a measure of profitability, stood at 7.8% as compared to 7.3% in the 2016 December quarter.
Net profit rose on the back of a richer product mix made by more scooters and sportier motorcycles, but underperformed a Bloomberg poll estimate of 20 analysts, which stood at Rs167.8 crore.
Meanwhile, revenues during the three months to December surpassed a Bloomberg analysts’ estimate of Rs3,579 crore, driven by a 14.9% rise in volumes to 826,246 units, with motorcycle volumes rising 26.6% to about 314,000 units and scooter volumes rising 21.7% to 269,000 units.