TVS Motor Company on January 28 reported 84.7 percent increase in consolidated net profit at Rs 289.69 crore for the third quarter ended December, riding on the back of higher sales. The company had posted a net profit of Rs 156.84 crore in the October- December period of the previous fiscal.
Consolidated revenue from operations increased to Rs 6,094.91 crore for the third quarter as against Rs 4,765.99 crore in the same period of 2019-20, TVS Motor Company said in a statement. On a standalone basis the company reported a net profit of Rs 265.62 crore, its highest ever in a quarter.
The company had posted a net profit of Rs 121.07 crore in the October-December period of the previous fiscal. Revenues during the period under review rose 31 percent to Rs 5,404 crore, its highest ever in a quarter as compared with Rs 4,126 crore in the third quarter of 2019-20.
The company's overall two-wheeler sales in the third quarter, including exports, grew by 23 percent to 9.52 lakh units from 7.73 lakh units in the quarter ended December 2019. Motorcycle sales grew 31 percent to 4.26 lakh units in the quarter ended December 2020 from 3.25 lakh units registered in the quarter ended December 2019, TVS Motor Company said.
Similarly, scooter sales grew 11 percent to 3.11 lakh units during the period under review as against 2.8 lakh units in the quarter ended December 2019. The company said its total exports during the December quarter grew to 2.61 lakh units from 2.17 lakh units in the year-ago period, recording a growth of 20 percent despite the scarcity in the availability of containers.
The demand in the export market continues to be robust, it added. During the quarter, three-wheeler sales stood at 38,000 units as against 48,000 units in the quarter ended December 2019.The company's board declared an interim dividend of Rs 2.10 per share (210 percent) for the year 2020-21.