TVS Motor reports Rs 23.53 crore net profit

TVS Motor Company has reported a net profit of Rs 23.53 crore for the quarter ended December 31, 2009 as compared to net loss of Rs 0.95 crore, during the same period last year. Company’s total income rose by 25.4 per cent to Rs 1,089.45 crore from Rs 868.71 crore.

During the quarter, exports began to show signs of recovery and complemented domestic sales of the company, which contributed significantly towards growth, according to company’s statement.

Two wheeler exports registered sales of 0.44 lakh units for the quarter ended December 2009 against 0.55 lakh units during the comparable period of the previous year.

Total two-wheeler sales grew at 21.7 per cent in the third quarter of the current fiscal registering 3.72 lakh units when compared with 3.06 lakh units in the corresponding period of the previous year. Motorcycles sales stood at 1.51 lakh units in comparison to 1.44 lakh units over the corresponding period of the previous year registering a growth of 4.6 per cent.

During the quarter the company had invested around Rs 23.52 crore in its wholly owned foreign subsidiary TVS Motor (Singapore) Pte Ltd, which in turn invested in the equity of the subsidiary PT TVS Motor Company Indonesia.

At the time of BSE closing, shares of TVS Motor were trading at Rs 77.75, up by 0.39 per cent.