TVS sales soar, 123% rise in net

TVS Motor Company has reported 122.8 per cent growth in profit after tax during the first quarter ended June 30, at Rs 40.4 crore as compared to Rs 18.1 crore a year earlier.

The company’s board authorised a doubling in share capital to Rs 50 crore.

The revenue grew to Rs 1,393 crore from Rs 988.7 crore during the same period last year. “Volume growth, led by new launches and complemented by strong contributions from the existing portfolio, has enabled the company to record a revenue growth of 40.9 per cent in the first quarter,” was the company’s statement.

Two-wheeler sales rose by 31.4 per cent in the first quarter of the current financial year, to 460,000 units from 350,000 units in the corresponding period of the previous year. Motorcycle sales grew by 31.5 per cent to 204,000 units in the reporting quarter from 155,000 units in the quarter ended June 2009. Scooter sales grew by 41.6 per cent to 96,000 units in the current quarter against 68,000 units during the corresponding one last year.

Two-wheeler exports rose 78.1 per cent in the quarter, to 57,000 units from 32,000 in the quarter ended June 2009. Three-wheeler sales during the quarter grew by more than 250 per cent, to 7,979 units from 2,223 units in the June 2009 one.