TVS Motor Q3 net dips 21 pc at Rs 157 cr

TVS Motor Company on Tuesday reported a 20.7 per cent decline in consolidated net profit at Rs 156.84 crore for the third quarter ended on December 31, 2019, hit by lower sales during the period.

The company had posted a net profit of Rs 197.79 crore in the December quarter of 2018-19.

Total income of the company declined to Rs 4,779.32 crore for the third quarter as compared with Rs 5,123.50 crore in the year-ago period, TVS Motor Company said in a regulatory filing.

The company said its overall two-wheeler sales during the third quarter ended December 2019 stood at 7.73 lakh units as compared with 9.5 lakh units in the quarter ended December 2018.

Motorcycle sales for the quarter under review stood at 3.25 lakh units as compared with 3.78 lakh units in the year-ago quarter.

Similarly, scooter sales stood 2.8 lakh units for the third quarter as compared with 3.54 lakh units in the year-ago period.

On the other hand, total three-wheelers sales grew 22.1 per cent to 48,391 units in the said quarter as against 39,629 units in October-December period of 2018-19.

Similarly, total exports of the company grew 22.6 per cent to 2.17 lakh units during the third quarter as against 1.77 lakh units in the year-ago period.

The company's board has re-appointed Venu Srinivasan as the chairman and managing director for a further period of five years, effective April 24, 2020, TVS Motor Company said.