TVS Motor Q3 net up 31% at Rs 90 cr

TVS Motor Company today posted 31.07 per cent increase in net profit at Rs 90.18 crore for the quarter ended December 31, 2014, on account of robust sales in the domestic market.
The company had posted a net profit of Rs 68.80 crore for the same period of previous fiscal.
Net sales of the company rose to Rs 2,612.57 crore for the third quarter of current fiscal, as compared to Rs 2,034.71 crore during the same period of previous fiscal, TVS Motor Company said in a filing to the BSE.
In a separate filing, the Chennai-based firm said it has appointed Venu Srinivasan as Chairman and Managing Director of the company for a further period of five years effective April 24, 2015.

During the third quarter, total two-wheeler sales of the company grew by 22 per cent, increasing from 5.12 lakh units in the corresponding quarter of the previous year to 6.27 lakh units in the quarter ended December 2014.
The company said its motorcycle sales grew by 20 per cent increasing from 2.07 lakh units in the quarter ended December 2013 to 2.48 lakh units in the quarter ended December 2014.

Scooter sales grew by 51 per cent in the quarter ended December 2014 increasing from 1.23 lakh units recorded in the quarter ended December 2013 to 1.86 lakh units in the quarter under review.

Three wheeler sales during the quarter ended December 2014 grew by 36 per cent increasing from 20,701 units in the quarter ended December 2013 to 28,128 units in the quarter ended December 2014.
In a separate filing the company said its board has declared an interim dividend, for the financial year ending March 31, 2015, at the rate of Re 0.75 per share, 75 per cent on 47,50,87,114 equity shares of Re 1 each.
The interim dividend declared will be paid on or after February 13, 2015, the company said.
TVS Motor shares closed at Rs 285.60 apiece on the BSE, down 0.23 per cent from previous close.