TVS Srichakra Q1 net up nearly three-fold

TVS Srichakra Tyres has registered nearly three-fold increase in standalone net profit at Rs 48.97 crore for the quarter ended June 30, 2015.
The Tamil Nadu based company had a standalone net profit at Rs 17.26 crore in the corresponding quarter of the previous year, TVS Srichakra Tyres said.
For the 12 months ending March 31, 2015, net profit stood at Rs 103.79 crore.
Total income from operations for the April-June quarter grew to Rs 503.57 crore from Rs 451 crore during the year-ago period.
For 2014-15 fiscal, total income from operations stood at Rs 1,895.99 crore.
"We have done well to keep our top line growing, maintaining our share with the OEMs as the largest supplier to the vehicle manufacturers. Our company continues to do very well in aftermarket segment, with our numbers growing every quarter", TVS Srichakra Ltd, Director, P Vijayaraghavan said.

On ramping up plant capacity, he said, "we are now doing two million tyres a month and expansion going on to touch 2.3 million tyres a month by October-November (2015)".

On the two-wheeler industry, he said there has been one per cent growth in the first quarter and the company expects it to improve in second half of the financial year.
"Rural market is certainly showing an improved cash flow and this should help the industry do better in the remaining part of this financial year", he said.
The company also plans to launch radial motorcycle tyres in the next few months.

"Our radial motorcycle tyres are under evaluation and we will be launching the same in the next few months in the Indian market", he said.
Regarding exports, he said, the firm is enlarging the tractor radials tyre segment through additional sizes primarily for European market to begin with and expand through the network globally.
"With increasing exports by two-wheeler manufacturers, we are also able to see a better demand and higher growth of our two-wheeler sales particularly in Africa, South America and South East Asia", he said.