Tvs Suzuki Sales Cross Rs 1,000 Cr

Chennai-based TVS Suzuki Ltd has surged past the Rs 1,000-crore turnover mark for the year ended March, 1998.

Its net profit increased 26 per cent to Rs 68.76 crore for the year ended March, 1998, from Rs 54.36 crore in the previous year. Sales grew 23 per cent to Rs 1,018.62 crore, compared with Rs 829.93 crore last year.

TVS Suzuki chairman and managing director Venu Srinivasan told Business Standard, "We expect our turnover to grow about 20 per cent to Rs 1,200 crore this year. The net profit is likely to remain at last year's level."

The board, which met yesterday, decided on a 50 per cent divided, against last year's 35 per cent.

 

Net profit increased despite an all-round increase in interest, depreciation and tax charges. Interest outgo increased 251 per cent to Rs 19.91 crore (Rs 5.67 crore). Depreciation increased to Rs 23.30 crore (Rs 14.46 crore). Provision for tax was also higher at Rs 32.48 crore. Other income, mainly interest earned, increased to Rs 21.26 crore, (Rs 6.39 crore).