TVS Motor Q2 net zooms to Rs.54.78 crore

Chennai, Oct 21 (Calcutta Tube) City-based two wheeler maker TVS Motor Company closed the second quarter (July-Sep) of this fiscal with a net profit of Rs.54.78 crore.

The company had posted a net profit of Rs 24.55 crore in the same quarter a year ago.

For the period under review, the company registered a total income of Rs.1,616.24 crore as against Rs.1,129.87 crore in the corresponding period of the previous year, the company said Thursday.

The company’s profit before tax stood at Rs.67.77 crore last quarter as against Rs.24.14 crore logged during the same quarter of last fiscal.

According to TVS Motor, total two wheeler sales stood at 517,000 units (motorcycle 210,000, scooters 125,000 and mopeds 182,000), up from 391,000 units (motorcycle 155,000, scooters 86,000 and mopeds 150,000) last year’s second quarter.

Two wheeler exports increased to 59,000 units from 35,000 units.

The company sold 9,826 three wheelers last quarter as against 3,259 units sold during the second quarter of the previous year.

Last quarter TVS Motor invested Rs.19.40 crore in TVS Motor Services Ltd and Rs.23.45 crore in preference shares of PT TVS Motor Company, Indonesia.

PT TVS Motor Company Indonesia registered total two wheeler sales of about 11,000 units during the first half of the current year in comparison with 7,300 units recorded in the same period of the previous year.

Exports out of Indonesia accounted for 2,300 units. The product portfolio of the company continued to receive good response from consumers in the region. Presently, the company has around 130 dealerships across Indonesia and plans to expand its network to around 220 by March 2011.

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