TVS Motor Company Ltd.'s quarterly profit met estimates as sales of its two-wheelers jumped.
Net profit rose 20 percent year-on-year in the quarter ended September to Rs 213 crore, according to its stock exchange filing. The Bloomberg consensus estimate pegged the bottomline at Rs 210 crore.
Revenue increased 18 percent year-on-year to Rs 4,052 crore. That was below the analysts' forecast of Rs 4,125 crore.
Operating income or the earnings before interest, tax, depreciation and amortisation rose 28 percent to Rs 275 crore while its margin expanded 70 basis points to 8.7 percent.
Two-wheeler sales rose 16.1 percent to 9.23 lakh units during the quarter. Sales of three-wheelers increased 23.8 percent year-on-year to 25,000 units.
Sales Rise In The First Half
- Two-wheeler sales rose 14.8 percent to 17.08 lakh units year-on-year.
- Motorcycle sales rose 13 percent to 6.95 lakh units compared to the same quarter last year.
- Scooter sales rose 37.6 percent to 5.86 lakh units year-on-year.
- Three-wheeler sales rose 12 percent to 42,285 units year-on-year.
- Exports of two-wheelers rose 26.4 percent to 2.73 lakh units year-on-year.
The board has reappointed Sudarshan Venu as joint managing director, the company said in a separate press release. It also appointed K Gopala Desikan as the group chief financial officer.
The board declared interim dividend of Rs 2 per share, which will be paid on or after Nov. 14. Shares of the Chennai-based automaker fell as much as 1.5 percent to Rs 712.5 apiece after the results announcement.
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