TVS Motor Co. posted a net profit of Rs.24.6 crore for the second quarter this fiscal, registering a record growth of 136 per cent from Rs.10.4 crore in the like period last fiscal, the leading two-wheeler maker said Friday.
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'We were able to post robust net profit by reducing raw material prices and inventory during the quarter. Focus on value, cost-effective engineering and improvement in sales realisation contributed to a record bottomline,' TVS Motor chairman and managing director Venu Srinivasan said.
The Hosur-based company's net sales, however, increased marginally to Rs 1,115 crore in the quarter under review from Rs.1,105 crore a year ago, posting 9.9 per cent growth.
The overall revenue too grew by 9.5 per cent to Rs.1,130 crore from Rs.1,034 crore last fiscal.
'We have witnessed a growth of 4.7 per cent in two-wheeler sales in the second quarter this fiscal with 391,241 units as against 373,761 units in the same period last fiscal,' the statement noted.
Sale of motorcycles, however, dipped 14 per cent to 155,492 units from 180,964 units, while scooter sales grew 12 per cent to 86,389 units from 76,853 units.
'In the three-wheeler segment, we have seen a record growth of 165 per cent with 3,259 units sold in the second quarter as against 1,226 units in the corresponding quarter last year,' the company said.
Exports continued to be affected due to global recession. As a result, shipments declined by 29 per cent to 35,080 units from 52,249 units.
After launching TVS King, a new generation three-wheeler (auto-rickshaw), the company unveiled TVS King Arjun and TVS King LS in Kolkata and Bangalore respectively.
In the current quarter, the company will launch two new products - a new motorcycle in the executive segment and a scooter.
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