TVS Motor has reported 84.7% increase in consolidated net profit at Rs 289.69 crore in the third quarter of this fiscal, compared to Rs 156.84 crore in the corresponding quarter of the previous fiscal.
The company’s consolidated revenue from operations stood at Rs 6,095 crore compared to Rs 4,766 crore in the year-ago period.
On a standalone basis, TVS Motor’s net profit stood at Rs 266 crore in the third quarter.
During the nine months period, focused working capital management and improved operating performance helped the company generate free cash flow of Rs 1,616 crore. These proceeds are used to reduce the debt. Lean stocks with the dealers also helped to unleash the blocked working capital across the supply chain.
During the third quarter, two-wheelers sales in domestic market has grown by 21% and international market by 31% ahead of industry growth of 13% and 20% respectively. During the quarter ended December 2020, the overall two-wheeler sales of the company including exports grew by 23% to 9.52 lakh units from 7.73 Lakh units in the quarter ended December 2019.
Motorcycle sales grew by 31% to 4.26 Lakh units in the quarter ended December 2020 from 3.25 lakh units registered in the quarter ended December 2019. Scooter sales of the company grew by 11% to 3.11 lakh units in the quarter ended December 2020 from 2.80 lakh units in the quarter ended December 2019.
The total export of the company grew from 2.17 lakh units in the quarter ended December 2019 to 2.61 lakh units during the quarter ended December 2020 recording a growth of 20% despite scarcity in availability of containers. The demand in export market continues to be robust.
Total three wheelers sales registered sale of 0.38 lakh units in the quarter ended December 2020 as against sales of 0.48 lakh units in the quarter ended December 2019.
The Board at its meeting, declared an interim dividend of Rs 2.10/- per share (210%) absorbing a sum of Rs 99.77 crore for the year 2020-21.
Shares of the company on Friday stood at Rs 560.20, a 5.97% increase from its previous close.
