TVS Motor April-June net more-than-doubles

Posted By: Staff
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TVS Motor Co Ltd clocked a 122 per cent rise in its net profit at Rs Rs 40.3 crore for the April-June quarter ending June 30, 2010. For the corresponding quarter a year ago, TVS's net profit was Rs 18.1 crore. Meanwhile, net sales witnessed a 40.3 per cent jump at Rs 1,369.5 crore from Rs 975.6 crore achieved a year ago. Earlier, TVS Motor Company stated that it was eyeing good jump in sales in the next fiscal. TVS Motor Company Head (Motorcycle) Arun Siddharth said that they hope to sell 20-lakh motorcycles in 2010-11, 38% more over the current fiscal. They are expecting good response from their new products, including auto-clutch bike Jive which we launched recently. Meanwhile, it is hoping to sell over 14.5-lakh units of two-wheelers in 2009-10 and announced availability of Jive in North India. They see their sales increasing with the introduction of new Jive in northern states while in southern states, the response has been excellent. They hope to sell over 2.4-lakh units of Jive in 2010-11. Moreover, TVS Motor also plans to offer new products in the next fiscal, besides upgrading some popular existing models. Priced at Rs. 42,235, Jive is India's first auto-clutch motorcycle that would transform the definition of city commuter biking with ride convenience being the focal point. It has an 110-cc engine innovative and T-Matic technology with rotary gear coupled with an automatic clutch. The new bike would provide a sporty riding experience with an unparalleled combination of comfort, performance, ease of operation and fuel efficiency in its category. TVS Motor Company posted a growth of 34 per cent in two-wheeler sales in January at 1,25,578 units as compared to 93,729 units reported during the same month last year. The domestic sales grew 37 per cent at 109,504 units during the month as against 79,729 units reported in the same month a year ago, the company said in a statement. Moreover, the motorcycle sales grew by 24 per cent to stood at 54,698 units as against 43,990 units in January 2009, it added. The company said that its scooter sales grew by 43 per cent, at 25,509 units as against 17,832 units in the corresponding month last year. Meanwhile, the exports during the month surged 15 per cent at 16,074 units as against 14,000 units in same month last year. The three-wheelers sales surged to 1,710 units in January 2010 as against 466 units in the same month last year The cumulative two-wheeler sales during April-January period grew by 12 per cent to stood at 1,234,632 units as compared to 1,100,453 units in the comparable period of the previous year, it said. The sales of three-wheelers during April-January period stood at 10,417 units. TVS Motor sustained its strong recovery and posted a net profit of Rs 23.8 crore in the quarter ended December 31, 2009 as compared to the loss of Rs 95.9 lakh reported in the same period last year. The net sales increased by 26% to 1,072.6 crore from Rs 852.8 crore last year. Meanwhile, the company's board declared an interim dividend of 70 paise per share of Rs 1 each absorbing Rs 19.5 crore. For the first nine months ended December 2009, the net profit grew by 302% to Rs 66.2 crore as against Rs 16.5 crore while the net sales increased 14% to Rs 3,163.7 crore compared to Rs 2,778.96 crore last year. The company posted a growth of 21.7% in total two wheeler sales to 3.72 lakh units during the December 2009 quarter, while the sales of motorcycles stood at 1.5 lakh units as compared to 1.4 lakh units reported over the same period last year. The sales of scooters also grew to 76,000 units compared to 57,000 units last year. Moreover, the company exported 44,000 two-wheelers (55,000). The company stepped up its three-wheeler sales to 3,225 units from 956 units.

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Story first published: Thursday, July 22, 2010, 7:46 [IST]
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