India Motor Parts & Accessories, a TVS Group company engaged in the distribution of automobile parts and accessories, has reported a 21 per cent jump in its profit after tax at ₹49 crore, highest-ever, for the year ended March 31, 2020 when compared with ₹40 crore in the previous year, partly on account of lower income tax rates and higher other income.

Profit before tax stood at ₹60 crore (₹57 crore). Its revenue increased to ₹519 crore for FY20 from ₹512 crore in FY19, according to a statement. Other income grew from ₹16 crore in FY19 to ₹26 crore in FY20.

On a consolidated basis, its net profit stood at ₹50 crore as against ₹41 crore. Its consolidated revenues increased to ₹534 crore from ₹524 crore in FY19.

The lockdown announced by the government to contain the spread of Covid-19 started in the latter part of March and hence did not have a significant impact on the financial results of the company, it said.

During October 2019, the board announced bonus shares in proportion of 1:2 despite a slump in the auto industry.

Notwithstanding the increased capital, the board declared and paid an interim dividend of 100 per cent on the enhanced capital in March. The directors have decided to treat the interim dividend as the final dividend, it said.

The company has made an equity investment of ₹22 crore on Monday through the purchase of 5.14 lakh equity shares of ₹10 each of Wheels India Ltd, an auto parts firm of TVS Group.