TVS Motor Company reported a marginal increase in net profit to Rs 52 crore for the quarter ended June 30, 2013 against Rs 51 crore in the corresponding quarter last year. The rise came despite a 5 per cent drop in revenue to Rs 1,760 crore (Rs 1,849 crore).
While sales of motorcycles and scooters were down, the company witnessed a significant increase in three-wheeler sales. Total two-wheeler sales for the quarter stood at 4.60 lakh units.
Motorcycles registered sales of 1.85 lakh units (2.06 lakh units). Sales of scooters were down to 0.98 lakh units (1.20 lakh units) and two-wheeler exports registered lower sales of 0.52 lakh units (0.61 lakh units).
However, sales of three-wheelers witnessed a 66.9 per cent increase to 15,634 units (9,367 units), said a company communication to the Bombay Stock Exchange.
The company plans to strengthen its scooter portfolio with new model launches in the second quarter. It also plans to launch an upgraded TVS Scooty and TVS StaR City during the fiscal. During the June quarter, PT TVS Motor Company Indonesia registered total two-wheeler sales of 5,926 units (6,041 units). The company recently launched TVS Dazz, its first automatic model for Indonesia.
The company’s stock price on the Bombay Stock Exchange closed at Rs 31.45, up by Rs 1.75 over the previous day’s closing price.
raja.simhan@thehindu.co.in