TVS Motor posts Rs23.53 crore net profit

TVS Motor Company has posted a net profit of Rs23.53 crore for the quarter ended 31December, 2009 as against a net loss of Rs0.95 crore, during the same period last year. The company's total income surged 25.4 per cent to Rs1,089.45 crore up from Rs868.71 crore.

During the quarter under review, exports showed signs of recovery complementing the company's domestic sales, which contributed significantly towards growth, according to the company's statement.

Two wheeler exports were down at 0.44 lakh units for the quarter ended December 2009 as against 0.55 lakh units during the comparable period of the previous year.

Total two-wheeler sales grew at 21.7 per cent in the quarter and were up at 3.72 lakh units as against 3.06 lakh units in the corresponding period of the previous year. Motorcycle sales were at 1.51 lakh units as compared to 1.44 lakh units over the corresponding period of the previous year registering a growth of 4.6 per cent.

"Growth has been across categories. We are still down in exports but exports have been much higher than earlier quarters," said H S Goindi, president, marketing.

During the quarter the company made an investment of around Rs23.52 crore in its wholly-owned subsidiary TVS Motor (Singapore) Pte Ltd, which in turn invested in the equity of the subsidiary PT TVS Motor Company Indonesia.