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Chennai, Jan. 25 TVS Motor Company has reported lower turnover and net profit for the third quarter of the current year, compared with the same period last year.

“The motorcycle sales continue to be affected due to stringent norms followed by retail financiers, restricted availability and high rates of interest,” says the company.

Net profit for the quarter was Rs 5.83 crore, about half of Rs 11.46 crore posted in the comparable quarter of last year.

Turnover was also down at Rs 896 crore against Rs 953 crore previously.

While motorcycles sales were substantially lower — 176,158 units against 219,963 previously — sales of scooters were marginally higher, at 65,253 units against 61,243.

“The company is looking to overcome the slowdown in motorcycle segment through a slew of strategic brand initiatives planned for the fourth quarter.

“These new product launches planned for the fourth quarter, across various motorcycle segments, will provide more options for customers and help the company to leverage a larger product range in future,” says a press release from the company.

Among the launches scheduled for the fourth quarter are the Apache RTR EFI, an ‘entry-level’ StaR Sport motorcycle, and an electric Scooty.

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