TVS Motor Company has reported a net profit of Rs 55.75 crore for the quarter ended December, which is 136 per cent more than the Rs 23.54 crore it achieved in the corresponding quarter of last year.

Buoyancy in motorcycle sales — up 40 per cent in volume terms to 2.11 lakh units — was chiefly responsible for the good results.

Earnings per share more than doubled despite the fact that the number of shares have doubled, due to a 1:1 bonus issue in September.

Indonesian unit

TVS Motor's subsidiary in Indonesia has also performed well, with a 42 per cent growth in motorcycle sales — 14,809 units in the April-December period.

TVS Motor invested Rs 13.59 crore into the subsidiary. The Indonesian unit was set up in 2007 at a cost of $ 27 million (Rs 125 crore).

TVS Motor will introduce upgraded models of TVS RockZ and TVS Apache in Indonesia in the current quarter, says a press release from the company.

In the nine months of the current year, the company achieved a turnover of Rs 4,655 crore and a net profit of Rs 159.90 crore, compared with Rs 3,208 crore and Rs 66.20 crore respectively, in the corresponding period of last year.

CREDIT SERVICES arm

During the quarter, TVS Motor invested Rs 28.40 crore in a subsidiary, TVS Motor Services Ltd, a company that holds the shares of TVS Credit Services Ltd, a non-banking finance company.

In the first and second quarters, TVS Motor invested Rs 92 crore and Rs 19.40 crore, respectively, in TVS Motor Services or totally Rs 140 crore.

TVS Credit Services is a company formed to provide loans to those who buy TVS Motor's products.

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