TVS Motor Company has posted a 40 per cent growth in Q2 net profit at Rs 77 crore, while revenues grew 23 per cent to Rs 1,992 crore, over the corresponding quarter last year — on the back of “consistent contributions” from its “complete product portfolio’’.
Total two-wheeler sales grew 16 per cent in Q2 to 5.97 lakh units. Motorcycles sales rose 15 per cent to 2.41 lakh units, while scooters went up by 27 per cent to 1.59 lakh units. Three-wheeler sales during the quarter grew 19 per cent to 11,699 units.
Two-wheeler exports registered a 31 per cent growth in sales to 0.76 lakh.
During the quarter, PT TVS Motor Company Indonesia registered total two-wheeler sales of 7,837 units (5315 units).
Festive season
The company recorded a 20 per cent growth in retail sales during the Pooja and Diwali season at 2.5 lakh vehicles, over the festival season last year.
“This high retail growth has resulted in significant liquidation of stocks, both at the company and dealer end,” said the company in a statement.
“Therefore, sales projection for the months of November and December is expected to be above the 2,00,000 mark per month.”
The company sold 1,83,718 units in October 2011 against 1,95,271 units in October 2010. The seven-day annual maintenance shutdown of the company took place in the month of October, coinciding with Diwali.
TVS Motor Co is confident of achieving a 15 per cent plus growth for the current year.