Leading two-wheeler tyre maker TVS Srichakra Ltd has posted 51 per cent increase in its net profit at ₹51.44 crore for the fourth quarter ended March 31, 2016, when compared with ₹34.03 crore a year-ago period, on the back of improved operating profit due to lower raw material prices and other income.
Its gross profit stood at ₹64.08 crore against ₹45.41 crore. Its other income was ₹18.44 crore when compared with ₹ 2.74 crore. Net sales grew by 13 per cent at ₹520.61 crore when compared with ₹ 460.87 crore in the corresponding period previous fiscal.
For the full year ended March 31, 2016, net profit saw a whopping increase of 90 per cent at ₹197.21 crore against ₹103.79 crore in 2014-15
EBITDA (earnings before interest, taxes, depreciation and amortisation) was higher at ₹344.50 crore against ₹ 1345.20 crore. EBITDA margins stood at 16.5 per cent for 2015-16.
Depreciation charges were ₹42.35 crore against ₹39.88 crore in FY14-15, while interest charges were at ₹14.78 crore against ₹29.89 crore.
Its total revenues for the year were higher at ₹2082.06 crore when compared with ₹1899.71 crore in 2014-15.
On consolidated basis, the company posted a net profit of ₹186.22 crore (₹ 99.63 crore) and net sales of ₹2321.03 crore (₹ 2161.33 crore). “Our company turned out a fine performance in the financial year ended, with our after-market sales growing well supported by intense brand building activity, keeping up the significant position with the OEMs and sustaining our exports of both off-road tyres and two-wheeler tyres,” said P Vijayaraghavan, Director.
“Material cost reduction, efficiency improvement through operational excellence, better working capital management, have led to cost control in various disciplines, thereby helping the company,” he added.