TVS Motor Company on Friday posted a marginal increase of 1.50 per cent in its net profit to Rs 51.87 crore for the first quarter ended June 30, 2013, due to sluggish sales.

The company had posted a net profit of Rs 51.1 crore during the same period previous fiscal.

Net sales of the company, however, declined by 4.42 per cent to Rs 1,740.19 crore for the quarter under review, as compared to Rs 1,820.73 crore in the same period a year ago, the company said in a filing to the BSE.

The total two wheeler sales for the quarter ended June 2013 stood at 4.60 lakh units, it added.

“The sale of Motorcycles registered at 1.85 lakh units in the first quarter of the current financial year against 2.06 lakh units in the previous comparable period,” it said.

The company said its scooter sales stood at 98,000 units in the quarter under review, compared to 1.20 lakh units in the corresponding quarter last year.

“Two wheeler exports registered sales of 52,000 units in the quarter ended June 2013 as against 61,000 units in the quarter ended June 2012,” the company said.

However, three-wheeler sales for the quarter witnessed an increase of 66.9 per cent from 9,367 units in the quarter ended June 2012 to 15,634 units in the quarter ended June 2013, it added.

The Chennai-based company said it will strengthen its scooter portfolio with the launch of a new model in the second quarter of the current year.

“The company also plans to launch an upgraded TVS Scooty and TVS Star City during the current financial year,” it added.

The company said its board has approved divesting the company’s majority stake in TVS Energy Ltd, a subsidiary, subject to fulfilling certain conditions agreed between the parties.

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