Reduction in export incentives impacts profit marginally
TVS Motor Company reported a revenue of Rs.1,799 crore for the quarter ended December 2012, up marginally from Rs.1,775 crore during the corresponding quarter in the previous year.
Profit before tax (PBT) stood at Rs.67 crore (Rs.76 crore). Profit after tax (PAT) was Rs.52 crore (Rs.57 crore). “Profit for the quarter is marginally lower due to reduction in export incentives from 5.5 per cent to 2 per cent, and investment behind brands,” said a release.
The directors have declared an interim dividend of 60 paise per share on the share capital of Rs.47.51 crore, absorbing Rs.32.85 crore, including dividend distribution tax, for the year 2012-13.
In the meanwhile, the company registered total two-wheeler sales of 5.03 lakh units in the quarter ended December, 2012, down from 5.19 lakh units in the previous comparable quarter.
Motorcycles recorded sales of 1.97 lakh units (1.93 lakh units). Scooter sales were 1.12 lakh units (1.38 lakh units).
Two-wheeler exports stood at 0.50 lakh units (0.64 lakh units). Three-wheeler sales stood at 13,602 units (8,899 units).
During the quarter, PT TVS Motor Company, Indonesia, registered total two-wheeler sales of 4,767 units (4,033 units).