TVS Motor Company Ltd. on Monday reported third-quarter standalone net profit rose 9% to ₹288 crore.
The two- and three- wheeler manufacturer posted its highest operating revenue of ₹5,706 crore in the three months ended December, against ₹5,391 crore a year earlier. Profit before tax rose to a record ₹391 crore (₹362 crore), it said in an investor presentation.
The company said it had made several investments in its subsidiaries last quarter: ₹50 crore in the equity of TVS Motor Services Ltd., ₹115 crore in TVS Motor (Singapore) Pte. Ltd., and ₹75 crore in compulsorily convertible preference shares of Ultraviolette Automotive Pvt. Ltd.
Separately, TVS Motor said it had appointed Ralf Dieter Speth as chairman with effect from April 1, 2022, while Venu Srinivasan, would continue to be the MD designated as chairman emeritus. Mr. Speth was earlier the CEO of Tata Motors’ JLR luxury car unit.
Consolidated profit, however, declined 18.3% to ₹236.56 crore on account of lower two-wheeler sales.
Total two-wheeler sales for the December quarter was 8.35 lakh units as compared with 9.52 lakh units in the year-earlier period.
Two-wheeler exports grew 12%, TVS Motor added.
