TVS Motor has reported a more than sixfold increase in standalone net profit for the first quarter ended June 22 at ₹321 crore as against ₹53 crore in the year earlier, on higher sales.
Operating revenue rose 53% to ₹6,009 crore. The auto major said it sold 9.07 lakh units comprising two-wheelers and three-wheelers, including exports, as against 6.58 lakh units in the year-earlier period.
The company invested ₹39.56 crore in its overseas subsidiary, TVS Motor (Singapore) Pte. Ltd., and ₹114.06 crore to acquire 1.81% stake in Roppen Transportation Services Pvt. Ltd., Hyderabad.
It divested its entire stake in its wholly owned subsidiary, Intellicar Telematics, Bengaluru, for a consideration of ₹45 crore.
On Thursday, the board approved issuance of non-convertible debentures up to ₹125 crore on a private placement basis.
The board also approved the sale of shares of Sundaram Holding USA Inc., a material subsidiary held by Sundaram Auto Components Ltd., a wholly owned subsidiary, thereby resulting in disposal of the material subsidiary, subject to shareholders approval.