TVS Motor Company Ltd. (TVSM) reported standalone net profit for the quarter ended March surged 18% YoY to ₹485 crore on improved sales.
Revenue from operations grew by 24% to ₹8,169 crore. Cost of materials consumed soared to ₹5,969 crore from ₹4,843 crore, the manufacturer of two-and-three wheelers said in a filing.
Profit before tax of ₹671.63 crore included fair valuation loss of ₹47 crore of the investment held by the company against a gain of ₹62 crore. It is shown as part of “other income” in the financials.
For the three-month period, motorcycle sales grew by 32% to 5.11 lakh units, scooter by 16% to 3.96 lakh units, electric vehicles by 15% to 49,000 units and three wheelers by 4% to 30,000 units.
During the quarter, TVSM has invested ₹279 crore in its overseas subsidiary, TVS Motor (Singapore) Pte Ltd., and ₹25 crore in Indian Foundation for Quality Management. Besides, it sold its entire stake of 23.50% in Tag box Solutions Pvt. Ltd.
