TVS Motor Q2 net up 40 per cent as festivals boost September sales
03 Nov 2011
TVS Motor Co today reported a 40 per cent year-on-year increase in its net profit in September 2011, with a 20 per cent growth in retail sales to 250,000 vehicles during September.
Total two-wheeler sales during the quarter ended September rose 16 per cent to 597,000 units, compared with 516,000 units in the corresponding period of the previous year.
"The company witnessed high retail growth during the season which has resulted in significant liquidation of stocks, both at the company and dealer end," the company said in a release.
TVS Motor, the country's third-largest two-wheeler maker, posted a net profit of Rs76.51 crore in the July-September quarter on net sales of Rs1,952 crore.
The company, however, saw a marginal dip in the number of units sold in October 2011 at 183,718 units against 195,271 units in the same month last year.
Cumulative sales grew 12 per cent to 1,324,077 units as against 1,184,065 units sold in the same period last year.
TVS Motor said it was confident of achieving over 15 per cent growth in the current financial year.
TVS, which makes the Flame and Apache range of motorcycles, said it expects to sell over 200,000 vehicles per month in November and December.