TVS Motor Company has reported a net profit of Rs 107.7 crore in Q3, up 19.4 percent compared to the same period last year (Rs 90.2 crore).
The automaker’s revenue went up 11 percent for the quarter ended December 2015. The total revenue grew from Rs 2,639 crore in Q3-FY2015 to Rs 2,940 crore in Q3-FY2016.
The Profit Before Tax and before exceptional item grew by 25.1 percent increasing from Rs 123.7 crore in the quarter ended December 2014 to Rs 154.7 crore during Q3. The Profit Before Tax after exceptional item (PBT) grew by 20.5 percent increasing from Rs 123.7 crore in Q3-FY2015 to Rs 149 crore in Q3-FY2016.
“On account of the unseasonal heavy rains and floods, the Chennai city and neighboring districts were affected. The company reached out to 3.75 lakh customers and free service camps were conducted. All affected two-wheelers were promptly serviced in the service camps. In addition, company also contributed to the flood relief fund of the government of Tamil Nadu. The reported profits are after provision for one off expense of Rs 7.5 crore consequent to floods in Chennai and a further sum of Rs 10.6 crore was provided on account of retrospective amendment to Bonus Act. Out of this amount a sum of Rs 5.7 crore relating to 2014-15 has been shown as exceptional item,” said the company statement.
The company reported total two-wheeler sales of 6.76 lakh units in Q3-FY2016, up 8 percent YoY (6.27 lakh units). This included motorcycle sales of 2.60 lakh units compared to 2.48 lakh units in the previous period, up 5 percent YoY. Scooter sales grew by 25 percent in Q3-FY2016 increasing from 1.86 lakh units in the corresponding previous period to 2.33 lakh units in the quarter under review.
Meanwhile, three wheeler sales in Q3-FY2016 is 26,225 units against 28,128 units sold in the corresponding quarter of previous year.
Further, the company exported 1.08 lakh units of two- and three-wheelers compared to 1.07 lakh units in the corresponding quarter of previous year.
The company’s board also declared an interim dividend of Re 1/- per share (100 percent) absorbing a sum of Rs 55.65 crore, including dividend distribution tax for the year 2015-16.