TVS Motor Company has exceeded analysts’ expectations by posting a 10% growth in its net profit for the quarter ended December to Rs 132.67 crore as compared to Rs 120.21 crore reported in the same quarter previous fiscal.
During the quarter the company had a total sale of 7,18,605 units as against 702,044 units in Q3 of 2016. The company has increased its two-wheeler market share in the quarter to 15.5% as compared to 14.3% in the same quarter last fiscal. The total two-wheeler sales grew 4%, the company said on Tuesday in a press release.
Total revenue grew 3% to Rs 3,239.55 crore in the quarter ended December 2016 as against Rs 3,151.12 crore recorded in the quarter ended December 2015. However, when compared sequentially, the company reported sharp decline in all fronts owing to demonetisation.
The profit before tax (PBT) registered a growth of 4.1 % to Rs 169.80 crore in the third quarter of 2016-17 as against Rs 163.14 crore in the third quarter of the previous financial year.
During the quarter ended December 2016, the overall two-wheeler sales the company, including exports grew 4% to 7.03 lakh units as against 6.76 lakh units registered in the quarter ended December 2015. Motorcycles sales registered 2.48 lakh units in the third quarter of 2016-17 as against 2.60 lakh units registered in the third quarter of 2015-16.
Scooter sales during the quarter under review were 2.21 lakh units compared to 2.32 lakh units in the third quarter of 2015-16. However, mopeds sale grew sharply to 2,34,000 units during the quarter as compared to 1,84,000 units sold in the same quarter last fiscal.
The company exported 99,000 units of two and three wheelers in the quarter under review as against 1.08 lakh units in the third quarter of 2015-16. Three wheelers registered sales of 16,081 units in the quarter under review as against 26,225 units in the third quarter of 2015-16.