Chennai-based TVS Motor Company Ltd today reported 96.59 per cent increase in standalone net profit at Rs 88.84 crore for the second quarter ended September 30, boosted by healthy growth of motorcycles and divestment of its majority stake in a group company.
The company had posted a standalone net profit of Rs 45.19 crore in the year-ago period, TVS Motor Co said in a statement.
Net sales during the quarter under review stood at Rs 1,962.03 crore as against Rs 1,683.41 crore for the period last fiscal.
The board at its meeting held today declared an interim dividend of Re 0.65 per share (65 per cent) absorbing a sum of Rs 36.13 crore including dividend distribution tax for 2013-14, the company said.
During the quarter ended September 2013, the company divested its majority stake in TVS Energy Ltd, the profit for which has been shown as an exceptional item of Rs 30.28 crore it said.
Elaborating sales performance, TVS Motor Co said its total two-wheeler sales grew by 2 per cent in the current quarter ended September 2013 to 4.79 lakh units as against .69 lakh units in the second quarter previous year.
"Motorcycle sales grew by 18 per cent from 1.67 lakh units in the quarter ended September 2012 to 1.97 lakh units in the quarter ended September 2013," the company said.
Scooter sales in the quarter ended September 2013 was 1.16 lakh units compared to 1.19 lakh units in the same quarter last year, it added.
Two-wheeler exports registered 27 per cent growth to 61,000 units in the quarter ended September 2013 from 48,000 units in same quarter ended September 2012.
The company said its three-wheeler sales during the quarter grew 85 per cent to 23,000 units from 12,000 units in the year-ago quarter.
Shares of TVS Motor Co were trading at Rs 51.20 per scrip in the afternoon trade, up 2.91 per cent from the previous close on BSE.