Despite the challenges of the global economic slowdown and overall cost escalation, TVS Motor Company has reported more than 100% growth in its net profit for the quarter ended June 30, 2009, to Rs 18.12 crore as compared to Rs 7.02 crore during the same quarter last fiscal. Sales grew by 7%.
The company, which has been reporting consistent growth over the last few quarters, has reported a 100% growth in profit before tax as well to Rs 20.04 crore as compared to 10.02 crore in the year-ago period. Revenues were at Rs 988.70 crore for the quarter under review compared to Rs 924.45 crore.
According to a company press release issued in Chennai on Friday, the total two-wheeler sales grew 2% in the first quarter to 350,273 units as against 343,530 units in the corresponding period of the previous financial year. Motorcycle sales stood at 154,687 units during the latest quarter compared to 171,703 units. Scooter sales grew 3% at 67,568 units against 65,545 units in the corresponding quarter of the previous fiscal. Three-wheeler sales tripled to 2,223 units against 765 units in the corresponding period of the previous year.
Exports, however, were affected in the first quarter of the current fiscal and registered lower sales of 32,067 two-wheeler units compared to 42,214 units recorded in the corresponding period of the previous year.