TVS Motor Co Q3 net profit down 7% at Rs 52.45 cr

TVS

Chennai-based TVS Motor Co today reported 7.21 per cent decline in net profit for the third quarter ended December 31, 2012 at Rs 52.45 crore on account of lower sales.

The company had posted a net profit of Rs 56.53 crore in the same quarter last fiscal, TVS Motor Co said in a filing to the BSE.

Net sales during the quarter under review stood at Rs 1,780.24 crore as against Rs 1,745.82 crore in the same period last fiscal, it said.

The Board of Directors of the company at its meeting held today also declared 60 per cent interim dividend of Rs 0.60 per share, absorbing a sum of Rs 32.85 crore, including dividend distribution tax for the year 2012-13, it said.

The dividend will be paid to the shareholders on or after February 12, 2013, it added.

Commenting on the sales performance, the company said a combination of several factors, including delayed monsoons, high interest rates and the overall subdued sentiment affected sales of the two-wheeler industry.

The firm registered total two-wheeler sales of 5.03 lakh units in the quarter ended December 31, 2012 against 5.19 lakh units in the previous comparable quarter, it said.

Motorcycles recorded sales of 1.97 lakh units as against 1.93 lakh units in the previous comparable period. Scooter sales were at 1.12 lakh units as against 1.38 lakh units in year-ago quarter.

Two-wheeler exports declined to 50,000 units during the third quarter from 64,000 units in the quarter ended December 2011. Three-wheeler sales were at 13,602 units as against 8,899 units in the quarter ended December 2011.

TVS Motor Co shares were trading at Rs 42.50 per share on the BSE, down 2.75 per cent from the previous close on the BSE.

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