TVS Motor Co. Ltd. has been witnessing a surge in its electric vehicle sales. For the December quarter, it sold 48,223 units against 29,230 units
TVS Motor Company’s standalone net profit for the December quarter rose 68% from the year-earlier period to ₹593 crore on improved sales.
Revenue from operations grew by 26% to ₹8,245 crore, while costs of raw material increased to ₹5,696 crore from ₹4,882 crore, the automobile firm said in a regulatory filing.
Profit before tax grew 63% to ₹775 crore. This included other income of ₹73 crore relating to gains from investments.
During the quarter, TVSM sold 10.63 lakh two-wheelers against 8.36 lakh units. There was a marginal increase in two-wheeler exports to 2.16 lakh units from 2.07 lakh units, while three wheelers sales declined to 38,000 from 43,000 units. Electric vehicles registered sales of 48,223 units against 29,230 units.
On Wednesday, the board recommended the re-appointment of K.N. Radhakrishnan, director, who is liable to retire by rotation at the ensuing Annual General Meeting.
Director Lakshmi Venu, meanwhile, will not seek re-appointment, due to her increased responsibilities and commitments in TAFE and Sundaram Clayton Ltd., the company said.
