TVS Motor's Q3 PAT zooms over two folds to Rs 55.75 cr

NEW DELHI: Riding on strong sales growth, Chennai-based TVS Motor Co on Thursday reported an over two-fold jump in its profit after tax for the quarter ended third December 31, 2010 at Rs 55.75 crore.

Profit after tax in the previous comparable quarter was at Rs 23.54 crore, the company said in a statement.

During the third quarter this fiscal, sales revenue grew 51.23 per cent to Rs 1,647 crore from Rs 1,089 crore in the same period last fiscal.

The company said its board has approved a 50 per cent interim dividend for the financial year ending March 31, 2011 at Re 0.50 per share on 47.5 crore equity shares of Re 1 each, absorbing a sum of Rs 27.70 crore, including dividend distribution tax, it said.

Total two-wheeler sales grew by 39 per cent in the third quarter to 5.18 lakh units from 3.72 lakh units, it added.

Motorcycle sales grew by 40 per cent to 2.11 lakh units, while that of scooters increased by 64 per cent to 1.24 lakh units during the quarter, it said.

Two-wheeler exports grew 17 per cent to 51,394 units from 43,696 units in the year ago-period.

Three-wheeler sales during the quarter grew 212 per cent to 10,079 units in the quarter ended December 2010 from 3,225 units in the corresponding period last fiscal, it said.

The company's scrips were trading at Rs 62.10 per share on the Bombay Stock Exchange in the afternoon trade, up 1.14 per cent from the previous close.