TVS Q1 net rises 123% to Rs 40 crore

CHENNAI: TVS Motor reported a net profit of Rs 40.4 crore in the first quarter ended June 30, 2010, up 122.8% over Rs 18.1 crore in the same period of the previous year. The board has recommended the issue of bonus shares in the ratio of 1:1 by capitalising the equivalent amount standing to the credit of the general reserves for approval of the shareholders though postal ballot.

The board also declared second interim dividend of 0.50 (50%) per share absorbing Rs 13.4 crore, including dividend distribution tax for the year 2009-10. The total dividend for the year will aggregate to Rs 1.20 per share (120%). The board has not recommended any final dividend for 2009-10.

In Q1, revenues grew to Rs 1,393 crore from Rs 988.7 crore in the year-ago period. In a release, company said volume growth, led by new launches and complemented by strong contributions from the existing portfolio, has enabled TVS to record a revenue growth of 41% in the first quarter.