TVS Motor posts 84.7% rise in Q3 profits, shares jump over 11%
Shares of TVS Motor Company on Friday rose over 11 per cent after the company reported an 84.7 per cent rise in the December 2020 quarter’s consolidated net profit.
Encouraged by the earnings TVS’ stock jumped 11.41 per cent to ₹589, one-year high on the BSE.
On the NSE, it gained 11.46 per cent to its 52-week high of Rs 589.75 apiece.
On Thursday, TVS Motor Company reported an 84.7 per cent increase in consolidated net profit at Rs 289.69 crore for the third quarter ended December 2020, riding on the back of higher sales.
The company had posted a net profit of Rs 156.84 crore in the October-December period of the previous fiscal year.
TVS Motor Company in a statement said that consolidated revenue from operations increased to Rs 6,094.91 crore for the third quarter as against Rs 4,765.99 crore in the same period of 2019-20.
On a standalone basis, the company reported a net profit of Rs 265.62 crore, its highest ever in a quarter.
The company had posted a net profit of Rs 121.07 crore in the October-December period of the previous fiscal.
Revenues during the period under review rose 31 per cent to Rs 5,404 crore, its highest ever in a quarter as compared with Rs 4,126 crore in the third quarter of 2019-20.
TVS Motor Company Limited is an Indian multinational motorcycle company headquartered at Chennai, India. It is the third-largest motorcycle company in India with a revenue of over ₹20,000 crore in 2018–19. The company has annual sales of 3 million units and an annual capacity of over 4 million vehicles.