TVS Motor Company Ltd. has reported a slump of 5% in its standalone net profit for the fourth quarter ended recently in March estimated to be INR 275 crore.
The TVS Motors company released its quarterly statement. Stating that the revenues from operation grew to INR 5,530 crore. Two-wheelers and three-wheelers were the major role-playing assets to this contribution.
The sales scenario observed motorcycle sales at an almost 2% rise standing at 4.42 lakh units. Whereas scooter sales were marginally low to 2.62 lakh units from the original 2.98 lakh units. And three-wheeler sales remained flat at 0.42 lakh units.
In FY22, net profit had reportedly increased by 46% standing at ₹894 crore. And the revenue from operations had risen by 24% at₹20,791 crore.
In the recently ended March quarter, the company had invested INR 711 crore in the shares of TVS Motor (Singapore based firm). As well as INR 46 crore in TVS Motor Services Ltd. Lastly INR 1 crore in TVS Electric Mobility Ltd.
Taking the recent developments into account and looking at the growth of the company Mr. Sudarshan Venu has been appointed as the new Managing Director with an immediate effect.
Therefore, Venu Srinivasan, Chairman Emeritus, said. “Sudarshan’s extraordinary efforts have witnessed key decisions. To develop aspirational products and grow fast in India and overseas. Mr. Sudarshan has also led some key acquisitions and the expansion of group companies. We are confident that under his leadership, TVS Motor will transform into a leading mobility player globally”.
