Net profit of TVS Motor Company has experienced a drop of 7.2% for three months ended December 31, 2012, at Rs 52.45 crore compared to net profit of Rs 56.53 crore posted for the corresponding period in the previous fiscal year.
The income from operations stood at Rs 1799.22 crore for the third quarter of this fiscal year against Rs 1775.45 crore for the same period of last year, with an increase of 1.34%.
Profit for the quarter is marginally lower due to reduction in export incentives from 5.5% to 2% and investment behind brands. The company, an announcement, said that a combination of several factors including delayed monsoons, high interest rates and the overall subdued sentiment affected sales of the two wheeler industry.
The total two wheeler sales of the company was at 5.03 lakh units in the quarter ended 31st December 2012 against 5.19 lakh units in the previous comparable quarter. During the third quarter of the fiscal year, motorcycles recorded sales of 1.97 lakh units as compared to 1.93 lakh units sold in the same period last year. Sales of scooter of 1.12 lakh units in comparison to 1.38 lakh units in the corresponding quarter of the previous year.
Two wheeler exports registered 0.50 lakh units in the current quarter against 0.64 lakh units in the quarter ended December 2011.
Howvever, three wheeler sales saw a growth during the quarter at 13,602 units in three months ended December 31, 2012, as compared to 8,899 units in the quarter ended December 2011. PT TVS Motor Company Indonesia, a part of the company, registered total two wheeler sales of 4,767 units compared to 4,033 units sold during the same period of the previous year, added the company.
