TVS Motor Company on Monday said its consolidated net profit declined 18.34 per cent to Rs 236.56 crore for the third quarter ended December 2021 on account of lower two-wheeler sales.
The company had reported a consolidated net profit of Rs 289.69 crore in the same period of the previous fiscal.
Revenue from operations, however, rose to Rs 6,597.35 crore in the third quarter as against Rs 6,094.91 crore in the October-December period of the 2020-21 fiscal, TVS Motor Company said in a regulatory filing.
The company said its board has appointed Ralf Dieter Speth as Chairman effective April 1, 2022.
Venu Srinivasan would continue to be the Managing Director of the company designated as Chairman Emeritus from April 1, it added. On a standalone basis, the company posted a net profit of Rs 288 crore as against Rs 266 crore in the December quarter of last fiscal. TVS Motor said its total two-wheeler sales for the December quarter stood at 8.35 lakh units as compared to 9.52 lakh units in the same period of the 2020-21 fiscal.
Two-wheeler exports grew 12 per cent as compared to the third quarter of the last financial year, it added.
Motorcycles sales stood at 4.46 lakh units in the third quarter as against 4.26 lakh units while scooter sales stood at 2.56 lakh units as against 3.11 Lakh units in the quarter ended December 2020.
Total three-wheeler sales grew 17 per cent to 44,000 units in the period under review as compared with 38,000 units in the same period of previous fiscal, it added.
