TVS Motor Company's profit for the first quarter of the 2017-18 financial year grew by 6.8 per cent year-on-year to Rs. 129.5 crore, compared to Rs. 121 crore a year ago. The two-wheeler manufacturer's revenue during the quarter increased 19 per cent to Rs. 3,743 crore compared to the same quarter last year. Operating profit of the company stood at Rs. 211.4 crore for the same period. Analysts however expected the company's profit to be around Rs. 169 crore for the same period.
A provision of Rs. 16.50 crore towards additional discount offered to dealers for pre-GST stocks held on June 30, 2017 for selling vehicles at revised prices impacted TVS Motor Company's bottomline, the company said. There were also pressures on raw material costs during the quarter.
TVS Motor Company's total two-wheeler sales for the period, including exports, rose by 12 per cent to 7,85,000 vehicles. The TVS Jupiter is one of the company's largest selling two-wheeler models. TVS is the third largest two-wheeler manufacturer in India, behind Hero MotoCorp and Honda Motorcycle and Scooter India, and ahead of Bajaj Auto. TVS also has a tie-up with BMW Motorrad, manufacturing the BMW G 310 R at its Hosur plant in Tamil Nadu. TVS is expected to roll out its own version of the same engine, a full-faired entry-level sportbike to be called the TVS Apache RR 310S.
Also Read: TVS Working On New Electric Scooter
According to recent reports, TVS has been working on hybrid and electric technologies for several years now. An electric scooter prototype from TVS was recently spotted as well, hinting that the company is serious about its electric and hybrid vehicle program. The hybrid and electric two-wheelers are expected to be rolled out by the end of the calendar year and in early 2018.
