TVS Motor on Tuesday reported a 16% year-on-year (y-o-y) rise in its net profit to Rs 178.39 crore for the three months to December, 2018. The growth in the bottom line was driven by 26% year-on-year rise in revenues to Rs 4,664 crore which in turn was driven by 19% y-o-y increase in volumes.
However, the operating profit margins shrank 7 bps year-on-year to 8.1%, impacted by an increase in the share of raw materials to revenue of 400 bps y-o-y.
TVS Motor Company on Tuesday joined other two-wheeler companies, including Hero MotoCorp, in seeking reduction of the goods and services tax (GST) rate on two-wheelers, pointing out that the mass commuting segment should not be treated on the lines of luxury goods. Raising concerns over the high GST rate, Venu Srinivasan, chairman, TVS Motor, said:
TVS Motor Company Chairman Venu Srinivasan has said that the Goods and Services Tax (GST) rates for two-wheelers should be reconsidered, especially at a time when the new safety norms and fuel norms are expected to increase the prices of such vehicles.
Rising urbanisation, increasing purchasing power and the enhanced need for connectivity particularly in mid-sized and smaller cities across India, have fuelled the two-wheeler revolution for personal mobility.
Shares of TVS Motor Company dipped 6 per cent to Rs 531 on the BSE after the two and three- wheeler company reported a single- digit 6% year-on-year growth in sales in December 2018. The growth was lowest since October 2017.
The company registered 4 per cent growth in two-wheeler sales during December 2018 at 258,709 units as compared with 247,591 units, a year ago.
Two-wheeler major TVS Motor Company has announced its expansion in Peru with the launch of TVS Apache and TVS NTORQ in the market, along with an additional showroom. The company had announced in September its expansion in Mexico in order to increase its footprint in the Latin American market.
The Madras High Court granted anticipatory bail to TVS Motor Chairman Venu Srinivasan on Wednesday in connection with the alleged idol theft case in Tamil Nadu.
Srinivasan's name was mentioned in a first information report (FIR) by the local police. The case was then transferred to the Idol Wing of the Crime Branch-Central Investigation Department. The FIR accused him of replacing a century-old peacock idol at Chennai’s Kapaleeswarar temple with a fake one.
TVS Radeon 110cc: TVS Motor has launched the new Radeon premium commuter motorcycle in India at a price of Rs 48,400 (ex-showroom). The Radeon, which has been positioned as a premium commuter motorcycle will address a section of the Indian market that is yet unaddressed according to TVS Motor. The Radeon will employ a 110cc Duralife motor that is designed to deliver 8hp @ 7000 rpm and 8.7Nm of torque at 5000 rpm.
Inviting Real Estate Agents, Job Placements Agents, Educational Institutes, Software Service Providers, Real Estate Builders, Marriage Bureaus, Travel Agents, Restaurant Owners, Health & Fitness Centers and other Local Businesses to Post a FREE Classified Advertisement on Cootera.com Classifieds Website.