TVS Motor Q3 net profit up 16.3%
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TVS Motor Co has reported a 16.3% growth in its net profit for the quarter ended December 31, 2017 to Rs 154.35 crore, compared with Rs 132.67 crore in the same quarter last fiscal, even as revenues have grown at a faster 23.5% (after adjusting for excise and GST) to Rs 3,685 crore. The lag in profit growth was mostly due to lower income and higher taxes. Tax expenses increased sharply by 51% to Rs 56.01 crore in Q3 FY18 from Rs 37.13 crore in the year-ago period. Adjusted for this, the net profit was well in line with the estimate of analysts at Rs 168 crore, according to Bloomberg. The stock, however, closed 0.94% lower at Rs 712.90 on the BSE on Tuesday. Total unit sales in the quarter grew 15% to 8.26 lakh units. Realisations too improved by 7.4% per unit leading to revenue growth ahead of volumes, aided by price increases earlier in the year on motorcycles and a change in sales mix.
The company’s profit before tax (PBT) registered a growth of 23.9% to Rs 210.36 crore in the third quarter of 2017-18 from Rs 169.80 crore in the third quarter of the previous financial year. Operating profit during the quarter shot up 31.3% to Rs 286.8 crore and margin expanded by 50 basis points to 7.8%, compared with 7.3% in the same quarter in the previous fiscal. During the quarter ended December 2017, motorcycle sales grew 26.7% to 3.14 lakh units (from 2.48 lakh units registered in the third quarter of 2016-17) and scooter sales increased by 22% to 2.69 lakh units (2.21 lakh units). Exports during the quarter saw 42.4% growth to 1.40 lakh units of two- and three-wheelers in the quarter under review against 99,000 units in the third quarter of 2016-17. Three-wheeler sales too registered a strong growth of 67.7% to 26,968 units against 16,081 units in the third quarter of last fiscal.
In the nine months ended December 2017, revenue excluding excise duty/GST grew 19.9% to Rs 11,136.90 crore (Rs 9,290.81 crore and the profit after tax grew 15.2% to Rs 496.98 crore against Rs 431.31 crore registered in the nine months ended December 2016).
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