TVS Motor Company Ltd. has reported a 5% dip in its standalone net profit for the fourth quarter ended March to ₹275 crore on lower sales volume.
Revenue from operations grew by 4% to ₹5,530 crore, the manufacturer of two-and-three wheelers said in a statement.
For the three-month period, motorcycle sales registered 2% growth at 4.42 lakh units, scooter sales was marginally down to 2.62 lakh units from 2.98 lakh units and three-wheeler remained almost flat 0.42 lakh units (0.41 lakh units).
For FY22, net profit grew 46% to ₹894 crore and revenue from operations rose 24% to ₹20,791 crore. Overall two and three-wheeler sales including exports grew by 8% at 33.10 lakh units.
During the quarter, the company invested almost ₹711 crore in the shares of TVS Motor (Singapore) Pte. Ltd., ₹46 crore in TVS Motor Services Ltd. and ₹1 crore in TVS Electric Mobility Ltd.
On Thursday, the board elevated Sudarshan Venu as Managing Director with immediate effect.
Mr. Sudarshan had been charting the future of the company and made it the most awarded two-wheeler company. He has played a pivotal role in the company’s growth in India and key international markets, including Asia, Africa, and more recently in Europe, the company said in a statement said.
Venu Srinivasan, Chairman Emeritus, said, “Sudarshan’s extraordinary efforts have witnessed key decisions to develop aspirational products and grow fast in India and overseas.
Mr. Sudarshan has also led some key acquisitions and the expansion of group companies. We are confident that under his leadership, TVS Motor will transform into a leading mobility player globally,” Mr. Venu added.