TVS Motor Company Ltd. has reported a 5% decline in its standalone net income to ₹275 crore for the fourth quarter ended March on lower sales volume.
Revenue from operations rose 4% to £5,530 million, the two- and three-wheeler maker said in a statement.
For the three month period, motorcycle sales recorded growth of 2% to 4.42 lakh units, scooter sales fell slightly from 2.98 lakh units to 2.62 lakh units and tricycle sales remained at 0.42 lakh units ( 0.41 lakh units) almost unchanged.
For FY22, net profit rose 46% to £8.94 billion and operating income rose 24% to £20,791 million. Overall sales of two and three wheelers including exports increased by 8% to 33.10 lakh units.
During the quarter the company invested nearly £7.11 billion in TVS Motor (Singapore) Pte. Ltd., £46 million into TVS Motor Services Ltd. and £1 million in TVS Electric Mobility Ltd.
On Thursday, the board appointed Sudarshan Venu as Managing Director, effective immediately.
Mr. Sudarshan had planned the future of the company and made it the most awarded two-wheeler company. He has played a key role in the company’s growth in India and key international markets including Asia, Africa and more recently Europe, the company said in a statement.
Venu Srinivasan, Chairman Emeritus, said, “Sudarshan’s extraordinary efforts have resulted in important decisions to develop sophisticated products and rapid growth in India and overseas.
Mr. Sudarshan has also led several key acquisitions and expansion of group companies. We are confident that under his leadership, TVS Motor will grow into a leading global mobility provider,” added Mr. Venu.