TVS Motor shares jump over 11% on back of Q3 earnings

TVS Motor shares jump over 11% on back of encouraging Q3 earnings

Representative image. Credit: iStock.

Shares of TVS Motor Company on Friday zoomed over 11 per cent after the company logged an 84.7 per cent rise in the December quarter's consolidated net profit.

Reacting to the encouraging earnings, the stock jumped 11.41 per cent to Rs 589 -- its one-year high -- on the BSE.

On the NSE, it gained 11.46 per cent to its 52-week high of Rs 589.75 apiece.

TVS Motor Company on Thursday reported a 84.7 per cent increase in consolidated net profit at Rs 289.69 crore for the third quarter ended December, riding on the back of higher sales.

The company had posted a net profit of Rs 156.84 crore in the October-December period of the previous fiscal.

Consolidated revenue from operations increased to Rs 6,094.91 crore for the third quarter as against Rs 4,765.99 crore in the same period of 2019-20, TVS Motor Company said in a statement.

On a standalone basis, the company reported a net profit of Rs 265.62 crore, its highest ever in a quarter.

The company had posted a net profit of Rs 121.07 crore in the October-December period of the previous fiscal.

Revenues during the period under review rose 31 per cent to Rs 5,404 crore, its highest ever in a quarter as compared with Rs 4,126 crore in the third quarter of 2019-20.