NEW DELHI: Owing to better sales, Chennai-based TVS Motor Company on Monday reported a 9% rise in net profit during the third quarter of the current financial year (Q3FY22) to Rs 288 crore as against Rs 266 crore during the same quarter last fiscal..
TVS Motor Board on Monday also said it has appointed Prof Ralf Dieter Speth, Non-Executive Director, as Chairman of the Board effective April 1, 2022. From April 1, 2022, Venu Srinivasan, would continue to be the Managing Director of the Company designated as Chairman Emeritus
The change in the top management level comes much faster than the company had previously announced. TVS, in March 2021, had said that Srinivasan will become Chairman Emeritus effective January 2023, and Speth would succeed him as Chairman.
Speth is widely known for his leadership at Jaguar Land Rover and for transforming it into the global company that it is today.
TVS reported the highest-ever operating revenue of Rs 5,706 crore in the third quarter of 2021-22. The company’s operating EBITDA margin was at 10% during the quarter as against 9.5% during Q3FY21.
The company registered total two-wheeler sales of 835,000 units in the December quarter as against 952,000 units in the quarter ended December 2020. Two-wheeler exports grew by 12% over Q3 of the last financial year.