TVS Motor Company is trading higher by 4% at Rs 34.85 after reporting 31% year-on-year (y-o-y) rise in fourth quarter net profit at Rs 57.23 crore, on back of other income and lower tax outgo. The company had a net profit of Rs 43.68 crore in year ago quarter. Total income, however, dipped marginally to Rs 1,627 crore from Rs 1,635 crore in the previous corresponding quarter.
Two-wheeler maker has earned Rs 8.29 crore as income from other sources against nil in previous year quarter, while paid 68% lower tax at Rs 4.95 crore during the recently concluded quarter.
“The company expects to launch new products in 2013, thereby improving its product portfolio and increasing growth prospects,” TVS Motor said in a release.
Meanwhile, the board has declared a second interim dividend of 70 paise a share, in addition to the declared interim dividend of 60 paise a share on face value of Re 1 each.
As many as a combined around one million shares have already changed hands on the counter so far on both the exchanges.