TVS Motor up over 5% as Q3 profit beats forecast
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TVS Motor Company has moved higher by 5.5% to Rs 402 on the National Stock Exchange (NSE), after the company reported a better than expected 10% year on year (YoY) growth in net profit at Rs 133 crore for the quarter ended December (Q3FY17).
Revenues from operations grew by 3% YoY to Rs 3,240 in Q3FY17 as against Rs 3,151 crore recorded in the quarter ended December 2015. EBITDA (earnings before interest, tax, depreciation and amortization) margin remained unchanged at 6.7% during the quarter.
Analyst on an average had expected profit of Rs 100 crore on revenues of Rs 3,000 crore.
TVS Motor said the total two-wheeler market share increased to 15.5% for the quarter compared to 14.3% in Q3 last year.
At 02:59 pm; the stock was up 5% at Rs 400 on the NSE, trading close to its 52-week high of Rs 420 touched on October 27, 2016 in intra-day trade. The trading volumes on the counter jumped more than five-fold with a combined 5.69 million shares changed hands on the BSE and NSE so far.
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