TVS Motor share hits 52-week high as firm reports highest ever net profit in Q3

TVS Motor share rose nearly 11% in trade today after the auto firm reported its highest ever net profit in Q3 of current fiscal. The share gained 10.92% to Rs 586.4, a fresh 52-week high against previous close of Rs 528.65  on BSE. The stock has gained after two days of consecutive fall. Market cap of the firm rose to Rs 27,583 crore. The share opened higher at Rs 554 with a gain of 4.8% today.

TVS Motor stock is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The large cap share has gained 24% in one year and 20% since the beginning of this year.  In a month, the stock has risen 19.79% in one month.

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The firm reported net profit of Rs 266 crore in Q3 against Rs 121-crore profit reported in the corresponding quarter of previous year. "The third quarter results of last year had a one-time reversal of exceptional item of Rs 76 crore," TVS Motor said in a release.

On a consolidated basis, the automaker's net profit rose 85 per cent year-on-year to Rs 290 crore during the December quarter.

The standalone revenue rose 31 per cent to a record 5,404 crore.

"During Q3 2020, two-wheelers sales in domestic market have grown by 21 per cent and international market by 31 per cent ahead of industry growth of 13 per cent and 20 per cent, respectively," it said. Overall, the company's two-wheeler sales rose 23 per cent to 9.52 lakh units. Exports increased to 2.61 lakh units from 2.17 lakh units in the year-ago quarter.