Mumbai: Net profit of TVS Motor Co, India's third-largest two-wheeler maker, more than doubled in Oct-Dec, riding high on a booming auto market in the country.
It reported a net profit of 557.5 million rupees compared with 235.4 million rupees a year ago. Net sales jumped to 16.13 billion rupees from 10.72 billion rupees, it said.
Total two-wheeler sales grew 39 percent to 518,000 units and that of three-wheelers jumped to 10,079 units from 3,225 units.
TVS' strong showing comes a day after bigger rival Bajaj Auto met estimates with a 40 percent jump in quarterly net profit.
India's domestic auto sales have grown by a third in 2010, powered by strong economic growth, an expanding middle class, and easy financing options.
The pace of growth has made it the second fastest growing auto market in the world after China, which grew at a comparable rate.
Auto sales in the third quarter tend to be higher because of the Hindu festival season that peaks in Oct-Nov and is considered an auspicious time for purchases such as vehicles and white goods.
At 2:41 p.m., TVS Motor shares were up 1.63 percent at 62.4 rupees in a choppy Mumbai market.