Tyre manufacturer TVS Srichakra Tyres has reported nearly three-fold gain in its standalone net profit of Rs 48.9 crore for the first quarter ending June 30, 2015. Comparatively, the Tamil Nadu-based company’s net profit for the last year’s corresponding quarter stood at Rs 17.26 crore, and the yearly profit, for 2014-2015, was reported to be Rs 103.79 crore.
If we compare the income for just April-June quarter of year 2014 and 2015 then, the total income in this year grew to Rs 503.57 crore from Rs 451 crore of the corresponding period in 2014. The total income for the 2014-2015 was reported to be Rs 1895.99 crore.
P Vijayaraghavan, Director of TVS Srichakra said, “We have done well to keep our top line growing, maintaining our share with the OEMs as the largest supplier to the vehicle manufacturers. Our company continues to do very well in aftermarket segment, with our numbers growing every quarter, we are now making two million tyres a month and expansion going on to touch 2.3 million tyres a month by October-November (2015).”
The company said that there has been one per cent growth in the first quarter and that they expect it to increase in the second half of FY2015.
“Rural market is certainly showing an improved cash flow and this should help the industry do better in the remaining part of this financial year,” Vijayaraghavan said.
In the next few months, the company also plans to launch its range of two-wheeler tyres. The company is even focusing on expanding the tractor tyre segment through offering additional tyre size option, primarily for the European market initially and then expanding through its global network.