TVS Motor Company, India's third largest two-wheeler maker, has bounced back this fiscal on account of improved sales. The company's net profit surged 157% to Rs
18.11 crore in the first quarter of the current fiscal, as compared to Rs 7.02 crore in the corresponding quarter last fiscal.

Net sales of the company rose 7% to Rs 975.62 crore in the first quarter of the current fiscal. The other operating income touched Rs 13.07 crore. Profit from operations before other income grew by 93% to Rs 37.19 crore.

Depreciation charges totaled to Rs 25.41 crore in the latest quarter. Interest cost grew to Rs 17.12 crore. Profit before tax doubled to Rs 20.03 crore. The tax provision claimed Rs 1.92 crore.

Mr. K N Radhakrishnan, TVS-M President and CEO, declared on Friday after the board meeting in Bangalore that the growth in PAT is due to the increase in sales as well as better realization. Material costs have also reduced.

On standalone basis, TVS-M's net profit stayed flat at Rs 31.08 crore in the period 2008-09, as against Rs 31.77 crore in the last year. Net sales grew 14% to Rs 3670.92 crore. Other operating income touched Rs 65.75 crore and other income Rs 3.02 crore.

Mr. Radhakrishnan added that the company is viewing fairly good growth and hope to preserve the same performance that it has achieved.

Shares of TVS Motor Company, on Friday, closed at Rs 59.45, down 5.93% or Rs 3.75. The total quantity of shares traded was 1,386,677 on the BSE.