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TVS Motor surges 7% after Q2 results beat estimates; bags 'India Green Energy Award'

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Shares of TVS Motor Company surged almost seven percent on Friday after the two-wheeler maker posted a 29.19 percent increase in consolidated net profit for the second quarter ended September. The company also bagged the "India Green Energy Award" after being recognised as an "excellent renewable energy consumer."

TVS Motor surges 7% after Q2 results beat estimates; bags 'India Green Energy Award'
Shares of TVS Motor Company surged almost seven percent during morning trade on Friday on the BSE after the two-wheeler maker posted a 29.19 percent increase in consolidated net profit at Rs 234.37 crore for the second quarter ended September. The company had reported a net profit of Rs 181.41 crore in the July-September period of the previous fiscal.
Revenue from operations rose to Rs 6,483.42 for the second quarter as compared to Rs 5,254.36 in the year-ago period, TVS Motor Company said in a regulatory filing. For the six months ended September 30, the company posted a consolidated net profit of Rs 219.65 crore.
It had posted a net loss of Rs 1.38 crore in the same period of 2020-21. Revenue from operations climbed to Rs 11,172.76 crore in the April-September period this fiscal, from Rs 7,194.01 crore in the year-ago period.
The company said in the September quarter its total two-wheeler sales rose to 8.7 lakh units as against 8.34 lakh units in the second quarter of 2020-21.
As part of being recognised as an "excellent renewable energy consumer," TVS Motor Company also bagged the 'India Green Energy Award.' Nitin Gadkari, Union Minister for Road Transport and Highways, gave the award to top corporate leaders during the Indian Federation of Green Energy's third India Green Energy Award 2020.
The company, in a press release, said the award is an acknowledgement of the company's efforts to increase the usage of alternative power sources in renewable energy to ensure long-term energy security and stability. Over the years, TVS Motor has managed to cut power usage by 15 percent and specific fuel use by 20 percent, according to the firm.
At 9:35, shares of TVS Motor Company were trading 5.12 percent higher, or up 29.55 points, at Rs 606.60 apiece on the BSE.
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