TVS Motor to Spin Off Finance Unit on Strong Demand
TVS Motor plans to demerge its consumer-finance business into a separate listed entity after reporting a fifty two percent jump in quarterly profit. Strong vehicle demand drove record revenue for the automaker.
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TVS Motor Co Ltd will spin off its consumer-finance unit into a separately listed entity after reporting a 52.4% jump in quarterly profit to 13.77 billion rupees ($144.66M). The results in India topped analyst forecasts of 12.76 billion rupees on strong vehicle demand. Shares rose 3.7% following the announcement during the morning session.
