TVSE posts 87% rise in net profit

BANGALORE: TVS Electronics has registered an increase of 87 per cent in net profit at Rs 2.04 crore in the nine month period ending September 30, 1999 compared to Rs 1.09 crore in the previous nine-month accounting period ending December 31, 1998.

Net sales jumped by 50 per cent to Rs 126.97 crore from Rs 84.41 crore last year. The company is maintaining its leadership in dot matrix printers and keyboards while growing in UPS systems which has emerged as another strong business in its product realm. UPS is expected to contribute substantially to the company’s revenue in future.

It continued its investments in areas like new product developments, Y2K compliance and expanding the distribution network. During the quarter, the company entered the embedded software business through investment in Sundaram Telematics promoted by Sundram Fasteners Ltd. and which has now become a subsidiary of TVSE. TVS-E has a large network in the IT industry with 1,200 authorized dealers spread across more than 200 towns. The existing systems are being made Y2K compliant at a cost of Rs 1.2 crore, including the implementation of ERP system from BaaN. The project is to be completed by the end of this month.