TVS appoints Ralf Speth as chairman; Venu Srinivasan to continue as MD

Ralf Speth (Image: Reuters/Wolfgang Rattay)

TVS Motor Company has appointed Ralf Dieter Speth as Chairman, effective from April 1.

Venu Srinivasan, who is currently the chairman and managing director, will continue as the managing director, designated as Chairman Emeritus of TVS Motor Company from April 1, the company said in its filing to regulators.

As per the TVS website, Prof Sir Ralf Dieter Speth, began his career in BMW and did his PhD at Warwick Manufacturing Group, University of Warwick. Later, he joined Ford Motor Company’s Premier Automotive Group (PAG) where he was responsible for product planning and quality. He then moved to the chemical giant Linde where he ran global operations.

He holds a Dipl. Wirt. Ing (FH) from the University of Rosenheim and a Doctorate in Engineering from the University of Warwick, it states.

He has served as the Chief Executive Officer of Jaguar Land Rover (JLR). where he developed strategies, designs, styling, and products and continues to serve on the board of JLR as Vice Chairman. In early 2010, he became a member of the Tata Motors board and in 2016, Ratan Tata appointed him to the Supervisory Board of Tata Sons.

It added that the Royal Academy of Engineering invited Speth in 2014 to join its Fellowship. In 2018, he was awarded a Knight of the British Empire.

The auto major on February 7 reported that its consolidated net profit declined 18.34 percent to Rs 236.56 crore for Q3FY22 (October-December 2021), compared to consolidated net profit of Rs 289.69 crore in Q3FY21. It said profit decreased due to lower sales of two-wheelers.

Revenue from operations rose to Rs 6,597.35 crore in Q3FY22 as against Rs 6,094.91 crore in Q3FY21. On a standalone basis, TVS Motor posted a net profit of Rs 288 crore as against Rs 266 crore in Q3 last fiscal.

Total two-wheeler sales for the December quarter stood at 8.35 lakh units as compared to 9.52 lakh units in the same period last fiscal; and two-wheeler exports grew 12 percent.

Motorcycles sales stood at 4.46 lakh units in Q3FY22, as against 4.26 lakh units; while scooter sales stood at 2.56 lakh units as against 3.11 lakh units in Q3FY21.

Three-wheeler sales grew 17 percent to 44,000 units in the period under review as compared with 38,000 units in the same period of previous fiscal, it added.

(With inputs from PTI)