India, Aug. 19 -- TVS Srichakra, India's tyre manufacturer, reported a 61 percent surge in first-quarter profit after receiving a government grant, though operating performance remained subdued amid challenging market conditions.
Net income rose to INR 181.2 million in the three months ended 30 June from INR 112.6 million a year earlier, the Madurai-based company said in a regulatory filing. Revenue from operations increased 3.1 percent to 76.17 billion rupees.
The profit surge was primarily driven by an exceptional income of INR 1.76 billion from a government grant. TVS Srichakra received an interim eligibility certificate for investment promotion capital subsidy sanctioned by the Tamil Nadu state government in November 2021, to be paid...