The board of TVS Srichakra Ltd., on Saturday, granted an in-principle approval to set up foreign subsidiaries in Indonesia and Vietnam to cater to the company’s business interests, the company said in a regulatory filing. The automotive tyre maker, meanwhile, reported a 23.84% dip in net profit for the third quarter ended December 2018 to ₹23.60 crore against ₹30.99 crore in the year-earlier period, due to hike in raw material cost. Revenue from operations rose to ₹582.30 crore from ₹494.35 crore. Raw material costs for the quarter increased by 44.31%.