TVS Motor profit declines 23% to ₹196 cr for Sept quarter1 min read . Updated: 29 Oct 2020, 06:51 PM IST
- The company’s Q2 revenues are at ₹4,617 crores, up 6% YoY on ₹4,353 crore from Q2 last fiscal
- TVS Motor had secured sales of 8.34 lakh two-wheelers in Q2FY21, as against sales of 8.42 lakh units in Q2 last fiscal, including export shipments
Mumbai: TVS Motor Company Ltd has reported a 23% YoY decline in its profit at ₹196 crore as vehicle sales remained below last year’s volumes during the September quarter. The company’s net profit has, however, beaten Bloomberg estimate of the same at ₹179.40 crore for the quarter.
The company’s Q2 revenues are at ₹4,617 crores, up 6% YoY on ₹4353 crore from Q2 last fiscal. TVS Motor had secured sales of 8.34 lakh two-wheelers in Q2FY21, as against sales of 8.42 lakh units in Q2 last fiscal, including export shipments. The company said two-wheeler export volumes grew 7.8% in Q2 YoY.
TVS Motor’s motorcycle and scooter sales were in line with that of the domestic two-wheeler industry, which recorded 8% growth in motorcycle sales along with a 16% dip in scooter volumes in Q2.
The company saw its bike sales at 3.66 lakh units in the September quarter, up 7% YoY on 3.42 lakh units sold during the year-ago period. Scooter sales of the company in Q2 were at 2.7 lakh units as against 3.33 lakh scooters sold in Q2 last fiscal.
Meanwhile, the three-wheeler volumes during the past quarter stood at 0.33 lakh units as against 0.43 lakh units in the year-ago period.
“Despite covid-19 challenges, the company strengthened its supply chain during the second quarter of 2020-21. The production and sales improved consistently from July 2020 onwards," TVS Motor said in a note.