TVS Motor reports drop in profit in quarter post Covid lockdown
TVS Motor company on Thursday reported a 29.37 per cent decline in consolidated net profit at ₹181.41 crore for the quarter ended September.
The company had posted a net profit of ₹256.88 crore in the July-September period of the previous fiscal.
Revenue from operations, however, increased to ₹5,254.36 crore for the second quarter as against ₹4,960.27 crore in the same period of 2019-20, TVS Motor Company said in a statement.
Despite Covid-19 challenges, the company strengthened its supply chain during the second quarter of the current fiscal, it added.
The production and sales improved consistently from July onwards, the company said.
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In July, the company sold 2.44 lakh units, which rose to 2.77 lakh units in August. In September, sales further improved to 3.13 lakh units.
"Total two-wheeler sales of 8.34 lakh for the quarter was almost in line with last year's second quarter number of 8.42 lakh. Two-wheeler exports grew by 7.8 per cent compared to the second quarter of last fiscal," TVS Motor Company said.
Motorcycles sales increased to 3.66 lakh units in the September quarter as against 3.42 lakh units in the year-ago period.
Scooter sales, however, declined to 2.7 lakh units from 3.33 lakh units earlier.
Similarly, total three-wheeler sales stood at 33,000 units as against 43,000 units in the quarter ended September 2019.