Two-and-three-wheeler maker TVS Motor Company's January-March quarter profit fell 44.8 percent year-on-year to Rs 74 crore due to one-time loss and lower revenues.
It has reported an exceptional item (one-time loss) of Rs 32.3 crore for quarter towards COVID-19 related expenses.
Revenue from operations declined 20.6 percent to Rs 3,481.4 crore year-on-year in quarter ended March 2020 as sales volumes fell 30.2 percent to over 6.3 lakh units.
TVS Motor said it had provided Rs 22 crore towards one-time additional discount to liquidate BS-IV vehicles during end March 2020 and the same was netted off against the revenue reported in the current quarter.
On the operating front, earnings before interest, tax, depreciation and amortisation (EBITDA) dropped 20.5 percent to Rs 245 crore in Q4FY20 YoY, while margin was unchanged at 7 percent compared to year-ago period.
Tax expenses fell sharply to Rs 16 crore in March quarter 2020, against Rs 50 crore in same period last year.The stock closed at Rs 332.15, up Rs 8.95 or 2.77 percent on the BSE.