TVS Motor takes COVID hit, reports Q1 net loss of Rs 139.1 crore; revenue plunges 68%

The company's revenue from operations fell 68 percent year-on-year to Rs 1,431.73 crore against Rs 4,468.62 crore in the corresponding quarter a year ago.

July 29, 2020 / 05:30 PM IST
 
 
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TVS Motor Company on July 29 reported a standalone net loss of Rs 139.1 crore for Q1FY21 against a profit of Rs 142.30 in the corresponding quarter a year ago.

A CNBC-TV18 poll had estimated the loss for Q1 to the tune of Rs 167 crore.

The company's revenue from operations fell 68 percent year-on-year (YoY) to Rs 1,431.73 crore in Q1FY21 against Rs 4,468.62 crore in the corresponding quarter a year ago.

A CNBC-TV18 poll had estimated the revenue to come at Rs 1,407 crore.

The company incurred EBITDA loss at Rs 48.8 crore against EBITDA of Rs 355.8 crore YoY.

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The company said the June quarter was not a representative quarter due to COVID- 19 related shut down for major part of the quarter.

"Both production and sales were severely impacted during the quarter and therefore reflects what was an unprecedented situation," TVS said.

"The market is now open barring selective local lockdowns. We are witnessing a positive uptake in both domestic retails as well as international markets. Several measures taken by the company helped it to

overcome supply chain disruptions and stabilise operations by end June," it said.

As per the BSE filing, TVS Motor Company's overall two-wheeler sales including exports was 2.55 lakh units during the June quarter as against 8.84 lakh units in the year-ago period.

Motorcycles registered sales of 1.19 lakh units in the June quarter against sales of 4.17 lakh units registered in the same quarter last year.

Scooter sales of 0.82 lakh units were reported as against 2.95 lakh units sold in the quarter ended June 2019.

The total exports registered sales of 0.81 lakh units during the quarter ended June 2020 as against sales of 2.09 lakh units in the quarter ended June 2019, the company said.

Total three-wheelers registered sales of 0.12 lakh units in the quarter ended June 2020 as against sales of 0.40 lakh units in the quarter ended June 2019, said the company.
Moneycontrol News
first published: Jul 29, 2020 05:30 pm

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