TVS Motor Company's consolidated net profit fell 29.4% to Rs 181.41 crore on 5.9% rise in net sales to Rs 5,254.36 crore in Q2 September 2020 over Q2 September 2019.
Consolidated profit before tax (PBT) slipped 19.6% to Rs 255.14 crore in Q2 September 2020 as against Rs 317.78 crore in Q2 September 2019. Current tax expense for the quarter dropped 27% to Rs 70.13 crore as against Rs 96.13 crore in Q2 September 2019. The Q2 result was declared post trading hours yesterday, 29 October 2020.
On a standalone basis, the company's adjusted net profit fell 2.53% to Rs 196.25 crore on 5.93% increase in net sales to Rs 4,605.49 crore in Q2 September 2020 over Q2 September 2019. In second quarter of last year, the company had reported a one-time exceptional gain of Rs 76 crore.
Despite COVID-19 challenges, TVS Motor Company strengthened its supply chain during second quarter of 2020-21. The production and sales improved consistently from July 2020 onwards. The total two-wheeler sales stood at 3.13 lakh units in September 2020 improving from 2.77 lakh units sold in August 2020 and 2.44 lakh units sold in July 2020. In the month of September 2020 sales grew by 4.2% Y-o-Y (year-on-year).
Total two-wheeler sales stood at 8.34 lakh units for the quarter was almost in line with 8.42 lakh units in Q2 September 2019. Two-wheeler export sales grew 7.8% during the quarter as compared to Q2FY20. Motorcycles registered a sales of 3.66 lakh units in Q2 September 2020 as against a sales of 3.42 lakh units registered in Q2 September 2019, recording a 7.01% jump Y-o-Y (year-on-year).
However, scooter sales of the company for the quarter declined 18.91% to 2.70 lakh units as against a sales of 3.33 lakh units in the quarter ended September 2019. Similarly, total three-wheelers also fell 23.25% to 33,000 units in the quarter ended September 2020 as against a sales of 43,000 units in the quarter ended September 2019.
Shares of TVS Motor Company spurted 5.02% to Rs 443.45 on BSE.
TVS Motor Company is a two and three-wheeler manufacturer and is the flagship company of TVS group.
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