TVS Motor skids after weak Q1 results

TVS Motor Company was down 1.01% to Rs 376 at 10:26 IST on the BSE after net profit fell 2.9% to Rs 142.30 crore on 7.2% rise in net sales to Rs 4468.62 crore in Q1 June 2019 over Q1 June 2018.

The result was announced after market hours yesterday, 22 July 2019.

Meanwhile, the S&P BSE Sensex was up by 52.79 points or 0.114% to 38,083.83.

On the BSE, 1.82 lakh shares were traded in the counter so far compared with average daily volumes of 53000 shares in the past two weeks. The stock had hit a high of Rs 387.7 and a low of Rs 361.25. The stock hit a 52-week high of Rs 604 on 21 September 2018 and a 52-week low of Rs 361.25 on 23 July 2019.

The company's earnings before interest tax depreciation and amortization (EBITDA) grew 10.8% from 321.2 crore in Q1 June 2018 to Rs 355.8 crore in Q1 June 2019. The EBITDA margin increased from 7.7% in Q1 June 2018 to 8% in Q1 June 2019.

TVS Motor Company's two wheeler sales declined 1% to 8.84 lakh units in Q1 June 2019 over Q1 June 2018. The company motorcycle's sales grew 7.8% to 4.17 lakh units in Q1 June 2019 from 3.87 lakh units in Q1 June 2018. Scooter sales of the Company for Q1 June 2019 grew by 2.4% to 2.95 lakh units from 2.88 lakh units in Q1 June 2018. Total three wheelers sales grew by 11.1% to 40,000 units in the Q1 June 2019 from 36,000 units in the Q1 June 2018.

The total export of the company grew by 10% to 2.09 lakh units in Q1 June 2019 from 1.90 lakh units in the Q1 June 2018.

In a separate announcement, the company announced that TVS Motor (Singapore) Pte, a wholly-owned subsidiary of TVS Motor Company signed definitive agreements to invest $7 million in Scienaptic Systems.

TVS Motor Company is a leading manufacturer of two wheeler and three wheeler in India.

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