TVS Motor Company on Thursday (2 April 2020) said its total sales fell 55.50% to 144,739 units in March 2020 as against 325,323 units in March 2019.
The total sales are down by 42.85% in March 2020 compared with 253,261 units in February 2020.
Total two-wheelers sales fell 56.90% to 133,988 units in March 2020 as against 310,885 units in March 2019. Domestic two-wheeler sales slumped 62% to 94,103 units in March 2020 as against sales of 247,694 units in March 2019.
Three-wheeler sales declined 25.54% to 10,751 units in March 2020 from 14,438 units registered in March 2019.
Total exports fell by 34.30% to 50,197 units in March 2020 from 76,405 units in March 2019. Two-wheeler exports contracted by 36.88% to 39,885 units in March 2020 as against 63,191 units in March 2019.
During the fourth quarter of the current financial year, two-wheeler sales registered a decline of 31.87% to 5.90 lakh units as against 8.66 lakh units registered in the fourth quarter of the previous year. During the financial year 2019-20, two-wheeler sales of the company fell by 17.78% to 30.89 lakh units as against sales of 37.57 lakh units in the financial year 2018-19.
The company said that there has been a huge impact on its production and sales in March because of COVID-19 lockdown across the country.
Meanwhile, TVS Motor Company launched BS-VI versions of its entire portfolio. These have been well received and there are adequate stocks already in the market when it reopens.
International market demand was also good for both two-wheeler and three-wheeler categories. However, due to the lockdown, there was a significant loss in production, and also vehicle stock in the factory for both domestic and international markets, which could not be dispatched.
TVS Motor Company is engaged in the manufacturing of motorcycles, scooters, mopeds, three-wheelers, parts and accessories.
On a consolidated basis, the auto maker's net profit fell 26.1% to Rs 150.61 crore on a 7% decline in net sales to Rs 4765.99 crore in Q3 December 2019 over Q3 December 2018.
Shares of TVS Motor Company fell 6.38% at Rs 277.95 on Wednesday, 1 April 2020. BSE and NSE are shut today on account of Ram Navami.
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