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TVS Motor reported a standalone net profit of Rs 255 crore for the quarter ended September 2019, recording a 21 per cent jump from Rs 211 crore recorded for the same period last year.
The numbers includes an exceptional gain of Rs 76 crore from reversal of provision made towards National Calamity Contingent Duty (NCCD) for its Himachal Pradesh plant. The company received a favourable order from the Customs Excise And Service Tax Appellate Tribunal (CESTAT) on September 3.
Total revenue of the company was down by 13 per cent to Rs 4,353 crore in Q2 FY20 as against Rs 4,994 crore reported during the previous year.
Profit before tax (PBT) grew marginally to Rs 310 crore during the current year from Rs 306 crore in Q2FY19.
The earnings before interest, tax, depreciation and amortisation (EBITDA) margin for the quarter ended September 2019 increased to 8.8 per cent, against 8.6 per cent reported in Q2FY19, a statement from the company said.
20 per cent drop in two-wheeler sales
The company’s overall two-wheeler sales including exports witnessed a 20 per cent drop to 8.42 lakh units for the September quarter against 10.49 lakh units reported for the same period last year. Motorcycle sales for the quarter stood 3.42 lakh units (4.20 lakh units) while scooter sales stood at 3.33 lakh units (3.88 lakh units).
Three-wheeler sales grew by 9 per cent to 0.43 lakh units in the quarter ended September 2019 from 0.40 lakh units in the quarter ended September 2018, the company’s statement said.
Total exports of the company grew by 6 per cent to 2.11 lakh units (1.99 lakh units) for the quarter ended September 2019.
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