Chennai-headquartered TVS Motor Company reported its financial result for the first quarter of FY2021, with revenue of Rs 1,434 crore (-68%), compared to Rs 4,469 crore for the same period last year. The company reported net loss of Rs 139 crore YoY, as against a profit of Rs 142 crore.
TVS Motor says it resumed its operations from second week of May 2020 in a graded manner across all its factories in Hosur, Mysuru, and Nalagarh. During the quarter, the company sold around 255,000 two-wheelers (including exports) as against sales of 884,000 units reported in the quarter ended June 2019. This includes, 1.19 lakh motorcycles (Q1 FY2020: 417,000 units) and around 82,000 scooters (Q1 FY2020: 295,000 scooters). The total export came around 81,000 units compared to 209,000 units a year ago.
In terms of three-wheelers, the OEM reported wholesales of around 12,000 units in Q1 FY2021 as against sales of 40,000 units a year ago.
TVS Motor Co says the first quarter of the new fiscal is not a representative quarter due to Covid- 19 related shut down for major part of the quarter. Just like the overall industry, TVS Motor’s production and sales were severely impacted during the quarter and therefore reflects what an unprecedented situation was.
Furthermore, the company says 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,” concludes the report.