TVS Srichakra profit drops 26.25% in Q2 FY2019 at Rs 29.57 crore
The tyre company registered 12.92 percent decline in profits in comparison to the previous quarter.
TVS Srichakra, the Madurai-based tyre manufacturer, has announced its financial results for the quarter ending in September 2018. The company has reported a decline in profits in the second quarter of the fiscal year, in spite of registering positive YoY growth in revenue in the first half and the second quarter of FY2019.
TVS Srichakra has reported half-yearly revenue of Rs 1,219 crore, up by 5.35 percent (Rs 1,157 crore in H1 FY2018). Even after reporting dismal profit figures in Q2, they posted a 9.64 percent gain in profit in the first half of FY2019 (Rs 63.53 crore in H1 FY2019 :: Rs 57.94 crore in H1 FY2018).
The company has reported a rise in revenue from operations by 7.47 percent with Rs 631 crores in Q2 FY2019 (Rs 567 crore in Q2 FY2018). However, it has reported a loss in the quarter with Rs 29.57 crore, a decline of Rs 10.53 crore (-26.25%) as compared to the same period in the previous year. The Q2 PAT (Profit after Tax) figure is lower than the Q1 figure by Rs 4.39 crore (Rs 33.96 crore in Q1 FY2019).
Also read: TVS Tyres debuts at EICMA, showcases latest two-wheeler tyre range
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