TVS Motor Company has reported a net loss of Rs. 139.07 crore in the quarter ended June 2020 of FY'21. In the same quarter last year, the company had reported profit after tax of Rs. 142.3 crore. In the quarter under review, the company's revenue dropped by a massive 67.96 per cent to Rs. 1,434.3 crore from Rs. 4,469.8 crore last year. The company said that this particular quarter is not a representative quarter as sales and production were on complete halt for a significant amount of time. The situation, caused by the lockdown due to Coronavirus pandemic was unprecedented.
Also Read: TVS Says Business Environment Will Continue To Be Challenging This Fiscal
(TVS saw steep declines in segment wise sales in Q1 FY'21 as well)
Even in terms of sales, the company saw steep declines. The company's overall two-wheeler sales including exports was 2.55 lakh units during quarter ended June 2020 as against sales of 8.84 Lakh units reported in the quarter ended June 2019. TVS Motor Company registered motorcycle sales of 1.19 lakh units in Q1 FY'21 against sales of 4.17 lakh units registered in the same quarter last year. The scooter sales of the company for the quarter stood at 0.82 lakh units compared to 2.95 lakh units in Q1 FY'20. Total exports stood at 0.81 lakh units in the quarter against 2.09 lakh units in the same quarter last year. TVS sold a total of 0.12 lakh units of three-wheelers when compared to 0.40 lakh units sold in the same quarter last year.
In a statement, TVS Motor Company said, "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 of June."
