TVS Motor reports Q2 net profit of Rs 255 crore

Chennai: Two- and three-wheeler manufacturer TVS Motor Company on Thursday reported a profit after tax of Rs 255 crore for the quarter ended September as against Rs 211 crore in the same period of last year.
However, total revenue declined to Rs 4,353 crore compared to Rs 4,994 crore in Q2 of FY19. The profit before tax (PBT) was Rs 310 crore in Q2 FY20 as against Rs 306 crore reported in the quarter ended September 2018.
The PBT included an exceptional gain of Rs 76 crore towards a reversal of national calamity contingent duty (NCCD) provision for the Himachal plant pertaining to earlier years. This is pursuant to a favorable order from the Customs, Excise and Service Tax Appellate Tribunal.
Earnings before interest, tax, depreciation, and amortization (EBITDA) increased to 8.8 percent as against 8.6 percent reported in Q2 of 2018-19 and 8 percent reported in Q1 of 2019-20, according to a statement.
TVS’s overall two-wheeler sales including exports dropped to 8.42 lakh units from July to September compared to 10.49 lakh units in the same quarter of the previous year.
Motorcycle sales were down to 3.42 lakh units versus 4.2 lakh units. Scooter sales fell to 3.33 lakh units from 3.88 lakh units.