TVS Motor Company posted a net loss of 139.07 crore in the quarter ended June 2020 of FY’21. In the same quarter last year, the organization posted income after tax of 142.3 crore. In the quarter under review, the company’s sales declined by a whopping 67.96 per cent to 1,434.3 crore from 4,469.8 crore last year. The company believed that this particular quarter was not a reflective quarter, since sales and production had been entirely halted for a substantial period of time. The condition caused by the shutdown triggered by the Coronavirus pandemic was unprecedented.
Even in terms of revenue , the company has experienced sharp declines. The overall two-wheeler sales of the company, including exports, amounted to 2.55 lakh units during the quarter ended June 2020 compared to the sales of 8,84 Lakh units recorded in the quarter ended June 2019. TVS Motor Company has reported motorcycle sales of 1,19 lakh units in Q1 FY’21 versus sales of 4,17 lakh units reported in the same period last year. The company’s quarterly scooter sales amounted to 0.82 lakh units compared to 2.95 lakh units in Q1 FY’20. Net exports in the quarter were 0.81 lakh units compared to 2.09 lakh units in the same quarter last year. TVS sold a total of 0.12 lakh units of 3-wheelers compared to 0.40 lakh units sold in the same period 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.”