TVS Motor Company's consolidated net profit declined 26.1% to Rs 150.61 crore in Q3 December 2019 (Q3 FY20) from Rs 203.91 crore in Q3 December 2018 (Q3 FY19).
Net sales fell 7% year-on-year (YoY) to Rs 4765.99 crore in Q3 FY20. The result was announced after market hours on Tuesday, 4 February 2020.
Profit before tax (PBT) stood at Rs 201.28 crore in Q3 FY20, down by 30.4% from Rs 289.40 crore in Q3 FY19.
EBITDA fell 3.3% to Rs 363.3 crore in Q3 FY20 as against Rs 375.7 crore reported in Q3 FY19. EBITDA margin grew to 8.8% in Q3 FY20 from 8.1% in Q3 FY19.
The company had, in the previous quarter, reversed the provision of Rs 76.04 crore towards National Calamity Contingent Duty (NCCD) based on a favorable ruling by CESTAT in the company's case. Following the ruling given in the current quarter by the Supreme Court that NCCD is leviable, the company, as a prudent measure, has reinstated the provision of Rs 76.04 crore as an exceptional item.
TVS Motor Company's overall two-wheeler sales, including exports, stood at 7.73 lakh units during quarter ended on 31 December 2019 as against 9.50 lakh units in the quarter ended on 31 December 2018, down 18.63% YoY.
Total three wheelers sales grew by 22.1% to 48391 units in the quarter ended on 31 December 2019 from 39629 units in the quarter ended on 31 December 2018.
The total export of the company grew by 22.6% to 2.17 lakh units during the quarter ended December 2019 from 1.77 lakh units in the quarter ended December 2018.
In a planned and systematic manner, the company has completely transitioned production to BSVI vehicles for domestic market.
TVS Motor Company, part of the TVS Group, is a two and three-wheeler manufacturer.
Shares of TVS Motor Company surged 4.19% to Rs 473.60. The stock hit a high of Rs 482.95 and a low of Rs 455 so far.
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