Sany India sets new precedent
MUMBAI: Sany India, a manufacturer of construction equipment and heavy machinery, has taken a slew of measures to help its partners sail through the pandemic by helping all its 35 dealers steer through the challenging phase by implementing multiple initiatives to sustain and improve the cash flow for the dealer partners. This included an extension of credit period on all the receivables against supply of construction equipment and its spare parts, extended warranty support to customers and helping the dealers with salary support for around 1100 plus employees. This strategy has helped Sany India to gain huge incremental market share as compared to 2019 in a very short span of just 2 months (August and September2020) after the lockdown was lifted. Sany India has achieved a market share of 14.5 per cent in excavators (15 per cent growth), 45 per cent in crawler cranes (80 per cent growth), 70 per cent in truck cranes (10 per cent growth), 75 per cent in piling rigs (24 per cent growth) and 11 per cent in motor graders (10 per cent growth). NT
TVS Motor revenue grows by 6%
CHENNAI: TVS Motor Company reported a revenue of Rs 4,617 crore in the second quarter of 2020-21 as against Rs 4,353 crore in the second quarter of 2019-20 registering a growth of 6 per cent. The company’s PBT before exceptional items has grown by 14 per cent at Rs 267 crore during this quarter as against Rs 234 crore during the quarter ended September 2019. In second quarter of last year, the company had reported a one-time exceptional gain of Rs 76 crore resulting in PBT after exceptional item of Rs 310 crore. During the quarter, the company reported profit after tax (PAT) of Rs 196 crore. The production and sales improved consistently from July 2020 onwards. In the month of July 2020, the total two-wheeler sales was 2.44 lakh numbers, it improved to 2.77 lakh numbers in the month of August 2020 and in September 2020 sales further improved to 3.13 lakh numbers. PTI
Indian Oil Q2 net profit zooms
MUMBAI: Indian Oil reported revenue from operations of Rs 2,04,686 crore for the first half of financial year 2020-21 as compared to Rs 2,82,514 crore in corresponding period of financial year 2019-20. The net profit for the six months ended September 30, 2020 is higher at Rs 8,138 crore as compared to Rs 4,160 crore during the corresponding period mainly on account of higher inventory gain and exchange gains during current period. The revenue from operations of Indian Oil is Rs 1,15,749 crore in Q2 2020-21 as compared to Rs 1,32,377 crore in the corresponding quarter of FY 2019-20. The net profit for the second quarter of FY 2020-21 is Rs 6,227 crore as compared to Rs 563 crore in the corresponding quarter of FY 2019-20 which is due to higher inventory gain and exchange gains during current quarter against inventory losses in corresponding quarter of last year. NT