TVS Motor Company, manufacturer of two and three-wheelers globally, on Thursday reported a net profit of Rs 53.1 crore for the quarter ended June 30, 2021.
In the corresponding quarter last year, the Chennai-based company posted a loss of Rs 139.1 crore. CNBC-TV18 Poll had predicted a profit of Rs 112 crore for the quarter under review.
Total income during the quarter under review stood at Rs 3,934 crore as against Rs 1,432 crore in the year-ago period, it added. The company recorded the highest ever quarterly revenue in international business.
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The company reported an EBITDA of Rs 274 crore for the first quarter of 2021-22 as against negative EBITDA of Rs 49 crore in the first quarter of 2020-21.
TVS Motor's EBITDA margin for the quarter is at 7.0 percent as against a negative margin of 3.4 percent reported in the first quarter of 2020-21. The reduction in revenue and EBITDA from the preceding quarter is mainly on account of lockdowns in key markets. With the gradual opening of markets, the company is optimistic about the domestic & international demand coming back to normalcy.
It also reported Profit Before Tax (PBT) before exceptional items of Rs 102 crore in the first quarter of 2021-22 as against the loss of Rs 190 crore in the first quarter of 2020-21. During the quarter, TVS Motor incurred Rs 30 crore towards COVID-19 related expenses and the same is shown as an exceptional item.
The overall two-wheeler and three-wheeler sales including exports registered 6.58 lakh units in the quarter ended June 2021 as against 2.67 lakh units registered in the quarter ended June 2020. Motorcycle sales registered 4.05 lakh units in the quarter ended June 2021 as against 1.19 lakh units in the quarter ended June 2020.
Scooter sales for the quarter ended June 2021 are 1.40 lakh units against the sales of 0.82 lakh units in the first quarter of 2020-21. The company recorded the highest two-wheeler exports in this quarter at 2.90 lakh units as against 0.70 lakh units in the quarter ended June 2020. Three-wheeler sales for the quarter under review is 0.39 lakh units as against 0.12 lakh units during the first quarter of 2020-21.
First Published: IST