- TVS reports loss of 139.1 crore in Q1 of 2020-21
- Dispatched 2.55 lakh units as against 8.84 lakh units last year
TVS Motor Company has reported a loss of Rs 139.1 crore in the first quarter of the ongoing financial year as compared to the corresponding quarter last year. The company’s revenue stood at 1434.3 crore in Q1 2020-21 which is down from Rs 4469.8 crore in the quarter ended June last year.
In terms of sales, the company dispatched 2.55 lakh units (domestic and exports combined) in the first quarter of 2020-21. This included 1.19 lakh units of motorcycles and 0.82 lakh scooters. During the same period last year, the company sold 8.84 lakh units of motorcycles and scooters combined. Furthermore, exports went down from 2.09 lakh units in Q1 2019-20 to 0.81 lakh in the corresponding quarter this year.
The main reason for TVS’ incurred losses and sales slump was the COVID-19 pandemic. All the operations were halted for the major part of the previous quarter this year. In fact, the month of April witnessed zero sales of two-wheelers across India which was an unprecedented occurrence. After the lockdown started easing, TVS restarted production in a gradual manner in the second week of May 2020. However, the company says that the domestic operations and exports are slowly coming back on track now.
