TVS Motor profit plunges to ₹73.87 crore

Total income contracts as sales drop

TVS Motor Co. Ltd., a leading manufacturer of two-and three-wheelers, saw standalone net profit for the fourth quarter ended March 2020 slipping to ₹73.87 crore from the ₹133.83 crore a year earlier.

The fourth quarter net profit included a one-time discount of ₹17.3 crore and an exceptional item of ₹25.4 crore, the company said in a regulatory filing.

During last 10 days of March 2020, retail sales suffered due to the nationwide lockdown on account of the pandemic. Besides, it incurred ₹32.33 crore towards COVID-19 related expenditure and it was reported as an exceptional item in the financials.

For the fourth quarter, TVS Motor’s total income contracted to ₹3,506.53 crore from ₹4,387.60 crore on declining sales volume.

Second interim dividend

On March 10, the board declared a second interim dividend of ₹1.40 per share.

The total dividend paid for the year ended March 2020 aggregated to ₹3.50 per share.

Source: Read Full Article