However, Q2 profit was much higher at R89 crore, enabled by savings on raw material costs, the company said on Wednesday.
Revenues during the quarter increased 13% from R1,802.61 crore in the same quarter last fiscal. Revenues in Q2 stood at R1,962.03 crore.
During the quarter, total two-wheeler sales grew to 5.12 lakh units from 5.03 lakh units sold in Q3 of the last fiscal. Motorcycle sales grew to 2.07 lakh units (1.97 lakh units) while scooter sales grew to 1.23 lakh units.
Two-wheeler exports registered 22% growth, with sales increasing from 50,000 units to 61,000 units. Three-wheeler sales during the quarter grew 52 % to 20,701 units against 13,602 units in the same quarter last fiscal.