TVS-E has reported a revenue of Rs 68.4 crore for the quarter as against Rs 67.8 crore during the corresponding quarter last year. While the depreciation and amortisation expenses for the quarter stood at Rs 1.19 crore (Rs 98 lakh), the interest charges were Rs 1.21 crore (Rs 1.36 lakh).
Addressing a press conference here on Tuesday, Gopal Sreenivasan, director, TVS-E, said the decline in net profit was because of shrinking contribution margins. With the impending zero duty regime, the contribution margins have been under pressure for some time. We have been forced to slash prices on our products in the wake of the zero duty regime. In fact, we expect a 9% drop in the prices of all the IT hardware products.