TVS Motor Company has reported 45% drop in its net profit for the quarter-ended March 31, 2020 to `73.87 crore, as compared to `133.83 crore in the same quarter last fiscaal. During the quarter under review, total vehicle sales declined by 30% to 632,920 units as compared to 907,306 units sold in the same quarter last fiscal. Operating Ebitda for the quarter ended March 2020 prior to onetime additional dealer discount of `22 crore and exceptional item of Rs 32 crore towards Covid-19 was at 7.6% against 7.0% reported in corresponding quarter of previous year. Profit after tax post onetime discount and exceptional item was at `73.9 crore for the quarter under review. Operating PAT for the quarter under review prior to onetime additional discount and exceptional item was at `116.5 crore as compared to `133.8 crore reported during the quarter ended March 2019, the company informed the stock exchanges on Thursday.
Profit before tax (PBT) after the onetime discount and exceptional item was at `89.8 crore for the quarter under review. The operating profit before tax prior to onetime additional discount and exceptional item was at `144.2 crore as compared to `183.9 crore reported during corresponding quarter of previous year.The total revenue for the quarter declined by 20% to `3,506.5 crore as against `4,387.6 crore reported in the fourth quarter of 2018-19 fiscal, the company added.
For the full year, total revenue was lower at `16,455.4 crore as against `18,217.5 crore reported in the year ended March 2019. Along with this, the company successfully transitioned to BS-VI and through sustainable cost reduction improved operating Ebitda margins from 7.9% to 8.3% before accounting for onetime costs. These onetime costs were Rs 22 crore for dealer discounts to transition to BS-VI and `32 crore for Covid-19 relief works.For the year, the total sales, including exports, declined sharply to 32.63 lakh units as against 39.14 lakh units sold in the previous fiscal. Motorcycles sales during the fiscal year were at 13.64 lakh units as against 15.59 lakh units sold in the year ended March 2019. Scooter sales registered 10.75 lakh units in the year ended March 2020 as against 13.01 lakh units in the year ended March 2019.
Three-wheeler sales increased by 11.2% from 1.56 lakh units in the year ended March 2019 to 1.74 lakh units in the year ended March 2020. The total export of the Company recorded a growth of 10.4% increasing from 7.62 lakh units in the year ended March 2019 to 8.41 Lakh units in the year ended March 2020, the company said further.
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