Profits at Toyota Kirloskar Motor (TKM) fell sharply by 58% year-on-year to `407 crore during FY19, owing to decline in exports and an exceptional item loss.
TKM, the Indian unit of the Japanese auto giant Toyota Motor Corporation, incurred a `572-crore loss on sale or scrapping of property, plant and equipment. The automaker had reported `965-crore profit in FY18, according to data available with the ministry of corporate affairs.
Operating income at Toyota, which sells SUV Innova, increased 3.3% y-o-y to `19,633 crore. TKM did not respond to e-mail queries on its financial performance.
