TVS Motor shares decline nearly 5 pc after Q1 earnings

TVS Motor Company on Wednesday reported a standalone net loss of Rs 139.1 crore for the first quarter ended June 30, with COVID-19 severely impacting sales during the period. The company had posted a profit after tax of Rs 142.3 crore for April-June, 2019-20.

Shares of TVS Motor Company on Thursday dropped nearly 5 per cent after the company reported a standalone net loss of Rs 139.1 crore for the first quarter ended June 30. It declined 4 per cent to Rs 385.70 on the BSE.

On the NSE, it fell 4.77 per cent to Rs 383.70. TVS Motor Company on Wednesday reported a standalone net loss of Rs 139.1 crore for the first quarter ended June 30, with COVID-19 severely impacting sales during the period.

The company had posted a profit after tax of Rs 142.3 crore for April-June, 2019-20. The revenue on a standalone basis in the period under review declined to Rs 1,434.3 crore from Rs 4,469.8 crore in the year-ago period, TVS Motor Company said in a statement.

"This quarter is not a representative quarter due to COVID-19 related shutdown for major part of the quarter. Both production and sales were severely impacted during the quarter and therefore reflects what was an unprecedented situation," it added..