TVS posts Rs 33 cr loss in Q4; FY'13 net profit dips 53%
New Delhi: Chennai-based TVS Motor Company on Tuesday reported standalone net loss of Rs 32.72 crore for the quarter ended March 31 due to provision made for diminution of its overseas investment's value.
The company had posted net profit of Rs 57.23 crore in the corresponding period last year, TVS Motor Company said in a statement.
However, the standalone net income of the company during the fourth quarter of 2012-13 went up by 6.79 percent to Rs 1,748.32 crore, from Rs 1,637.13 crore in the year-ago period, it added.
On the loss in net profit, TVS Motor Company said: "The company has made a provision of Rs 91.63 crore for diminution in value of its overseas investment."
During the last quarter, the company's motorcycles sales declined marginally to 1.85 lakh units from 1.86 lakh units in the previous comparable period.
Scooter sales in the quarter decreased by 13.64 percent to 0.95 lakh units from 1.10 lakh units. Three-wheeler sales in Q4 was 13,961 units as against 7,401 units in Q4 of the previous year, up 88.64 percent.
During January-March period, two-wheeler exports remained flat at 0.52 lakh units.
For the entire 2012-13 financial year, TVS Motor Company's standalone net profit declined by 53.42 percent to Rs 116.02 crore from Rs 249.07 crore in the previous year.
The standalone net income during FY'13 also dipped by 1.07 percent to Rs 7,065 crore from Rs 7,141.52 crore in FY'12, the company said.
During the year ended March 2013, TVS Motor Company registered overall two-wheeler sales of 19.95 lakh units in comparison with 21.47 lakh units of the previous financial year, down 7.08 percent.
Motorcycle sales during the fiscal stood at 7.56 lakh units as against 8.44 lakh units, a fall of 10.43 percent. Scooters sales dipped by 15.05 percent to 4.46 lakh units from 5.25 lakh units in 2011-12.
Three-wheeler sales of the company increased by 22.35 percent to 49,143 units from 40,166 units in FY'12.
Exports of the company for the year ended March 31 stood at 2.11 lakh units compared to 2.70 lakh units in 2011-12, down 21.85 percent, the statement said.
In its meeting on Tuesday, the Board of Directors declared a second interim dividend of Re 0.60 per share for the year ended March 31, 2013. The Board had earlier declared the first interim dividend of Re 0.60 per share for the year 2012-13.
"The total dividend, including the second interim dividend for the year ended March 31, 2013, will aggregate to Rs 1.20 per share (120 percent) on 47,50,87,114 equity shares of Re 1 each," TVS Motor Company said.