New Delhi: TVS Motor Company on Thursday reported a 6.80 per cent decline in net profit to Rs 126.77 crore for the fourth quarter ended March 31, mainly due to lower motorcycle sales and discounts given on BS III vehicles.
The company had posted net profit of Rs 136.03 crore in the same quarter of 2015-16.
Total income during the period under review stood at Rs 3,139.22 crore as compared to Rs 3,090.77 crore in the year-ago period, up 1.56 per cent, TVS Motor Company said in a BSE filing.
The company said profit for the quarter slipped due to one time provision of Rs 57 crore of discounts towards BS III products sold by the dealers in March 2017.
In March this year, Supreme Court ruled only BS IV compliant product can be sold and registered from April 1, 2017.
During the quarter, motorcycles sales stood at 2.15 lakh units as against 2.47 lakh units in the year ago period, down 12.95 per cent.
Scooter sales increased to 2.23 lakh units in the quarter under review from 1.98 lakh units in the corresponding quarter previous fiscal, the auto firm said.
Three-wheeler sales were at 0.15 lakh units as compared to 0.21 units in the year-ago quarter, it added.
Giving outlook for the current fiscal, the company said it will introduce a new motorcycle and a new scooter.
"In addition to these new launches, the company has also planned upgrades across segments to strengthen its product portfolio. With the widest range of product across segments, TVS Motor Company expects to better its performance in the ongoing fiscal and grow ahead of the industry," it added.
For the entire 2016-17 fiscal, the company said its net profit was at Rs 558.1 crore as against Rs 489.3 crore in the previous fiscal, up 14 per cent.
For the fiscal 2016-17, total income stood at Rs 13,363.43 crore as compared to Rs 12,194.77 crore in the previous fiscal, a growth of 9.58 per cent, the company said.
Overall two-wheeler sales during 2016-17 stood at 28.58 lakh units as against 25.68 lakh units in the previous fiscal.
Motorcycle sales during the year were at 10.77 lakh units as compared with 10.17 lakh units in the previous year, while those of scooters were at 8.70 lakh as against 8.13 lakh units.
Three-wheeler sales increased to 0.69 lakh units in 2016 -17 from 1.11 lakh units in the previous fiscal, the company said.
Shares of TVS Motor closed at Rs 503.05, up 0.16 per cent from the previous close on BSE.