India’s two and three-wheeler manufacturer TVS Motor reported sales volume in Q2 (July-September) at 868,000 units, down 2pc or 18,000 units from prior-year quarter. In the first half of the fiscal year (H1) sales nosedived by 37pc to 1.13mn units from the previous year on poor Q1 sales.
The company stated that H1 performance was poor on the back of lagging demand and production cuts due to the pandemic. Despite the COIVD-19 restrictions, the company stated that in Q2, they strengthened supply chain which revived production and sales from July.
The company reported total two-wheeler sales of 244,000 units in July which improved to 277,000 units in August and in September strengthened to 313,000 units. Exports of two-wheelers rose by 7.8pc in Q2 from the prior year.
In Q2, sales of motorcycles and mopeds, including exports, grew by 7pc and 19pc, respectively, while sales of scooters and three-wheelers fell by 19pc and 23pc, respectively, from the preceding year.
TVS Motor reported net profit of Rs1.96bn ($26mn) in Q2, a drop of 23pc from prior-year period. Revenues grew by 5.9pc to Rs46.54bn from the previous year.