Hit by an exceptional item, TVS Motor Company has registered a net loss (standalone) of Rs 32.72 crore for the fourth quarter.
Total income from operations rose 6.7 per cent to Rs 1,748 crore (Rs 1,637 crore).
The company had made a provision of Rs 91.63 crore for diminution in value of its European subsidiary, which TVS Motor now plans to wind up.
About six years ago, it had formed a wholly-owned subsidiary in the Netherlands, TVS Motor Company (Europe), which was investing in the Indonesian operations.
Since the company is now directly investing in Indonesia, there was no reason to continue with the European subsidiary, said company sources.
Profit after tax, before exceptional and extraordinary items, was Rs 58.12 crore in the fourth quarter (Rs 57.23 crore).
During the quarter, the company sold 1.85 lakh motorcycles (1.86 lakh) and 95,000 scooters (1.10 lakh).
Two-wheeler exports were flat at 52,000 units.
During the financial year ended March 2013, the company’s total income dropped marginally to Rs 7,065 crore (Rs 7,142 crore).
Profit after tax, after exceptional and extraordinary item, was Rs 116.02 crore (Rs 249.07 crore).
The company has declared a second interim dividend of 60 paise per share on the share capital of Rs 47.51 crore for 2012-13.
The company’s shares closed 1.41 per cent lower at Rs 38.45 on Tuesday, on the BSE.