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TVS Motor Company today posted a 6.8 per cent rise in profit after tax (PAT) at ₹ 129.47 crore for the first quarter ended June 30, 2017. The company had posted a PAT of Rs 121.25 crore in the corresponding quarter of previous year.
“The above profits are after provision of ₹ 16.50 crore being additional discount offered to dealers for pre-GST stocks held by them on June 30, 2017 for selling vehicles at revised prices post GST introduction,” the company said in a statement.
Total revenue grew to ₹ 3,799.81 crore for the quarter ended June 2017, as compared to ₹ 3,184.35 crore in the same period of previous fiscal.
During the quarter, the company sold a total of 7.85 lakh two-wheelers, up 12 per cent from 7.01 lakh units in the same period of previous fiscal.
The company said it has successfully migrated to the post GST—era.
“All extended supply chain partners have also migrated to GST and there was no disruption in the supply chain,” it said.
The company said it has passed on the benefit of GST and price of all products were appropriately reduced.
“The price reduction is in the range of ₹ 350 to ₹ 1,500 in the commuter segment. In the premium segment, the prices were reduced up to ₹ 4,150 depending on state level taxes in the pre-GST period,” the company said.
Shaes of TVS Motor Company ended 7.25 per cent down at Rs 536.40 on BSE.
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