One of India’s premier tyre manufacturers, TVS Tyres has recently announced their financial results for the second quarter of 2018 that ended on 30th September. The manufacturer has reported a decline in profit in the second quarter of the current fiscal year despite registering positive YoY growth in revenue in the first half and second quarter of FY 2019.
TVS Tyres has reported half yearly revenue of INR. 1,219 crore which has increased by 5.35 percent from the same period in the last fiscal year. Even after having dismal profit figures in Q2, the Indian tyre manufacturer posted a 9.64 percent increase in profit in the first half of FY 2019.
The company also reported an increase in revenue from operations by 7.47 percent. The revenue stood at INR. 631 crore in Q2 FY 2019. However, it also reported a loss of INR. 29.57 crore in the quarter, a decline of 26.25 percent as compared to the same period in the previous year. The Q2 Profit after Tax (PAT) figure is lower than Q1 figure by INR. 4.39 crore.
About TVS Tyres:
TVS Srichakra Ltd. (popularly called TVS Tyres) is one of India’s oldest and largest two-wheeler & three-wheeler tyre manufacturer. The company manufactures industrial pneumatic tyres, flotation, motorgrader, farm & implement tyres, skid steer tyres, multipurpose tyres and vintage tyres. As of 2017, TVS Tyres had a capacity of manufacturing about 26 million tyres annually.