MAM
TVS Motor Company clocks revenue growth of 6% in Q2
CHENNAI: TVS Motor has reported revenue of Rs 4,617 crore in the second quarter of 2020-21 as against Rs 4,353 crore in the second quarter of 2019-20, registering a growth of 6 per cent.
The two-wheeler maker’s PBT before exceptional items has grown by 14 per cent at Rs 267 crore during this quarter as against Rs 234 crore during the quarter ended September 2019. In the second quarter of last year, the company had reported a one-time exceptional gain of Rs 76 crore resulting in PBT after exceptional item of Rs 310 crore.
During the quarter, it reported profit after tax (PAT) of Rs 196 crore. Despite Covid19 challenges, the company strengthened its supply chain during the second quarter of 2020-21. The production and sales improved consistently from July 2020 onwards. In the month of July 2020, the total two-wheeler sales was 2.44 lakh, it improved to 2.77 lakh in the month of August 2020 and in September 2020 sales further improved to 3.13 lakh. In the month of September 2020 sales grew by 4.2 per cent. Total two-wheeler sales of 8.34 lakh for the quarter is almost in line with last year's second quarter number of 8.42 lakh. Two-wheeler export sales grew by 7.8 per cent compared to Q2 of last year.
Motorcycles registered sales of 3.66 lakh units in the quarter ended September 2020 as against sales of 3.42 lakh registered in the quarter ended September 2019. Scooter sales of the company for the quarter registered sales of 2.70 lakh as against sales of 3.33 lakh in the quarter ended September 2019.
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Total three wheelers registered sales of 0.33 lakh units in the quarter ended September 2020 as against sales of 0.43 lakh in the quarter ended September 2019. Half-year results are not true reflection of the demand since Q1 of 2020-21 got severely impacted due to COVID lockdown.
The total two-wheeler sales of the company for the half-year ended September 2020 is 10.90 lakh units as against 17.26 lakh units recorded in the half-year ended September 2019. The total three-wheeler sales for the half-year ended September 2020 is 0.45 lakh units as against 0.83 lakh units registered in the half-year ended September 2019.
The total export of two and three wheelers for the half-year ended September 2020 is 2.96 lakh units as against 4.20 lakh units in the half-year ended September 2019. Total revenue in the half-year ended September 2020 is Rs 6,051 crore against Rs 8,823 crore in the half-year ended September 2019. PBT before exceptional items for the half-year ended September 2020 is Rs 78 crore as against Rs 443 crore in the half-year ended September 2019.
During last year, the company had reported a one-time exceptional gain of Rs 76 crore resulting in PBT after exceptional item of Rs 519 crore. During the half-year ended September 2020 the company reported Profit After Tax of Rs 57 crore.
Brands
Jubilant FoodWorks faces Rs 47.5 crore GST demand, plans appeal
Tax authorities flag alleged misclassification of restaurant services
MUMBAI:Â Jubilant FoodWorks Limited has landed in a tax tussle after receiving a GST demand of Rs 47.5 crore from the office of the additional commissioner of CGST and central excise in Thane, Maharashtra.
The order, issued under the provisions of the Central Goods and Services Tax Act, 2017, relates to an alleged incorrect classification of certain services under the category of restaurant services. According to the tax authorities, this classification resulted in a short payment of goods and services tax for the period between the financial years 2019-20 and 2021-22.
The demand includes Rs 47.5 crore in GST along with an equal amount as penalty, in addition to applicable interest. The order was received by the company on March 13, 2026.
In a regulatory filing to the BSE Limited and the National Stock Exchange of India Limited, the company said it disagrees with the order and believes its arguments were not adequately considered.
The company is preparing to challenge the decision and plans to file an appeal. It added that once the redressal process is complete, the demand is likely to be dropped.
Despite the sizeable figure attached to the notice, the company said it does not expect any material impact on its financials, operations or other activities.
The disclosure was signed by Suman Hegde, EVP and chief financial officer, who confirmed that the company received the order at 19:06 IST on March 13 and has already initiated steps to contest it.
The development places the quick service restaurant major in the middle of a tax debate that could hinge on how certain restaurant-linked services are classified under GST rules. For now, the company appears ready to take the matter from the tax office to the appeals desk.
