TVS Motors at new low
TVS Motors is most certainly on a very rough road. The stock had hit a 4-year low on 31st March at Rs. 274.70 in anticipation of very poor sales numbers for March. And this was proven right and the stock today hit another new low at Rs. 255.55.
The company announced yesterday that its total sales for March fell by a huge 55.50% (YoY) at 1.44 lak units. QoQ, the sales for March is down 43%.
There has been a huge impact on the company’s production and sales this month because of COVID-19 lockdown across the country.
The company said that there was a significant loss in production, and also vehicle stock in the factory for both domestic and international markets, which could not be dispatched.
On BS-VI, the company said that it started the transition to BS-VI in Q3 of FY 19-20 and this effective planning helped the Company in complete readiness of BS-VI vehicle supplies in Q4. The company including its dealers have almost entirely retailed all BS-IV vehicles and it is fully gearing up for focus on its BS-VI range once the market opens.