TVS posts 32.7-crore loss in fourth quarter

CHENNAI: Venu Srinivasan-owned TVS Motor Co posted a Q4 net loss, as it set aside money to write down investments made at its European unit, which it plans to close down.

TVS Motor, which has been steadily losing market share to peers, posted a net loss of Rs 32.72 crore, compared with a net profit of Rs 57.23 crore a year ago. The company recorded an exceptional item of about Rs 92 crore and an extraordinary item of Rs 0.79 crore in the current quarter.

In its footnote to earnings, the company said the exceptional item included the provision for diminution in the value of investment in its European arm TVSM-Europe, which it plans to close. It also includes profit on the sale of land by its overseas unit.

The company's revenue rose 6.78% to Rs 1,748 crore from Rs 1,637 crore in the same period last year.