TVS Motor, India's third largest two-wheeler maker, is the sole manufacturer of mopeds after Hero and Kinetic exited the sector many years ago
Venu Srinivasan expects the market to overcome the supply chain problem during the second quarter of the year
'While we forecast that India's motorcycle sales will contract by 23.7 per cent year-on-year in 2020-21, we expect motorcycle production to contract by just 16 per cent year on year," it said
Motorcycle sales last month declined by 22.02 per cent at 8,16,679 units as against 10,47,356 units in the year-ago period, it added
Three-wheeler sales grew 26.4% to 17,370 units during the month compared with 13,742 units during the same month last year.
Domestic sales during February this year stood at 58,644 units as compared to 57,174 units sold in the year-ago month
Total income of the company declined to Rs 4,779.32 crore for the third quarter as compared with Rs 5,123.50 crore in the year-ago period, TVS Motor Company said in a regulatory filing
The growth in the segment comes despite the entire 2W sales declined by 15.80 per cent
At the operating level, analysts see a dip in margin due to higher discounts and adverse working capital owing to weak demand
Maruti Suzuki India posted 36.14% decline in its August sales at 93,173 units
Total two-wheeler sales declined 13.7% to 2,65,679 units in July from 3,07,856 units in the corresponding period last year
A strong comeback in the demand for motorcycles has a direct positive impact on the fortunes of two leading listed two-wheeler makers: Hero MotoCorp and Bajaj Auto