TVS Srichakra Q3 net plummets 73% to ₹9 crore

TVS Srichakra Ltd.’s standalone net profit for the third quarter ending December plummeted 73% to ₹9 crore on spiralling input costs.

Revenue from operations grew by 19% to ₹659 crore, while total expenditure increased by 28% to ₹648 crore, the company said in a regulatory filing.

Input costs increased to ₹427 crore from ₹319 crore. Change in inventories in the form of finished goods was in negative ₹24 crore from negative ₹31 crore in the year earlier.

Based on a technical evaluation, the company has extended the estimated useful life of certain plant and machineries to 20 years on a three-shift basis instead of single-shift. Depreciation cost decreased by ₹6 crore, it said.

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Printable version | Aug 6, 2022 11:51:26 am |