₹304 crore, for the quarter ending March 31, as a result of a significant decline in retail sales in March, due to the adverse impact of the Covid -19 pandemic and the subsequent lockdown measures imposed the by the centre and states to contain the spread of the virus.The net profit of the company during the corresponding quarter stood at ₹545 crore.The company also experienced decline in sales during the first two months of the quarter as result of the economic slowdown.
Net sales during the period decreased by 11.68% year on year to 2208 crore as a consequence of 17% decrease in vehicle sales during the period to 163083 units.“In the near term, discretionary demand is expected to remain weak as customers could tighten their purse strings..