TVS Motor Company Ltd.'s sales bounced back in March as the automaker reported its first growth in 2017.
The company sold 2.56 lakh vehicles in March, 10 percent higher than the same month last year, it said in a stock exchange filing. Two-wheeler sales went rose 10.7 percent to 2.26 lakh, of which 2.16 lakh units were sold domestically. Scooter sales increased 23.5 percent to 84,000 units. Three-wheeler sales declined 8.7 percent to 5,362 units.
The company's total sales has been on the decline since November when the government decided to delegalise old Rs 500 and Rs 1,000 currency notes
Cumulatively, TVS Motor's sales in the fourth quarter climbed 3.2 percent.
The automaker is currently assessing the one-time impact of the transition to the new emission norms on the financials of the company, the statement added.
It had been "progressively" decreasing the stock of Bharat Stage III (BS-III) compliant vehicles and started manufacturing and selling vehicles compliant with the newer BS-IV norms before the March 31 deadline, TVS Motor added.
Following the order, the company also enabled dealers to offer incentive schemes on the BS-III compliant vehicles to clear the inventory pile-up.
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