TVS Electronics clocks negative Q2

Chennai, Oct 30 (UNI) TVS Electronics Limited today reported a negative revenue of Rs 52.67 crore for the quarter ended September 30 as against Rs 69.36 crore during the corresponding period last year.

However, a company release said the financials were not strictly comparable with earlier quarter or previous year since the results of the earlier periods included the CMS Business at Tumkur which was hived off in May 2007 while the CCS Business was transferred to TVS-E Servicetec Ltd effective July one this year.

On an underlying basis, the core transaction automation business grew by six per cent during the quarter over corresponding period last year.

The net profit for this quarter jumped to Rs 27 lakh as against Rs three lakhs in the corresponding quarter last year.

TVS-E was also working on a two-pronged strategy on its expansion plans--entry into international markets and expanding the offerings into full range transaction products and solutions.

Towards this, sales in adjacent markets in SAARC were kickstarted this quarter, the release added.

UNI