August 7, 2018 / 8:43 AM / 2 months ago

India's TVS Motor posts 13 pct rise in quarterly profit on higher sales

Aug 7 (Reuters) - TVS Motor Co’s first-quarter profit rose 13 percent on higher sales, but fell short of analysts’ estimates as raw material prices rose.

Net profit was 1.47 billion rupees ($21.38 million) in the quarter ended June 30, compared with 1.29 billion rupees a year ago, the company said on Tuesday. bit.ly/2Oj0XRI

Analysts on average had expected a profit of 1.73 billion rupees, according to Thomson Reuters I/B/E/S.

Overall two-wheeler sales, including exports, rose 14 percent, with motorcycle sales outpacing scooter sales.

Exports rose 52 percent to 190,000 units.

Shares were up 2 percent at 538.3 rupees in afternoon trade. ($1 = 68.7450 Indian rupees) (Reporting By Aparajita Saxena in Bengaluru; Editing by Subhranshu Sahu)

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