TVS Motor Q1 profit up nearly 7%, misses estimates
Bengaluru: India’s TVS Motor Co. Ltd posted a nearly 7% rise in quarterly profit on Friday, missing analysts’ estimates.
Profit came in at Rs1.29 billion ($20.09 million) in the first quarter ended 30 June, compared with Rs1.21 billion a year ago, the two-wheeler manufacturer said.
However, profit came in lower than analysts’ estimate of Rs1.69 billion, according to Thomson Reuters data.
Profit included provision of Rs165 million which was offered to dealers as additional discount to clear out inventory before the launch of the GST on 1 July.
The company’s total two-wheeler sales, which included exports, rose by 12% to 785,000 vehicles. Reuters