Bengaluru: TVS Motor Co. Ltd’s first-quarter profit rose 13% on higher sales, but fell short of analysts’ estimates as raw material prices rose. Net profit stood at 147 crore in the quarter ended 30 June, compared with 129 crore a year ago, the company said on Tuesday.

Analysts on average had expected a profit of 173 crore, according to Thomson Reuters I/B/E/S.

Overall two-wheeler sales, including exports, rose 14%, with motorcycle sales outpacing scooter sales. Exports rose 52% to 190,000 units.

At 2.16pm, TVS Motors shares rose 2.67% to 542.20.