REUTERS - India’s TVS Motor Co Ltd said on Thursday net profit fell nearly 7 percent in the fourth quarter hurt by lower motorcycle sales at home, but beat analysts’ estimates.
The company said net profit came in at 1.27 billion rupees ($19.80 million) in the March quarter, while total income climbed 1.6 percent to 31.39 billion rupees. (bit.ly/2p6IPjW)
The company also said profit for the quarter was impacted by by a one-time provision of 570 million rupees towards discounts for BS III compliant vehicles sold by the dealers in March.
Analysts were on average expecting profit of 1.09 billion rupees, according to Thomson Reuters data.
Shares were trading 2.7 percent lower as of 0900 GMT on the National Stock Exchange.
($1 = 64.1450 rupees)
Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Biju Dwarakanath