REUTERS - TVS Motor Co Ltd posted a nearly 7 percent rise in quarterly profit on Friday, missing analysts’ estimates.
Profit came in at 1.29 billion rupees ($20.09 million) in the first quarter ended June 30, compared with 1.21 billion rupees a year ago, the two-wheeler manufacturer said. (bit.ly/2voZVNs)
However, profit came in lower than analysts’ estimate of 1.69 billion rupees, according to Thomson Reuters data.
Profit included provision of 165 million rupees which was offered to dealers as additional discount to clear out inventory before the launch of a nation-wide tax on July 1.
The company’s total two-wheeler sales, which included exports, rose by 12 percent to 785,000 vehicles.
($1 = 64.2075 Indian rupees)
Reporting by Jessica Kuruthukulangara in Bengaluru; Editing by Sherry Jacob-Phillips