(Reuters) - India’s TVS Motor Company Ltd posted an about 31 percent increase in quarterly profit on Wednesday, helped by higher vehicle sales at home and growth in exports, but missed analysts’ estimates.
Net profit came in at 1.66 billion rupees ($24.47 million) for the fourth quarter ended March 31, compared with a profit of 1.27 billion rupees a year earlier, the company said bit.ly/2IqzYkG.
Analysts on average expected a quarterly profit of 2.04 billion rupees, Thomson Reuters Eikon data showed.
Overall two-wheeler and three-wheeler sales in the quarter grew 31.7 percent to 889,000 units, with the motorcycles segment posting a growth of 61.1 percent. Exports rose 45.3 percent to 111,000 units.
Shares of TVS Motor were down 2.5 percent as of 0835 GMT.
($1 = 67.8300 Indian rupees)
Reporting by Krishna V Kurup in Bengaluru; Editing by Biju Dwarakanath