October 23, 2018 / 8:09 AM / 23 days ago

TVS Motor Q2 profit drops on higher commodity prices

A model sits on a scooter at the TVS Motor company's pavilion during the Indian Auto Expo in Greater Noida, on the outskirts of New Delhi February 6, 2014. REUTERS/Adnan Abidi/File Photo

(Reuters) - Auto manufacturer TVS Motor Co Ltd posted about 1 percent fall in second-quarter profit on Tuesday, dented by higher commodity prices.

Profit came in at 2.11 billion rupees ($28.64 million) in the quarter ended Sept. 30, compared with 2.13 billion rupees a year ago, beating analysts’ estimates of 2.10 billion rupees, according to Refinitiv data. The cost of materials consumed in the Sept quarter surged 20.1 pct to 36.96 billion rupees.

The manufacturer of two- and three-wheeler vehicles sold about 1.1 million vehicles during the quarter, leading to a 22.8 percent rise in revenue from operations.

($1 = 73.6725 Indian rupees)

Reporting by Tanvi Mehta and Mekhla Raina in Bengaluru, Editing by Sherry Jacob-Phillips

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