TVS Motor third-quarter profit rises about 16%, beats estimates

Reuters: Indian auto manufacturer TVS Motor Co Ltd posted a better-than-expected rise in third-quarter profit on Tuesday, aided by higher sales of its two- and three-wheeler vehicles.

Profit rose 15.6% to INR 1.78 billion ($24.92 million) in the three months ended 31 December, from INR 1.54 billion a year earlier, the company said. Analysts on average had expected a profit of INR 1.67 billion, according to Refinitiv Eikon data. The company said sales of two-wheeler vehicles grew by 19% while those of three-wheeler ones jumped 47%, leading to a 26.1% rise in revenue from operations.