TVS Motor Company Ltd.'s profit rose the most in three quarters, beating analysts' estimates.
The net profit rose 15.5 percent year-on-year to Rs 178.4 crore in the December quarter, the Chennai-based automaker said today. That compares with Rs 170-crore consensus estimate of analysts tracked by Bloomberg.
Revenues rose 26.1 percent on a yearly basis to Rs 4,664 crore, led by higher volume. That too was higher than the Rs 4,555 crore forecast.
The company sold 9.5 lakh units of two-wheelers between October and December, an increase of 19 percent from the corresponding quarter last year, according to its press release dated Jan. 2. Its three-wheeler sales rose 47 percent on a yearly basis to about 40,000 units.
The operating income or the earnings before interest, tax, depreciation, and amortisation rose 25 percent on a yearly basis to Rs 375.7 crore—the consensus estimate was Rs 360 crore. The company's operating margin remained flat at 8.1 percent during the period—analysts had forecast 7.9 percent.
Shares of the automaker parred losses and rose as much as 2.6 percent to Rs 552 apiece after the results announcement. That compares with a 1.9 percent decline in the NSE Nifty Auto Index
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