TVS Motor Q2 results: PAT rises 23.5% to Rs 663 cr, revenue at Rs 9,228 cr

Two-wheeler maker TVS Motor Company reported a lower-than-expected quarterly profit on Wednesday hurt by higher costs, even as demand was stable.

'Jupiter' scooter maker's profit rose 23.5 per cent to Rs 663 crore ($78.86 million) in the quarter ended Sept. 30, which missed analysts' estimate of Rs 697 crore, per data compiled by LSEG.

During the quarter it incurred a Rs 28.88 crore expense due to changes in inventories, compared to an income of Rs 261 crore ushed its total expenses up nearly 12 per cent, with the cost of materials consumed increasing 4.3 per cent in the quarter.

Revenue from operations rose 13.3 per cent to Rs 9,228 crore, but fell short of analysts' estimate of Rs 9,421 crore.

 

Total two-wheeler (2W) sales for the company increased 15 per cent year-over-year to over a million units in the quarter, while sales across the country increased 15.8 per cent in the quarter.

Rival Bajaj Auto posted a 21 per cent rise in second-quarter adjusted profit last week helped by higher domestic motorcycles sales. Hero MotoCorp is yet to report quarterly results.

Shares of TVS Motor fell as much as 6.6 per cent after results, before closing down 3.7 per cent.