TVS Motor Q3 results | Net profit rises 9% YoY to Rs 289 crore, beats estimate

moneycontrol.com:

TVS Motor Company on February 7 reported a near 9 percent on-year rise in net profit at Rs 288.8 crore for the quarter ended December, which was below analysts' estimate of Rs 246.7 crore.

The two-wheeler maker reported a 5.8 percent year-on-year increase in revenues to Rs 5,706.4 crore, which was also above Street's estimate of Rs 5,488 crore.

TVS Motor said it sold 8.35 lakh units in the reported quarter as against 9.52 lakh crore in the year-ago quarter reflecting a weak demand scenario for two-wheelers.

However, the weakness in volumes was more than offset by the impact of price hikes taken by the company. The price hikes helped TVS Motor report the highest ever quarterly operating profit of Rs 568 crore, up 11.2 percent on-year.

The company's operating margins in the quarter expanded to 10 percent from 9.5 percent in the corresponding quarter a year ago.