TVS Motor first-quarter profit up nearly 7 percent, misses estimates

TVS Motor Co Ltd posted a nearly 7 percent rise in quarterly profit on Friday, missing analysts` estimates.

Profit came in at 1.29 billion rupees ($20.09 million) in the first quarter ended June 30, compared with 1.21 billion rupees a year ago, the two-wheeler manufacturer said. (http://bit.ly/2voZVNs)

However, profit came in lower than analysts` estimate of 1.69 billion rupees, according to Thomson Reuters data.

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Profit included provision of 165 million rupees which was offered to dealers as additional discount to clear out inventory before the launch of a nation-wide tax on July 1.

The company`s total two-wheeler sales, which included exports, rose by 12 percent to 785,000 vehicles. ($1 = 64.2075 Indian rupees)

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)