TVS Motor Q1 profit up 13% on higher sales, but falls short of estimates

Overall two-wheeler sales, including exports, rose 14% with motorcycle sales outpacing scooter sales

TVS Motor Co's first-quarter profit rose 13 percent on higher sales, but fell short of analysts' estimates as raw material prices rose.

Net profit was Rs 1.47 billion ($21.38 million) in the quarter ended June 30, compared with Rs 1.29 billion a year ago, the company said on Tuesday. 

Analysts on average had expected a profit of Rs 1.73 billion, according to Thomson Reuters.

Overall two-wheeler sales, including exports, rose 14 percent, with motorcycle sales outpacing scooter sales.

Exports rose 52 percent to 190,000 units.

Shares were up 2 percent at 538.3 rupees in afternoon trade.