TVS Motor third-quarter profit rises about 16 percent, beats estimates

(Reuters) - Indian auto manufacturer TVS Motor Co Ltd posted a better-than-expected rise in third-quarter profit on Tuesday, aided by higher sales of its two- and three-wheeler vehicles.

Profit rose 15.6 percent to 1.78 billion rupees ($24.92 million) in the three months ended Dec. 31, from 1.54 billion rupees a year earlier, the company said.

Analysts on average had expected a profit of 1.67 billion rupees, according to Refinitiv Eikon data.

The company said sales of two-wheeler vehicles grew by 19 percent while those of three-wheeler ones jumped 47 percent, leading to a 26.1 percent rise in revenue from operations.

($1 = 71.4300 rupees)

 

(Reporting by Tanvi Mehta in Bengaluru; Editing by Subhranshu Sahu)