TVS Motor beats Q1 profit view on two-wheeler demand
Tuesday, 25 July 2023
BENGALURU, July 24 (Reuters): India's TVS Motor reported a bigger-than-expected rise in first-quarter profit on Monday, helped by strong demand for its two-wheelers, including its flagship electric scooter.
The Apache motorbike maker reported a near 46 per cent jump in profit to 4.68 billion rupees ($57.2 million) for the quarter ended June 30, beating analysts' average estimate of 4.36 billion rupees, according to Refinitiv IBES data.
TVS Motor, which exports two-wheelers to Asia, Africa and America, said its revenue from operations rose 20.1 per cent to 72.18 billion rupees.
Sales of two-wheelers were boosted by the wedding season in the north and eastern parts of the country.