TVS Motor Q1 net slips lower-than-expected 13% to Rs 51 crore, Latest stock price
Two-wheeler maker TVS Motor Co beat street expectations with a lower-than-expected 13% year-on-year decline in first quarter net profit at Rs 51 crore.
The India's fourth largest two-wheeler maker's revenue for the quarter rose 4% to Rs 1,820 crore.
Analysts on average had expected TVS Motor to report a net profit of Rs 46 crore on revenue of Rs 1,614 crore in April-June, according to CNBC-TV18 estimates.
"Profits are lower due to significant increase in brand investments across key brands including TVS Wego, TVS StaR City and TVS Sport along with the recently introduced Apache RTR and Scooty Pep," the company said on Friday.
TVS's total expenses in April-June rose 5% to Rs 1,743 crore.
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