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TVS Motor reports lower-than-expected rise in Q2 profit at Rs 407 crore

BENGALURU (Reuters) – Indian two-wheeler maker Firm Ltd reported a lower-than-expected rise in second-quarter revenue on Friday, damage by increased bills and an financial slowdown in just a few of its key markets.

The corporate’s revenue rose 46.8% to 4.07 billion Indian rupees ($49.51 million) for the three months ended Sept. 30, in comparison with the two.78 billion rupees a 12 months in the past.

Analysts, on common, had anticipated a revenue of 4.22 billion rupees, in accordance with Refinitiv IBES information.

Complete bills climbed 27.2% to 66.71 billion rupees.

“[The company faced] challenges in worldwide markets because of the financial slowdown and better inflation in a few of the key markets,” TVS, which operates in 80 international locations together with South Africa, Argentina, and Sri Lanka, mentioned in a press release.

Two-wheeler exports slipped to round 252,000 models from 270,000 models.

The Tamil Nadu-based firm additionally mentioned a semiconductor scarcity affected its capability to fulfill demand for bikes through the quarter, though it now expects provide constraints to ease within the third quarter.

General unit gross sales, together with these of two- and three-wheelers, rose 12% for the second quarter.

Income from operations rose 28.5% to 72.19 billion rupees, boosted by sturdy scooter gross sales.

Rival Bajaj Auto reported a bigger-than-expected rise in second-quarter revenue on October 14, whereas high two-wheeler maker Hero MotoCorp reported a ten% fall in September-quarter revenue on Thursday.

TVS Motor’s inventory gained 22.6% within the September quarter.

($1 = 82.2120 Indian rupees)


(Reporting by Meenakshi Maidas in Bengaluru)

(Solely the headline and movie of this report could have been reworked by the Enterprise Customary workers; the remainder of the content material is auto-generated from a syndicated feed.)

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