Skip navigation
Newswire

CORRECTED - CORRECTED-(OFFICIAL)-TVS Motor Q1 net up 149 pct

In MADRAS story headlined "TVS Motor Q1 net up 149 pct, shares ease" please read in fifth paragraph "....Total Income of Madras-based TVS Motor...." instead of "....Net sales of Madras-based TVS Motor...." (correcting label to total income from net sales).

A corrected story follows.

MADRAS, India, July 29 (Reuters) - TVS Motor Co Ltd, India's third-largest motorcycle maker, reported on Monday its April-June net profit leapt 149 percent from a year earlier, slightly below market expectations.

First-quarter net profit rose to 267.8 million rupees ($5.5 million) from 107.6 million rupees in the year-ago period.

The average of net profit estimates from three analysts polled by Reuters was 272 million rupees.

The results, announced shortly before the market closed, failed to lift the company's shares. They ended down 3.11 percent at 450 rupees on the Bombay Stock Exchange, whose benchmark index ended up 0.19 percent.

Total income of Madras-based TVS Motor, which in October ended a two-decade-old joint venture with Suzuki Motor Corp , rose 53 percent to 6.32 billion rupees. Analysts had predicted sales of 6.35 billion rupees.

TVS' June motorcycle sales by volume soared 95 percent from a year ago, reflecting surging demand for the new 110 cc, four-stroke Victor model it launched last August.

TVS is one of three big Indian producers in the world's second-largest motorcycle market, behind China. (US$1 = 48.74 Indian rupees)