TVS Motor Co, India's third largest two-wheeler maker, on Friday reported its net profit in Jan-March more than doubled, but its shares plunged as the earnings were way below market expectations.
"The results were below street estimates. Street was expecting quarterly profit around Rs 55 crores," said an auto analyst from a local brokerage who declined to be named.
Fourth quarter net profit rose to Rs 41.68 crore from Rs 202.93 crore and net sales to Rs 1,604 from Rs 1,192 billion, TVS Motor said in a statement earlier on Friday, 29th April.
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