Chennai-based TVS Motor Company on Monday reported 2.3 per cent decline in its standalone net profit at Rs 142.30 crore in the first quarter ended June 30, 2019.

"The country's third largest two-wheeler manufacturer had posted standalone net profit of Rs 146.61 crore in the April-June quarter of the previous year," TVS Motor said in a filing to the Bombay Stock Exchange.

Standalone net sales increased 7.20 per cent to Rs 4,468.62 crore in Q1FY20, as against Rs 4,168.45 crore in the same period last year.

The operating profit or earnings before interest tax depreciation and amortisation (EBITDA) rose by 10.8 per cent to Rs 355.8 crore against Rs 321.2 crore in the year-ago period.

During the quarter under review, the company sold 8.84 lakh two-wheelers (including exports) as against 8.93 lakh units reported last year, which is better as compared to the industry decline of 9.7 per cent.

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Motorcycles sales during the first quarter rose by 7.8 per cent to 4.17 lakh units from 3.87 lakh units in the year-ago period, while scooter sales grew by 2.4 per cent to 2.95 lakh units from 2.88 lakh units, the company said in the exchange filing.

The total export of the company grew by 10 per cent to 2.09 lakh units during the quarter ended June 2019 from 1.90 lakh units in the quarter ended June 2018.

The three-wheeler sales grew by 11.1 per cent to 0.40 lakh units from 0.36 Lakh units in the same quarter last fiscal, TVS Motor said.

Ahead of Q1, shares of TVS Motor Company ended at Rs 379.65 apiece, down 4.12 per cent from the previous close on the BSE on Monday.

Edited by Chitranjan Kumar

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