Oct 23 Reuters Indian twowheeler maker TVS Motor Company reported a lowerthanexpected quarterly profit on Wednesday hurt by higher costs, even as demand was stable.

39;Jupiter39; scooter maker39;s profit rose 23.5 to 6.63 billion rupees 78.86 million in the quarter ended Sept. 30, which missed analysts39; estimate of 6.97 billion rupees, per data compiled by LSEG.

During the quarter it incurred a 288.8 million rupees expense due to changes in inventories, compared to an income of 2.61 billion rupees a year ago, the company said without giving further details.

This pushed its total expenses up nearly 12, with the cost of materials consumed increasing 4.3 in the quarter.

Revenue from operations rose 13.3 to 92.28 billion rupees, but fell short of analysts39; estimate of 94.21 billion rupees.

Total twowheeler 2W sales for the company increased 15 yearoveryear to over a million units in the quarter, while sales across the country increased 15.8 in the quarter.

Rival Bajaj Auto posted a 21 rise in secondquarter adjusted profit last week helped by higher domestic motorcycles sales. Hero MotoCorp is yet to report quarterly results.

Shares of TVS Motor fell as much as 6.6 after results, before closing down 3.7.

1 84.0725 Indian rupees

Reporting by Meenakshi Maidas in Bengaluru; Editing by Eileen Soreng

Source Reuters