TVS Motor Company’s shares fell 3% after the company announced its Q2 results on Wednesday afternoon.

What Happened: TVS Motor reported a standalone net profit of ₹662.62 crore, a 23.49% year-on-year increase from the previous year. The two-wheeler maker’s revenue came in at ₹9,228.24 crore, which increased by 13.30% from the previous year’s ₹8,144.61 crore.

The results missed the analysts’ estimates of ₹684.58 crore net profit and revenue of ₹9,469.36 crore. In the previous year, the company posted a net profit of ₹536.55 crore and ₹8,144.61 crore revenue.

The company’s overall sales grew by 14% to 12.28 lakh units in the September quarter. Motorcycle sales grew by 14% to 5.6 lakh units. Scooter sales increased by 17% to 4.9 lakh units.

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EV sales units rose 31% from the previous year to 75,000 units in the quarter. The company had launched TVS Jupiter 110 in the September quarter.

The company had launched TVS Apache RTR 310 in Singapore earlier in October. It also launched the TVS HLX 125 model in Kenya.

Price Action: Shares of TVS Motor fell 3.89% to ₹2,558.85 on Wednesday.

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