India's TVS Motor falls after Q3 profit miss

Shares of TVS Motor TVSM.NS fall as much as 1.9% to 3,657.30 rupees

Co missed Q3 profit view due to a one-time charge linked to new labour codes, although strong two-wheeler demand and export growth boosted sales

Profit jumped 52% to 9.4 billion rupees vs analysts' estimates of 9.8 billion rupees, per data compiled by LSEG

Jefferies remains positive on two-wheeler demand, and like TVSM's rising domestic and export franchise but sees the recent metal price rally posing some margin pressure over next few quarters

ICICI Securities expects TVS' outperformance to continue led by ramp-up in EV volumes, new product launches and premiumisation

Analysts have a "buy" rating on avg; median PT is 4,100 rupees - data compiled by LSEG

TVSM down 1.7% so far in January