New Delhi, April 29 -- TVS Motor Co Ltd stock fell 3% on Tuesday even though the company posted 75% year-on-year growth in standalone net profit to Rs.852 crore in the March quarter (Q4FY25). Earnings got a boost as the company accounted for benefits under the government's production-linked incentive (PLI) scheme.

Two PLI components were included in the Q4 financials - Rs.47 crore for the quarter and Rs.160 crore for the prior period. Excluding these, Q4FY25 Ebitda margin was 12% compared to 11.3% a year ago. This is the highest margin TVS has reported over the past eight quarters at least. However, it's still well below the around 20% margin its closest peer Bajaj Auto Ltd - which has a presence in both two-wheelers and three-wheelers -...