India's top bus and truck maker, Tata Motors Ltd, reported quarterly net profit rose 26 per cent, helped by sales of higher-margin trucks.
The New York-listed company which has about 60 percent of India's $5 billion truck and bus market, said net profit rose to 5.77 billion rupees ($141 million) in its fiscal fourth-quarter to March from 4.58 billion reported a year ago.
The result beat a Reuters poll forecast for 5.51 billion rupees.
Net sales grew 20.3 per cent to 82.67 billion rupees, up from 68.70 billion rupees a year ago.
But by 0926 GMT, shares in the company were down nearly 1 percent at 744 rupees in a volatile Mumbai market.
Tata Motors, also India's third-biggest car maker after Maruti Udyog Ltd and South Korea's Hyundai Motor Co, has a joint venture with Italy's Fiat to make cars and engines in India and a separate venture to make pick-up trucks in Argentina.
The company makes the popular Indica hatchback and Indigo sedan. It is scheduled to roll out a low-cost small car in 2008.
Top car maker Maruti posted a better-than-expected 24 per cent rise in quarterly profit last month.