Net profit for the third quarter ended December 31 came in at Rs 154 crore ($24.15 million), compared with Rs 133 crore in the year-ago quarter.
Analysts on average estimated a net profit of Rs 168 crore, according to Thomson Reuters data.
Two-wheeler sales including exports increased 13.8 per cent to 799,000 units with motorcycles sales rising to 314,000 units.
At 12:52 pm, shares in TVS Motor were trading 1.9 per cent lower at Rs 706 on the BSE, whose benchmark index was down 213 points, or 0.58 per cent.
($1 = Rs 63.76)