TVS Motor's (TVSL) delivered disappointing Q3FY15 performance, with below our as well as street's profit estimates. Company's net profit grew by 30% YoY (down 5% QoQ) to Rs 902 mn as against our estimates of Rs 1.09 bn. Negligible improvement in average realization, despite higher export and currency benefit, indicates increasing competitive intensity in domestic as well as export markets.