Indian two-wheeler maker TVS Motor Company Ltd (TVSM.NS) reported a lower-than-expected rise in second-quarter profit on Friday, hurt by higher expenses and an economic slowdown in a few of its key markets.

The company’s profit rose 46.8% to 4.07 billion Indian rupees ($49.51 million) for the three months ended Sept. 30, compared to the 2.78 billion rupees a year ago.

Analysts, on average, had expected a profit of 4.22 billion rupees, according to Refinitiv IBES data.

Total expenses climbed 27.2% to 66.71 billion rupees.

“[The company faced] challenges in international markets due to the economic slowdown and higher inflation in some of the key markets,” TVS, which operates in 80 countries including South Africa, Argentina, and Sri Lanka, said in a statement.

Two-wheeler exports slipped to around 252,000 units from 270,000 units.

The Tamil Nadu-based company also said a semiconductor shortage affected its ability to meet demand for motorcycles during the quarter, although it now expects supply constraints to ease in the third quarter.

Overall unit sales, including those of two- and three-wheelers, rose 12% for the second quarter.

Revenue from operations rose 28.5% to 72.19 billion rupees, boosted by strong scooter sales.

Rival Bajaj Auto (BAJA.NS) reported a bigger-than-expected rise in second-quarter profit on October 14, while top two-wheeler maker Hero MotoCorp (HROM.NS) reported a 10% fall in September-quarter profit on Thursday.

TVS Motor’s stock gained 22.6% in the September quarter.