SHANGHAI, May 26 (Reuters) - China's leading food delivery group Meituan on Monday reported net profit for the first quarter of 10.9 billion yuan ($1.52 billion), up 46.2% from 5.2 billion yuan in the same period a year ago.

Meituan - which operates an app providing services as varied as bike-sharing, ticket-booking and maps - reported revenue in the three months to March 31 of 86.6 billion yuan ($12.1 billion), compared to 73.3 billion yuan in the same period a year earlier.

That represents a slightly larger-than-expected 18.1% rise as it targeted cost-conscious Chinese consumers with value-for-money products and services. Fourteen analysts polled by LSEG had expected a 16.5% revenue gain.

This year has seen e-commerce giants jostle for position in the burgeoning "instant retail" sector, which refers to online purchases delivered within 60 minutes.

In February, online retailer JD.com responded to Meituan's moves to expand beyond meals the product categories it delivers within the hour by moving aggressively into Meituan's core food delivery business.

Alibaba, which operates the second-largest food delivery app, Ele.me, has also moved to increase its bets on the instant retail space.

Meituan has nearly 70% of the delivery market, Morningstar analysts said. Defending that customer base could prove expensive amid the intensifying competition, squeezing profit margins, they said.

Another challenge could come from regulators, with China's State Administration for Market Regulation recently drafting new guidelines about how platforms such as Meituan, JD.com and Alibaba should charge fees to merchants.

Meituan's revenue from core local commerce, which includes food delivery and non-food delivery service Meituan Instashopping, rose 17.8% to 64.3 billion yuan.

($1 = 7.1837 Chinese yuan renminbi)