TVS Motor Q1 Review - Valuation Leaves Limited Upside: Dolat Capital


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TVS Motor Company Ltd.’s Q1 numbers were broadly in line with estimates. Gross profit per vehicle were up 2.8% QoQ and Ebitda grew 7% QoQ to Rs 6 billion with flat margin at 10%.

The management sounded confident on both demand and margin, double digit margin is sustainable and expected to inch up in coming quarter due to premiumisation with ramp up in volume of Apache, Ronin, Ntorq and Jupiter 125.

TVS Motor indicated, two-wheeler volume to see recovery led by resumption in rural demand along with potent festive season demand. Strong channel stocking expected to meet festive season demand.

Premium products such as Apache, Ntorq, Jupiter are witnessing strong traction. Recently launched Ronin will help in gain market share in retro-styled segment.

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