Operationally in line; high other income drives PAT beat

25 Jan 2024
5 Min read 
  • TVS Motor Company posted an operationally in-line performance in 3QFY24.
  •  Both domestic and export demand for TVSL are seeing a gradual improvement.
  •  The company's highest-ever EBITDA margin at 11.2% was driven by stable raw material costs.
  •  TVSL is well positioned to outperform the 2W industry with successful products and expansion in global geographies.
  •  Valuations at ~45x/37x FY24E/FY25E EPS reflect strong earnings growth and increasing EV risk.
  •  Reiterate Neutral rating with a TP of ~INR1,880 based on ~27x Dec25E EPS.
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