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Dolat Capital Report
TVS Motor Company Ltd.’s Q1 FY21 numbers were below estimates. Ebitda loss stood at Rs 488 million due to negative operating leverage.
Revenue declined 68% YoY to Rs 14.32 billion dragged by 71% decline in volume partially offset by 11% increase in net realization.
Management stated that recovery in Two-Wheeler demand is encouraging and expects momentum to continue in the near to medium term given increasing preference for personal mobility and improvement in rural sentiment.
With stabilisation of crude prices and re-opening of economies, export volume is also gradually improving. The company expects it will be back to last year levels by September 2020.
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