BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
TVS Motor Co. Ltd.’s operating performance was supported by lower other expenses. It expects cost-cutting efforts to boost margins, with volume recovery and the Premium portfolio outperforming.
Q1 FY21 revenue declined 68% to approximately Rs 14.3 billion, and reported Ebitda / adjusted loss of approximately Rs 0.5 billion/Rs 1.4 billion.
Volumes fell by approximately 71% YoY (-58% QoQ). Realizations grew approximately 10.8% YoY (-2.5% QoQ) to Rs 53,600 (versus estimate Rs 56,200), driven by the Bharat Stage VI (BS6) cost pass-through.
Gross margins contracted 90 basis point QoQ (70 basis point YoY) to 24.1% (estimate 25.6%), weighed by a weaker product mix (lower export mix and Apache) and the impact of the BS6 cost inflation (as contribution margins are yet to be passed through).
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