BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Centrum Broking Report
TVS Motor Co. Ltd.’s (TVSL) Q2 FY22 results beat our estimates, as it posted its highest-ever quarterly revenue and Ebitda. This came on the back of better ASP and cost reduction measures.
Ebitda margin of 10% had a 40 bps contribution from RoDTEP of previous two quarters; for Q2 FY22, this was Rs 150 million.
Spares revenue for the quarter was Rs 6.4 billion, 11.4% of total revenue, higher than the last 3-4 years’ ~10%.
TVSL took a price hike of 1.1% in October.
It will be setting up a separate electric vehicle or EV-focused subsidiary. It is planning to launch electric 2W and 3W models in the forthcoming quarters.
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