Motilal Oswal: TVS Motor’s Q2 Margin Beat Led By Favourable Forex, Lower Expenses
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Motilal Oswal Report
TVS Motor Company Ltd.’s operating performance was led by favorable forex and lower cost.
However, commodity cost inflation, rupee appreciation, and the reversal of employee cost to pre-Covid-19 levels from October 2020 would dilute margins.
The company’s Q2 FY21 revenue / Ebitda / adjusted profit after tax grew approximately 5.9%/12.6%/0.5% to approximately Rs 46 billion/Rs 4.3 billion/Rs 1.97 billion.
H1 FY21 revenue / Ebitda / adjusted profit after tax contracted approximately 31.5%/48%/83%.
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