Nirmal Bang: TVS Motor - Strong Operational Q2 Performance, Expensive On Valuation
TVS Motor Company employees work on the vehicle production line at the PT TVS Motor Company Indonesia Factory in Karawang, near Jakarta, Indonesia. (Photographer: Dimas Ardian/Bloomberg News)

Nirmal Bang: TVS Motor - Strong Operational Q2 Performance, Expensive On Valuation

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Nirmal Bang Report

TVS Motor Company Ltd. reported Ebitda of Rs 4.3 billion, beating our estimate of Rs 3.5 billion, driven by cost reduction initiatives, price hikes (approximately 1.5% on blended basis in July), partially offset by limited BS-VI pass through and adverse segment mix.

Net sales grew by 6% YoY to approximately Rs 46.1 billion, marginally above our estimate of approximately Rs 45.2 billion on the back of higher-than-expected increase of 8% YoY in average selling price on account of BS-VI price increase.

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Nirmal Bang TVS Motor Company-Q2FY21 Result Update-30 October 2020.pdf


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