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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