TVS Motor - Impressive Margin Performance In Q4: Dolat Capital
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Dolat Capital Report
TVS Motor Company Ltd.’s reported an impressive margin performance in Q4 FY21.
Ebitda grew 119% YoY to Rs 5.36 billion with expanded margin at 10.1% (60 basis points QoQ) due to richer mix, price hike, cost control initiatives and benefit of operating leverage.
The company has taken a 2% price hike in Q3, 1% in Q4 and 1.6% in April 2021 to offset the raw material cost headwinds.
Management expects Q1 FY22 sales to be dampened due to the second wave of Covid-19 and lockdown in several states.
However, recovery will be sharp from Q2, post vaccination drive.
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