TVS Motor Inching Closer To Double Digit Margin: Centrum Broking
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Centrum Broking Report
After losing 100 basis points YoY of market share in FY20 in domestic two wheelers, due to underperformance of its motorcycle and moped sales, TVS Motor Company Ltd. has recovered most of it in FY21 with the help of mopeds sales amid strong rural recovery.
While motorcycles continue to underperform, the company has gained further market share in scooters.
As schools, colleges and offices are expected to open up in FY22, we see scooters catching up the revival.
Even, two-wheeler exports have seen a sharp recovery, and sales are now up 3% in year-to-date FY21. Similarly, three-wheeler exports have also recovered well.
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