TVS Motor Q2 Review - Strong Quarter, Encouraging Outlook; Upgrade To Buy: Axis Securities

BQ Blue's special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Axis Securities Report.TVS Motor Company Ltd posted a robust set of numbers for the quarter with the company’s performance ahead of our expectations. Its total export of two-wheelers and three-wheelers registered a growth of 46% YoY to 3.15 lakh units in Q2FY22, offsetting a decline of 8% in domestic sales (6 lakh units). The demand in the export markets continues to be robust. TVSL's revenue for the quarter stood at Rs 5,619 crore (our estimate - Rs 5,497 crore) as compared to Rs 4,605 crore in Q2FY21, reporting a growth of 22% YoY. This was on account of ~6% growth in volumes and a 15.5% YoY increase in ASPs. Reported Ebitda came in at Rs 563 crore, a 31% YoY increase (our estimate - Rs 512 crore). TVSL reported an Ebitda margin of 10%, a 68bps YoY expansion (our estimate – 9.3%). The company was able to achieve the same despite various challenges in terms of increase in commodity costs, scarcity of containers for international business, and shortage in semiconductors through significant cost reduction initiatives and strong growth in revenues..Click on the attachment to read the full report:.DISCLAIMER This report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BloombergQuint. Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

TVS Motor Q2 Review - Strong Quarter, Encouraging Outlook; Upgrade To Buy: Axis Securities

TVS Motor Q2 Review - Strong Quarter, Encouraging Outlook; Upgrade To Buy: Axis Securities

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