TVS Motor Q3 Beat Driven By Price Hike, Favourable Mix, Better Cost Management: Motilal Oswal 
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)

TVS Motor Q3 Beat Driven By Price Hike, Favourable Mix, Better Cost Management: Motilal Oswal 

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Motilal Oswal Report

TVS Motor Company Ltd.’s operating performance was driven by price hikes, a favourable mix, and lower other expenses. Good volume recovery, price hikes, and a continued focus on cost management would support profitability.

Q3 FY21 revenue /Ebitda /adjusted profit after tax grew 31%/41%/47% to Rs 53.9 billion/Rs 5.1 billion/Rs 2.6 billion.

Nine months FY21 revenue /Ebitda /APAT contracted 11.7%/18.9%/3.8% to Rs 114 billion/Rs 8.9 billion/Rs 3.2 billion.

Net sales grew 31% YoY to Rs 53.9b as volumes increased 20.4% YoY, and realizations grew 8.5% YoY (up 2.7% QoQ) to Rs 54,500 (versus estimate Rs 53,400).

Click on the attachment to read the full report:

Motilal Oswal TVS Motor Q3FY21 Result Update.pdf


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