TVS Motor Q3 Review - Rich Valuations Factors In Near Term Positives: Prabhudas Lilladher
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Prabhudas Lilladher Report
TVS Motor Company Ltd.’s Q3 FY21 results were in line with record Ebitda margins of 9.5% (up 70 basis point YoY, in line) driven by tight cost control especially on advertising and promotion spends.
Adjusted profit after tax grew 35% YoY to Rs 2.65 billion (in-line) driven by healthy operating performance.
With declining retails in domestic two-wheeler segment, we believe cost savings related to A&P are short lived.
Further, sharp increase in raw material cost too will act as a headwind since series of price hikes over past 18 months have already impacted buying sentiments significantly.
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