TVS Motor Q4 Review - Margin Acceleration Surprises Street: ICICI Securities
Bikes manufactured by TVS Motor Company Ltd. on display at a showroom. (Source: Company website)

TVS Motor Q4 Review - Margin Acceleration Surprises Street: ICICI 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.

ICICI Securities Report

TVS Motor Company Ltd.'s Q4 FY21 operating performance was a beat to consensus estimates as Ebitda margin came in at 10.1% (Ebitda/vehicle was at an all-time high of approximately Rs 5800).

Average selling price jump of 3.7% YoY (~Rs 57400/unit) continues to reflect improving product mix, higher exports and price increase (~1%).

The company in H2 witnessed strong operating leverage gains (volumes up 32%) which aided in negating the input cost inflation impact.

The template of success in automotive remains product, brand and then margin (10% plus) which the company has now achieved.

Click on the attachment to read the full report:

ICICI Securities TVS Motor Q4FY21 Result Update.pdf

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