TVS Motor Q4 Review - Strong Margin Beat: Axis Securities
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Axis Securities Report
TVS Motor Co. reported a very good set of results.
The top line came in at Rs 5,322 crore in Q4 FY21 (a growth of 53% year-on-year) versus our estimate of Rs 5,204 crore.
The revenue growth was led by 47% YoY increase in volumes and an 4.3% increase in average selling prices.
The company reported Ebitda margin of 10.1% (304 basis points YoY expansion) which was higher than our estimate of 8.7%.
The beat on Ebitda was driven by premiumisation, higher sales in international markets, material cost reduction and other fixed cost reduction initiatives undertaken by the company.
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