TVS Motor Q4 Review - Strong Margin Beat: Axis Securities
Bikes at production line at TVS Motor Company Ltd. (Source: Company website)

TVS Motor Q4 Review - Strong Margin Beat: 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 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.

Click on the attachment to read the full report:

Axis Securities TVS Motors Q4FY21 Result Update .pdf


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