TVS Motor Q1 Review – Double-Digit Ebitda Margin To Sustain: IDBI Capital

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During Q1 FY22, TVS Motor Company Ltd.’s profit declined by 71.2% QoQ to Rs 833 million (below our estimates Rs 1.5 billion).

Decline in profitability was attributed to lower Ebitda margins which fell by 311 basis points QoQ to 7% (below our estimates of 8.9%).

Going forward TVS Motor Management expects Indian two-wheeler industry to report positive growth during FY22 and remained optimistic about double digit margin sustainability in the medium term.

We continue to believe that the company is likely to grow ahead of industry in its domestic and its international business based on strength and popularity of its four marque brands (Jupiter, Ntorq, Apache and Radeon) among the consumers.

Click on the attachment to read the full report:

IDBI Capital TVS Motor Q1FY22 Result Update.pdf


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