TVS Motor Q3 Results Review - Inline Quarter; Focus On Ramping-Up E-Two-Wheeler Volumes: Systematix

Systematix Research Report

TVS Motor Company Ltd.’s Q3 FY23 Ebitda margin was in-line with our estimate and consensus with an all-time high Ebitda/vehicle at Rs 7,493.

Management highlighted domestic two-wheeler demand is seeing early signs of recovery with an improvement in consumer sentiments and expected uptick in rural economy.

TVS Motor also plans to launch multiple electric vehicles in the two-wheeler/three-wheeler space over the next 12 months coupled with a ramp-up in capacity to 300,000 units pa (from 120,000 units per annum).

TVS Motor expects some near-term volatility in export markets due to forex volatility but remains confident of outperforming the industry. We remain positive on the company’s medium term growth prospects but see limited upside at current levels.

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