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TVS Motor Q1 Review - In Line Operating Performance Led By Improved Realisations: Motilal Oswal

TVS Motor Q1 Review - In Line Operating Performance Led By Improved Realisations: Motilal Oswal

<div class="paragraphs"><p>Range of TVS Motor Company Ltd.'s two wheelers. (Source: Company website)</p></div>
Range of TVS Motor Company Ltd.'s two wheelers. (Source: Company website)

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Motilal Oswal Report

TVS Motor Company Ltd.’s operating performance was in line with estimates driven by better realisations in Q1 FY23. However, higher other income due to sale of investments led to a beat in adjusted profit after tax.

Demand recovery in the domestic market is likely to be offset by potential stress in the export market. Further product launches in electric vehicle, however, could help TVS Motor gaining market share in e-two-wheeler segment. 

We raise our FY23E/FY24E earnings per share of by 12%/4% driven by:

  1. increase in volumes on supply-side improvement,

  2. favorable forex and

  3. higher other income (for FY23E).

Click on the attachment to read the full report:

Motilal Oswal TVS Motor Q1FY23 Result Update.pdf

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