TVS Motor Q3 Results Review - Aggressive EV Expansion Plans: Prabhudas Lilladher
TVS Motors aims at doubling electric vehicle volumes in Q4 versus Q3.
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Prabhudas Lilladher Report
We trim our Ebitda estimates of TVS Motor Company Ltd. by 4/3% for FY24/25 to factor in negative impact from loss-making electric vehicle segment; despite 7% increase in average selling price. In Q3 FY23, higher EV volumes at 29,000 units (up 87% QoQ) led to better-than expected ASPs (Rs 74,400, up 6% QoQ), however, this also led to miss in Ebitda margin (at 10.1% versus our estimate: 10.4%) as the EV business is loss-making.
Company aims at doubling EV volumes in Q4 versus Q3. Management remains confident of growing ahead of the industry, helped by improved semiconductor supply and higher growth in premium segment.
Though, the entry-level space continues to remain impacted due to lower customer affordability, TVS will benefit from its exposure to exports market, premium segment and three-wheelers.
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