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Motilal Oswal Report
TVS Motor Company Ltd. reported an in-line operating performance in Q1 FY24. TVS Motors posted the highest-ever Ebitda margin at 10.6% (+30 basis points QoQ; inline).
As commodity prices are likely to remain favorable for the next few quarters, operating leverage benefits and price hikes will boost Ebitda margin to over 11%.
We retain our FY24E/FY25E earnings per share. Reiterate 'Neutral' with a target price of ~Rs 1,300 (based on ~22 times September-25E EPS plus Rs 125/share for non-banking financial company).
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