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Motilal Oswal Report
Tube Investments of India Ltd.'s Q3 FY23 performance was hit by tepid revenue growth across all businesses as well as operating deleverage that hurt margins.
Traction in revenue is likely to revive, though, driven by recovery in the underlying auto volumes. However, exports might be subdued in the near term. Launches in the electric vehicle segment (three wheelers, commercial vehicles and tractors) are lined-up over the next six months.
We have raised our FY23E/FY24E earnings per share of Tube Investments by 10%/5%, respectively, driven by upgrades in our estimates for CG Power and Industrial Solutions Ltd. despite downgrades in the standalone business by 8% each.
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