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Motilal Oswal Report
TVS Motor Company Ltd.'s operating performance was above our estimate, driven by lower raw material cost.
However, higher interest and tax led to an in-line profit after tax. The management's focus remains on expanding its electric vehicle capacity, portfolio, and reach.
TVS Motor is also scouting for an investor in its non-banking financial company business, which can unlock value.
We raise our FY23 earnings per share estimate by 13% to reflect the increase in prices and some recovery in domestic demand.
We maintain our FY24 estimate.
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