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Axis Securities Report
TVS Motor Company Ltd.'s Q2 FY25 results missed our revenue, Ebitda, and profit after tax estimates by 3%/5.5%/6% respectively. Revenue grew by ~13%/10% YoY/QoQ, mainly led by ~13% YoY growth in volumes while average selling price was down 1% YoY. Ebitda demonstrated an increase of ~20%/12.5% YoY/QoQ, primarily attributable to gross margin expansion (resulting from gross margin expansion), sustained cost reduction efforts throughout the year being partly offset by higher personnel costs.
PAT grew by ~23.5%/14.8% YoY/QoQ on account of fair valuation gain (Rs 23.5 crore) included in the other income. (The company has not yet accrued the PLI benefit in H1 FY25).
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