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Systematix Research Report
TVS Motor Company Ltd.'s Q2 FY23 Ebitda margin was in line with our estimate and consensus with an all-time high Ebitda/vehicle at Rs 7,169.
Management highlighted domestic two-wheeler demand continued to recover with an improvement in consumer sentiments. The company also plans to launch multiple electric vehicles in the two-wheeler/three-wheeler space over the next 12 months coupled with a ramp-up in capacity to 300,000 units per annum (from 120,000 units pa).
TVS Motors expects some near-term volatility in export markets due to forex volatility but remains confident in the medium-term prospects. We see signs of the two-wheeler industry recovering from a sharp downturn and have upgraded our FY23E/24E Ebitda estimates by 5%/ 4%, respectively.
While we remain positive on TVS Motors' growth prospects from the medium term, we see limited upside after a sharp run-up in stock price (80% in the last six months).
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