BQ Blue's special research section collates quality and in-depth equity and economy research reports from across India's top brokerages, asset managers and research agencies. These reports offer BloombergQuint's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Prabhudas Lilladher Report
TVS Motor Company Ltd.'s Q3 FY21 results were in line with record Ebitda margins of 9.5% (up 70 basis point YoY, in line) driven by tight cost control especially on advertising and promotion spends.
Adjusted profit after tax grew 35% YoY to Rs 2.65 billion (in-line) driven by healthy operating performance.
With declining retails in domestic two-wheeler segment, we believe cost savings related to A&P are short lived.
Further, sharp increase in raw material cost too will act as a headwind since series of price hikes over past 18 months have already impacted buying sentiments significantly.
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