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ICICI Securities Report
TVS Motor Company Ltd.'s Q4 FY22 performance was commendable – delivering an Ebitda margin of 10.1% (flat YoY) despite ~8% lower volumes and ~14% higher raw material cost per unit YoY.
Ebitda per unit rose 12% YoY to Rs 6500 led by ~13% higher average selling price due to cumulative price hikes (despite adverse mix and input cost pressures) coupled with cost reduction exercises.
Diversified domestic portfolio, rising export mix and success in premium two-wheeler segment continue to drive TVS Motor's Ebitda growth superior to its peers.
With the success of i-Qube (more than 12,000 bookings) and plans to ramp-up production to 10,000 units/month (enhancing reach including exports markets), we believe the electric vehicle subsidiary would create opportunities for potential value unlocking.
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