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Systematix Research Report
TVS Motor Company Ltd.'s Q4 FY22 Ebitda margin of 10.1% was in line with consensus and our estimates, despite its weak product mix (semiconductor shortage hurt production of premium vehicles).
Ebitda/vehicle at Rs 6,501 was at an all-time high, notwithstanding the peak commodity prices.
Management expects domestic demand to recover on normal monsoon prospects and improving rural demand.
The company plans to launch multiple electric vehicles in the two-wheeler/three-wheeler space over six-nine months.
Over the last five years, TVS Motors has successfully diversified volumes across segments and geographies, while improving profitability (Ebitda/vehicle comparable with Hero MotoCorp Ltd.).
However, strategic investments in various global ventures continue; TVS Motors has invested Rs 14 billion in FY22 (up from Rs 4 billion last year) which had a significant drag on cash flow generation.
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