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Prabhudas Lilladher Report
We keep TVS Motor Company Ltd.'s estimates unchanged as results were largely in line on revenues; and we are already factoring in Ebitda margin expansion of 50 basis points in FY24.
In Q4 FY23, realisation was slightly higher QoQ, as electric vehicle volumes at 43,000 units (up 48% QoQ) offset negative impact from mix.
Ebitda margins benefited from commodity deflation and price hikes and expanded 20 bps QoQ to 10.3%. In Q4, TVS Motors sees EV volumes continue to ramp-up, benefits accruing from price hikes with commodity environment remaining stable.
We believe TVS Motors will likely be able to grow ahead of the industry led by-
new product launches in internal combustion engine and EV segments,
higher focus on exports and premiumisation, and
margin improvement helped by cost reduction efforts, operating leverage and price hikes which could more than offset negative impact from higher EV mix.
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