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Motilal Oswal Report
TVS Motor Company Ltd.'s revenue/Ebitda/adjusted profit after tax grew 19%/22%/33% YoY in Q4 FY23 to Rs 66.0 billion/Rs 6.8 billion/Rs 3.6 billion. FY23 revenue/Ebitda/ adjusted profit after tax rose 27%/38%/61% YoY.
Net realisations improved 18% YoY (2% QoQ) to Rs 76,100 (versus estimate Rs 76,800) due to price hikes and favorable forex. Volumes were flat YoY/QoQ to 8,68400 units. Net revenue grew 19% YoY to Rs 66.05 billion (in line with est. of Rs 66.6 billion) during the quarter.
TVS Motors' gross margin improved 80 bps YoY/10 bps QoQ and stood at 24.6% (versus estimate 24.8%) due to slight softening of raw material costs.
Despite slightly higher other expenses (up 60 bps YoY), Ebitda margin expanded 20 bps YoY/QoQ each to 10.3% (versus estimate10.4%). Ebitda grew 22% YoY to Rs 6.8 billion (versus estimate Rs 6.95 billion) in Q4 FY23.
Adjusting for the impact of Rs 620 million towards fair valuation gain on equity shares held by the company, adjusted profit after tax came in line at Rs 3.6 billion (+33% YoY) during the quarter.
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