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Dolat Capital Report
TVS Motor Company Ltd.'s Q4 numbers were broadly in line with estimates. Despite several headwinds (weak international market and supply side constraint) margin stood at 10.3% led by product mix optimisation, cost control initiatives and price hikes.
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Average selling price improved 2.2 % QoQ, attributed to price increase and high number of electric vehicle sales.
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TVS Motors' management looks near term cautious on two-wheeler domestic and export volume. Expect margin is sustainable and expected to inch up in coming quarter due to premiumisation with ramp up in volume of Apache, Ronin, Ntorq, Raider and Jupiter 125.
Valuation-
At current market price stock is trading at 31/25 times for FY24/25E which looks fairly priced in. We value core business Rs 1,149 (25 times FY25E EPS) and value of TVS Credit Services at Rs 28/share.
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