TVS Motor Share Price Surges As EV Sales Prop Up Q3 Results
TVS Motor's stock rose as much as 5.3% during the day to Rs 2,350.5 apiece on the NSE.
Shares of TVS Motor Co. surged over 5% on Tuesday after the automaker reported a 4.2% growth in the net profit for the December quarter, driven by sale of electric vehicles during the period.
The Chennai-based company posted a standalone bottom line of Rs 618 crore for the October-December quarter, compared to Rs 593 crore in the same period last year, according to an exchange filing on Tuesday.
The automaker's revenue from operations rose 10.3% year-on-year to Rs 9,097 crore in the third quarter. On the operating side, earnings before interest, tax, depreciation and amortisation advanced 17% YoY to Rs 1,081 crore. The margin expanded to 11.9% from 11.2%.
TVS Motor Q3 Highlights (Standalone, YoY)
Revenue rises 10.3% to Rs 9,097.05 crore versus Rs 8,245.01 crore.
Net profit up 4.2% at Rs 618.48 crore versus Rs 593.35 crore.
Ebitda rises 17% to Rs 1,081.45 crore versus Rs 924.43 crore.
Margin at 11.9% versus 11.2%
TVS Motor's stock rose as much as 5.3% during the day to Rs 2,350.5 apiece on the NSE. It was trading 5.2% higher, compared to a 0.96% advance in the benchmark Nifty 50 as of 01:35 p.m.
The stock has risen 19% during the last 12 months. The total traded volume so far in the day stood at 1.2 times its 30-day average. The relative strength index was at 51.
Nineteen out of the 42 analysts tracking the company have a 'buy' rating on the stock, 13 suggest a 'hold' and 10 have a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 12.4%.
