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ICICI Securities Report
TVS Motor Company Ltd. Q2 FY22 operating performance was a beat to consensus estimates as Ebitda margin came in at 10% (up 68 basis points year-on-year) even as ASP jumped 15.5% year-on-year (~Rs 61.3k/unit) driven by mix and price increase (~1.1%) coupled with cost reductions leading to strong gross margin performance (up 61 basis points year-on-year).
TVSM has undertaken price hike of ~1.1% in October 2021 and remains confident on double digit margins.
Management continues its focus on growth based on customer-centric product innovations, brand building and R&D coupled with highest EV investments among incumbents.
We believe EV subsidiarisation creates easier pathway for potential value unlocking to scale up its EV business, and realise TVSM's global ambitions (e-mobility brand EGO Movement acquisition is part of the same strategy).
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