TVS Motor Gets 'Buy' Upgrade From Motilal Oswal Post Strong Q2 Results — Check New Target Price

TVS Motor Company’s Q2 PAT at Rs 9.1 billion was below our estimate of Rs 9.9 billion, even as the Ebitda miss was just 2%. PAT miss was largely driven by higher interest and depreciation expenses, along with a loss on the fair valuation of its investment in TVS Supply Chain. Backed by GST rate cuts, management expects two-wheeler demand momentum to sustain in 2H and TVS to continue outperforming going forward.