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Centrum Broking Report
TVS Motor Co. Ltd.'s (TVSL) Q2 FY22 results beat our estimates, as it posted its highest-ever quarterly revenue and Ebitda. This came on the back of better ASP and cost reduction measures.
Ebitda margin of 10% had a 40 bps contribution from RoDTEP of previous two quarters; for Q2 FY22, this was Rs 150 million.
Spares revenue for the quarter was Rs 6.4 billion, 11.4% of total revenue, higher than the last 3-4 years' ~10%.
TVSL took a price hike of 1.1% in October.
It will be setting up a separate electric vehicle or EV-focused subsidiary. It is planning to launch electric 2W and 3W models in the forthcoming quarters.
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