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Dolat Capital Report
TVS Motor Company Ltd.'s Q3 numbers were broadly in line with estimates. Despite several headwinds (weak international market and supply side constraint) margin stood at 10.07% led by product mix optimisation, cost control initiatives and price hikes.
Average selling price improved 6% QoQ, attributed to price increase, high number of electric vehicle sales and better product mix (Apache and Raider).
TVS Motor's management sounded confident on both demand and margin, double digit 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.
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