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Dolat Capital Report
TVS Motor Company Ltd. printed a strong operating performance in Q3, volume remain strong led by strong growth in TVS Raider and Apache. Expect volume growth continue to be strong in coming quarter with ramp up in sales Apache, Ronin, Ntorq and Raider.
TVS Motor's Ebitda margin stood at 11.2% led by product mix optimisation and cost control initiative. We expect Ebitda margin continue to expand with improvement in margin of E-two-wheeler led by fall in battery prices and scale.
We increase our FY24E/25E/26E earnings per share by 4%/4.5%/7.2%, factoring improvement in volume and margin.
We value core business Rs 2177 (30 times FY26E earnings per share) and value of TVS Credit Services at Rs 92/share.
Recommend 'Accumulate' with target price Rs 2177.
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