TVS Motor Q4 Results Review - Resilient Performance: Yes Securities

"NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Yes Securities Report.TVS Motor Company Ltd.'s Q4 FY24 results were in line operationally as margins continues to be resilient at 11.3% (+100 bp YoY/ flat QoQ). Gross margin expanded ~260 bp YoY (+90 bp QoQ) at 27.2% led by favorable mix and benign raw material. Key operating metrics such as Ebitda/vehicle increased further to Rs 8700/unit (+11.4% YoY/ +3.8% QoQ). Going ahead, margin expansion to continue given soft raw material and favorable mix. The management hinted at new launches both in ICE and EVs including variants of iQube and EV three wheelers in FY25E. With iQube distribution expanded to ~712 stores in Q4 FY24 (versus more than 400 in Q3 FY24 and ~337 in Q2 FY24), the more launches planned (in 5-25 kwh capacity, both in two-wheeler and three-wheeler segments), indicating further EV ramp-up.We continue to believe TVS Motor is better placed among two-wheeler OEMs both in ICE and EVs led by better product acceptability which should drive further market share gains. However, we would remain watchful of the competitive launches in the 125cc segment and market share impact thereof..Click on the attachment to read the full report:.TVS Motor Q4 Results Review - Operationally Inline; MTM Loss Drives Net Profit Miss: Motilal Oswal.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner."

TVS Motor Q4 Results Review - Resilient Performance: Yes Securities

Market share trends in 125cc motor cycle a key watchful

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TVS Motor Q4 Results Review - Resilient Performance: Yes Securities

Market share trends in 125cc motor cycle a key watchful

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