Motilal Oswal's research report on TVS Motor Company
TVSL’s operating performance was in line as cost pressures were diluted by a better mix, price hikes, and a favorable INR. Retail demand during the festive season has been strong, whereas the same in exports has started to improve. We raise our FY23/FY24 EPS estimate by 5%/7.5%, led by: a) an upgrade in volumes on supply-side improvements, and b) a favorable INR.
Outlook
We maintain our Neutral rating, with a TP of INR1,000 (20x Dec’24 EPS and INR63/share for NBFC), as valuations fairly capture the expected strong earnings growth and risk of an EV disruption.
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