Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

India Independent Insight

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tvs-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:16123:1" rel="noopener">TVS Motor (TVSL IN)'s </a>market share gains in the premium segment can further accelerate in case of easing supply issues and rural recovery. </li>
<li>While EV may not materially move the volumes in the near term, the ramp-up of the newly launched TVS iQube (EV) will determine the sentiment around the stock. </li>
<li>The sector view is positive, but current valuations are not lucrative enough to ignore capital allocation issues that have been a concern for TVSL. </li>
</ul>

Nitin Mangal

Indian Accounting Research Analyst

Forensic Accounting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tvs-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:16123:1" rel="noopener">TVS Motor (TVSL IN)</a> primary setback is in the form of poor capital allocation</li>
<li>In <a href="https://www.smartkarma.com/insights/tvs-motors-analysis-of-various-investments" target="_blank" data-smartkarma-citation="insights:30047" rel="noopener">TVS Motors: Analysis Of Various Investments</a> , we had briefed on the investment policy of the company and how the non-core investments/subsidiaries are dragging the profits.</li>
<li>This insight is an extension of the previous one; we update on the various investments the company has undergone and how it impacts the capital allocation.</li>
</ul>

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

<ul><li>Invests ~INR14.2b in FY22 on acquisitions, subsidiaries, and associates</li></ul><div><ul><li>Strong mix drives realization and margin -<span style="font-size: var(--content-font-size);">Revenue/EBITDA/adjusted PAT grew 4%/4%/-5% YoY to INR55.3b/INR5.6b/ INR2.75b in 4QFY22. The same grew 24%/36%/47% YoY in FY22.</span></li></ul><div><ul><li>Key takeaways from the management interaction - <span style="font-size: var(--content-font-size);">Its positive FY23 outlook is driven by a normal monsoon and low impact of further COVID waves.</span></li></ul></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Nirmal Bang

A Relationship Beyond Broking

<div><div><div><div><ul><li>Srong results; margin beat driven by tight cost controls: TVS reported revenue of Rs55bn, which was below our estimate (-3%), due to flattish ASP QoQ.</li></ul><div><div><div><div><ul><li>Encouraging outlook on demand and profitability: TVS expects the demand momentum to hold reasonably well in the export markets.</li></ul><div><div><div><div><ul><li>Expect premium valuation to sustain on continued volume and earnings outperformance</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Axis Direct

<ul><li>TVS Motor Company Ltd. (TVSL) is the 3rd largest two-wheeler company in India with an annual sale of more than 30 Lc units</li><li>It manufactures the largest range of 2W including mopeds, scooters, commuter motorcycles, and racing-inspired bikes</li><li>We recommend a BUY on the stock with a target price of Rs 720/share, implying an upside of 14% from the CMP.</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

India

TVS Motor Company Limited manufactures motorcycles, mopeds, and scooters. The Company provides spark ignition operated outboard motors, combustion spark ignition engines, critical engines, and transmission parts. TVS Motor Company serves customers in India.

TVS Motor - TVSL IN

Description