Operating performance in line; highest revenue and EBITDA
We maintain our FY22E/FY23E EPS estimate and Neutral rating, with a TP of INR635 per share, as valuations fairly capture expected strength in...
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TVS Motor: Weak Quarter; Maintain Hold
We continue to maintain our HOLD rating with a revised target price of Rs 570 (from Rs 600 earlier) valuing the company at 22x FY23EPS.
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In-line op. performance; credible cost management
Net sales grew 175% YoY (-26% QoQ) to INR39.3b (v/s est. INR37.9b) as realizations grew 11.5% YoY (+4% QoQ) to INR59.8k (v/s est. INR57.7k). Gross...
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