External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>TVS Motor: TVS Motors’ Q2 PAT at INR 5.4bn came in line with our estimates</li><li>The highlight for Q2 was the record-high 11% margin despite the ramp-up of i-Qube to 58k units</li><li>While TVS gained about 300bps market share in motorcycles in H1 to 10.3%, it has maintained its share in scooters</li></ul>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.

TVS Motor: TVS Motors’ Q2 PAT at INR 5.4bn came in line with our estimatesThe highlight for Q2 was the record-high 11% margin despite the ramp-up of i-Qube to 58k unitsWhile TVS gained about 300bps market share in motorcycles in H1 to 10.3%, it has maintained its share in scootersContent 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.

HSIE Results Daily: TVS Motor, Macrotech Developers, Marico

<ul><li>Given that the festive season this time has been pushed by a month into November, Q2 volume growth appears lower YoY.</li><li>In PVs, while UV demand has held up extremely well, car demand has further decelerated, driving a rich mix for most OEMs.</li><li>CV demand momentum continues to be healthy in Q2. </li></ul>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.

Given that the festive season this time has been pushed by a month into November, Q2 volume growth appears lower YoY.In PVs, while UV demand has held up extremely well, car demand has further decelerated, driving a rich mix for most OEMs.CV demand momentum continues to be healthy in Q2. 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.

Autos (Q2FY24 Results Preview) - 4Ws to See Margin Boost QoQ

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

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Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

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Equity Derivatives

<ul>
<li>Ather’s AtherStack Pro software package has achieved a 94% attach rate, meaning almost every customer buying an Ather scooter is also buying connected features.</li>
<li>Non-Vehicle revenue, including software, charging, accessories, spares, and services, contributed 14% of operating revenue in Q1 FY27, up from 13% YoY.</li>
<li>Ather’s early success suggests software monetisation can become an additional margin lever.</li>
</ul>


Ather’s AtherStack Pro software package has achieved a 94% attach rate, meaning almost every customer buying an Ather scooter is also buying connected features.
Non-Vehicle revenue, including software, charging, accessories, spares, and services, contributed 14% of operating revenue in Q1 FY27, up from 13% YoY.
Ather’s early success suggests software monetisation can become an additional margin lever.


How Ather Energy Is Building A Software-Led Margin Engine For Electric Two-Wheelers?

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Auto OEMs: We expect Revenue/EBITDA/PAT of Auto OEMs under our coverage to grow at 17%/41%/50% YoY in Q2FY24.</li><li>This will be led by YoY growth in 1) The PV segment (up ~5% YoY in domestic sales), 7% growth in CV domestic sales, 59% growth in domestic 3W sales being partly offset by a 2% marginal drop in overall 2W sales volumes (domestic + exports),</li><li>2) Higher average selling price (ASP) on a YoY basis, led by price hikes taken by OEMs and improved product mix,</li></ul>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.

Auto OEMs: We expect Revenue/EBITDA/PAT of Auto OEMs under our coverage to grow at 17%/41%/50% YoY in Q2FY24.This will be led by YoY growth in 1) The PV segment (up ~5% YoY in domestic sales), 7% growth in CV domestic sales, 59% growth in domestic 3W sales being partly offset by a 2% marginal drop in overall 2W sales volumes (domestic + exports),2) Higher average selling price (ASP) on a YoY basis, led by price hikes taken by OEMs and improved product mix,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.

<ul><li>Channel Check ahead of festive season: We interacted with the dealers across the country of Hero Moto Corp, TVS, Bajaj Auto, Eicher, Maruti Suzuki and Ashok Leyland.</li><li>We see more optimism by the dealers in the PV segment with robust demand for UVs.</li><li>In the 2W segment dealers are witnessing good demand for 125cc+ segment, while the entry level bikes continue to remain weak due to uneven and deficient monsoon in the key end markets.</li></ul>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.

Channel Check ahead of festive season: We interacted with the dealers across the country of Hero Moto Corp, TVS, Bajaj Auto, Eicher, Maruti Suzuki and Ashok Leyland.We see more optimism by the dealers in the PV segment with robust demand for UVs.In the 2W segment dealers are witnessing good demand for 125cc+ segment, while the entry level bikes continue to remain weak due to uneven and deficient monsoon in the key end markets.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.

India

TVS Motor Company is an Indian multinational manufacturer of two-wheelers and three-wheelers, including motorcycles, scooters, mopeds, and electric vehicles. The company also offers financial services, insurance, and vehicle repairs. It is headquartered in Chennai, Tamil Nadu, India, and was founded in 1978.

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TVS Motor Company (TVSL IN)

HSIE Results Daily: TVS Motor, Macrotech Developers, Marico

TVS Motor: TVS Motors’ Q2 PAT at INR 5.4bn came in line with our estimates. The highlight for Q2 was the record-high 11% margin despite the ramp-up...

HDFC Securities

Autos (Q2FY24 Results Preview) - 4Ws to See Margin Boost QoQ

In PVs, while UV demand has held up extremely well, car demand has further decelerated, driving a rich mix for most OEMs. CV demand momentum...

HDFC Securities

How Ather Energy Is Building A Software-Led Margin Engine For Electric Two-Wheelers?

The future EV business model could move from one-time scooter sales towards continuous monetisation through software, subscriptions, charging, and...

Sudarshan Bhandari

Auto Q2FY24 Results Preview

Auto OEMs: We expect Revenue/EBITDA/PAT of Auto OEMs under our coverage to grow at 17%/41%/50% YoY in Q2FY24. This will be led by YoY growth in 1)...

Axis Direct

Sector Update - Automotive Industry

Channel Check ahead of festive season: We interacted with the dealers across the country of Hero Moto Corp, TVS, Bajaj Auto, Eicher, Maruti Suzuki...

Axis Direct

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