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.

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<ul><li>TVSL Motors Ltd. (TVSL) Q3FY24 numbers were largely in line with our Revenue and EBITDA estimates with a Beat on PAT. Revenue (inline) grew by ~26% YoY (1% QoQ), mainly led by higher sales volumes (up ~25%/2% YoY/QoQ).</li><li>EBITDA (inline) grew by ~40% YoY (3% QoQ), mainly led by gross margin expansion on account of commodity softening and price hikes taken during the year partly offset by higher marketing expenses towards new product launches.</li><li>GM’s improved by 183 bps YoY (32bps QoQ) basis to ~26.3%. PAT grew by robust ~68% YoY (11% QoQ) and 9.7% beat largely on account of higher other income (Rs 73 Cr).</li></ul><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>

TVSL Motors Ltd. (TVSL) Q3FY24 numbers were largely in line with our Revenue and EBITDA estimates with a Beat on PAT. Revenue (inline) grew by ~26% YoY (1% QoQ), mainly led by higher sales volumes (up ~25%/2% YoY/QoQ).EBITDA (inline) grew by ~40% YoY (3% QoQ), mainly led by gross margin expansion on account of commodity softening and price hikes taken during the year partly offset by higher marketing expenses towards new product launches.GM’s improved by 183 bps YoY (32bps QoQ) basis to ~26.3%. PAT grew by robust ~68% YoY (11% QoQ) and 9.7% beat largely on account of higher other income (Rs 73 Cr).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 Co Ltd - Robust Q3FY24; New Launches to Boost Growth!