Revenues of TVS Motor registered a YoY growth of 4 percent to Rs 5,530 crore as compared to Rs 5,322 crore registered during the same period a year ago.
TVS Motor Company
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TVS Motor Company share price fell marginally in the early trade on May 6 a day after company reported its March quarter results.
TVS Motor Company, on May 5, reported a 5 percent year-on-year decline in standalone profit after tax (PAT) at Rs 275 crore as compared to a profit of Rs 289 crore achieved during the corresponding quarter of previous financial year.
On a sequential basis as well, the profit has declined 5 percent from Rs 288 crore recorded in the previous quarter.
Revenues for the Chennai-based automobile company registered a YoY growth of 4 percent to Rs 5,530 crore as compared to Rs 5,322 crore registered during the same period a year ago. Sequentially, revenues witnessed a decline of 3 percent from Rs 5,706 crore recorded during the previous quarter, said TVS Motor.
However, for FY22, standalone PAT for the company surged 46 percent on year to Rs 894 crore as compared to Rs 612 crore achieved during FY21.
The revenues for FY22 jumped 24 percent on year to Rs 20,791 crore, from Rs 16,751 crore during FY21.
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Here is what brokerages have to say about stock and the company post March quarter earnings:
Citi
Brokerage firm Citi has kept sell rating on TVS Motor Company, while raising the target price to Rs 590 per share.
The Q4 was ahead of estimates, driven by healthy gross margin. The demand outlook is positive, the rural segment saw a strong uptick in consumer sentiment.
TVS’s EV plans look fairly ambitious, while there are headwinds in the form of escalating costs & continued chip shortage, reported CNBC-TV18.
Goldman Sachs
Research house has maintained a neutral rating on TVS Motor Company with a target at Rs 660 per share.
Goldman Sachs expects a new electric 2-wheeler launch in H1FY23 & more product portfolio expansion. However, company management does not expect to pass on the entire impact from higher metal prices.
It could see some margin pressure in H1FY23, reported CNBC-TV18.
Jefferies
Brokerage house Jefferies has kept a buy rating on TVS Motor Company and raised the target price to Rs 800 per share.
The Q4 volumes fell 8% YoY, but EBITDA grew 4% & was 10% above our estimates, said Jefferries.
The EBITDA margin & EBITDA/vehicle were flattish QoQ, sustaining near all-time highs. Its exports are holding up well, and expect 2-wheeler demand in India to pick up.
TVS has been gaining share across scooters, premium bikes & exports. The company is turning aggressive on EVs, expanding portfolio & capacity, reported CNBC-TV18.
CLSA
CLSA has maintained an outperform rating on the stock and raised the target price to Rs 724 per share.
The Q4FY22 EBITDA was 4% lower than our estimate due to lower ASPs, said CLSA.
The company maintained its gross margin & EBITDA margin on a QoQ basis and confident it can achieve double-digit growth in volume in FY23.
The company is confident of expanding its electric vehicle (EV) volume through new launches, reported CNBC-TV18.
Prabhudas Lilladher
TVS reported an EBITDA margin at 10.1% (PLe: 10.3%; flat YoY) despite commodity cost pressures, supported by price hikes (~1.5% QoQ) and higher exports (37% of total volumes vs 34% QoQ). Management highlighted a strong product pipeline over FY23 for ICE and EV models (one new EV model launched in 1QFY23).
Management remains confident of growing ahead of the market in FY23 driven by a comeback of rural demand supported by monsoons, strong reception of new models and export momentum.
We believe TVS will be able to sustain growth momentum driven by (1) new product launches in ICE & EV segments along with its revamped product portfolio (2) strong exports and (iii) margin protection through cost reduction efforts and price hikes.
We expand our EBITDA margin estimates by ~50/70bps to factor in margin protection through price hikes and cost controls. Maintain ‘BUY’ rating with revised target price of Rs 795 at 23x on FY24E EPS and Rs 34 for TVS Credit.
At 09:20 hrs TVS Motor Company was quoting at Rs 625.50, down Rs 4.70, or 0.75 percent on the BSE.
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