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Motilal Oswal Report
Tube Investments of India Ltd.’s Q1 FY24 results were negatively impacted by low revenues across key businesses such as engineering (due to steel price adjustment) and metal formed (weakness in two-wheelers).
However, the underlying recovery in the auto, especially two-wheeler volumes, and exports are expected to drive revenue and margins recovery over the next few quarters to over 13% by Q4 FY24.
We have lowered our FY24E/FY25E consolidated earnings per share estimates by 3% each, negatively impacted by 4% cut in standalone revenue, due to moderation in revenue growth in key businesses.
We reiterate our 'Buy' rating with a target price of Rs 3,655 (September-25E SOTP).
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This report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime.
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