TVS Motor Q2 Results Review - Ebitda/ PAT Miss Estimates; Rural, Exports Recovery Monitorable: Axis Securities

Axis Securities Report

TVS Motor Company Ltd.'s Q2 FY25 results missed our revenue, Ebitda, and profit after tax estimates by 3%/5.5%/6% respectively. Revenue grew by ~13%/10% YoY/QoQ, mainly led by ~13% YoY growth in volumes while average selling price was down 1% YoY. Ebitda demonstrated an increase of ~20%/12.5% YoY/QoQ, primarily attributable to gross margin expansion (resulting from gross margin expansion), sustained cost reduction efforts throughout the year being partly offset by higher personnel costs.

PAT grew by ~23.5%/14.8% YoY/QoQ on account of fair valuation gain (Rs 23.5 crore) included in the other income. (The company has not yet accrued the PLI benefit in H1 FY25).

Click on the attachment to read the full report:

DISCLAIMER

This report is authored by an external party. NDTV Profit 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 NDTV Profit.

Users have no license to copy, modify, or distribute the content without permission of the Original Owner.