TVS Motor Q2 Results Review - Margins Resilient Despite Inflated Staff Expenses: Yes Securities

NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Yes Securities Report.TVS Motor Company Ltd.'s Q2 FY25 results was mixed bag as average selling price decline of 2.5% QoQ (-0.9% YoY) at Rs 75.1k/unit (estimate Rs 77.8 k/unit) came in as surprise despite price hikes and favorable mix. This was led by launch of iQube 09 variant at lowered price point. However, margins continue to be resilient at 11.7% (+70 bp YoY/ +20 bp QoQ). Gross margin expanded ~250 bp YoY (-10 bp QoQ) at 28.5% partially offset by higher employee cost which grew ~26.4% YoY due to;new manpower addition of ~250 each in electric, software and digital initiatives andESOP provision of Rs 110-120 million. .Key operating metrics such as Eitda/vehicle remain elevated at ~Rs 8800/unit (+5% YoY/ -0.5% QoQ). The management indicated rural/semi-urban markets are performing better versus urban (we have been indicating the trend since last two-three quarters in our channel check note). We continue to believe TVS Motor is better placed among two-wheeler OEMs both in ICE and EVs led by better product acceptability which should drive further market share gains. However, we would remain watchful of the TVS Motor’s market share in the 125cc segment and market share thereof. .Click on the attachment to read the full report:.HUL Q2 Results Review - Battling On Multiple Fronts: Dolat Capital.DISCLAIMERThis 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.

TVS Motor Q2 Results Review - Margins Resilient Despite Inflated Staff Expenses: Yes Securities

Yet to be accrued production linked incentive benefits to support company's margins, says the brokerage.

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TVS Motor Q2 Results Review - Margins Resilient Despite Inflated Staff Expenses: Yes Securities

Yet to be accrued production linked incentive benefits to support company's margins, says the brokerage.

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