Motilal Oswal's research report on TVS Motor Company
TVS Motor Company (TVSL)’s operating performance was driven by price hikes, a favorable mix, and lower other expenses. Good volume recovery, price hikes, and a continued focus on cost management would support profitability. n We upgrade our FY21/FY22E EPS by 14.5%/4.2% to reflect for price hikes and astute cost management. Maintain Neutral, with TP of INR585.
Outlook
Valuations at 25.2x/19.8x FY22E/FY23E EPS are already reflecting massive earnings recovery. Maintain Neutral, with TP of ~INR585 (~20x Mar’23 EPS + INR52 for NBFC).
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