Motilal Oswal's research report on Tube Investments of India
TIINDIA’s 2QFY23 performance was driven by benefit of cost pass-through and currency-related benefits, despite lower revenue. The traction in revenue is expected to continue, led by a recovery in underlying Auto volumes, though exports may be subdued in the near term. Its EV program is on track, with e-3W and e-HCV bookings starting from Dec’22. We have raised our FY23/FY24 EPS estimate by 4%/1% to reflect the benefit of lower commodity prices and a favorable INR.
Outlook
We maintain our Buy rating with a TP of INR3,250 (Dec’24E SoTP-based).
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