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Systematic Research Report
Limited TVS Motor Company Ltd. Q2 FY23 Ebitda was in line with estimates and consensus with Ebitda/car at an all-time high of Rs 7,169.
The management highlighted the domestic demand for two-wheelers continued to recover with improved consumer sentiment. The company also plans to launch more electric vehicles in the two-wheeler/three-wheeler segment over the next 12 months coupled with a ramp-up in capacity to 300,000 units per year (from 120,000 units pa).
TVS Motors expects near-term volatility in export markets due to forex volatility but remains optimistic in the medium term. We see signs of the two-wheeler industry returning to the fall and upgrade our FY23E/24E Ebitda estimates by 5%/4%, respectively.
While we remain bullish on TVS Motors growth over the medium term, we see limited upside after the sharp rise in the stock price (80% in the last six months).
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