Auto/Auto-Ancillary Sector - Spillover of RM Inflation to Impact Margins
We expect 1QFY23 earnings of Auto & Auto Ancillary companies in our coverage universe to grow significantly over a lower base of 1QFY22.
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Autos - Two Wheelers: Some Green-Shoots Visible
We interacted with 22 two-wheeler (2W) dealers’ pan-India to get a sense of demand trends in June. One common feedback we got is that 2W demand is...
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TVS Motor Company - Lower RM Cost Drives Beat in Operating Performance
TVSL’s operating performance was above our estimate, driven by lower RM cost. However, higher interest and tax led to an inline PAT.
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TVS Motor Company - Margin Beat; Supportive Outlook; EV Strategy Gathers Pace
TVS Motor reported revenue of Rs55bn, which was below our estimate by ~3% due to lower-than- expected ASP. Realization was affected by an inferior...
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Autos: Time to relook
We expect auto demand (across segments) to revive on a low base relative to the peak of FY19, led by a pick-up in economic growth and expected...
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