External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Equity Bottom-Up

<p>We continue to maintain our HOLD rating with a revised target price of Rs 570 (from Rs 600 earlier) valuing the company at 22x FY23EPS.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

We continue to maintain our HOLD rating with a revised target price of Rs 570 (from Rs 600 earlier) valuing the company at 22x FY23EPS.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

<p>Net sales grew 175% YoY (-26% QoQ) to INR39.3b (v/s est. INR37.9b) as realizations grew 11.5% YoY (+4% QoQ) to INR59.8k (v/s est. INR57.7k). Gross margin contraction was restricted to ~40bp QoQ (+20bp YoY) to 24.3% (v/s est. 23.5%) as commodity cost inflation was diluted by price hikes (110bps), a favorable mix, and cost management. The EBITDA margin declined 310bp QoQ to 7% (v/s est. 7.1%), impacted by higher staff cost and operating deleverage. Higher interest/depreciation restricted adj.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Net sales grew 175% YoY (-26% QoQ) to INR39.3b (v/s est. INR37.9b) as realizations grew 11.5% YoY (+4% QoQ) to INR59.8k (v/s est. INR57.7k). Gross margin contraction was restricted to ~40bp QoQ (+20bp YoY) to 24.3% (v/s est. 23.5%) as commodity cost inflation was diluted by price hikes (110bps), a favorable mix, and cost management. The EBITDA margin declined 310bp QoQ to 7% (v/s est. 7.1%), impacted by higher staff cost and operating deleverage. Higher interest/depreciation restricted adj.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

In-line op. performance; credible cost management

India

TVS Motor Company Limited manufactures motorcycles, mopeds, and scooters. The Company provides spark ignition operated outboard motors, combustion spark ignition engines, critical engines, and transmission parts. TVS Motor Company serves customers in India.

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TVS Motor (TVSL IN)

TVS Motor: Weak Quarter; Maintain Hold

We continue to maintain our HOLD rating with a revised target price of Rs 570 (from Rs 600 earlier) valuing the company at 22x FY23EPS.

Axis Direct

In-line op. performance; credible cost management

Net sales grew 175% YoY (-26% QoQ) to INR39.3b (v/s est. INR37.9b) as realizations grew 11.5% YoY (+4% QoQ) to INR59.8k (v/s est. INR57.7k). Gross...

Motilal Oswal

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