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TVS Motors: Demand on a comeback trail; long-term outlook positive

TVS Motors' operating margin has remained robust despite commodity-linked cost pressure and negative operating leverage

July 30, 2021 / 05:46 PM IST
TVS Motors: Demand on a comeback trail; long-term outlook positive

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

TVS Motors (CMP: Rs 563.5, Market Cap: Rs 26,670 crore) has managed to put up a decent show in the first quarter of FY22 despite headwinds from the second Covid wave. With various restrictions and localised lockdowns, the company saw a decline in top line and a contraction in operating profit on a sequential basis. Its operating margin, however, remained robust despite commodity-linked cost pressure and negative operating leverage. Quarterly earnings highlights (image) On a sequential basis, revenues of TVS declined...

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