Motilal Oswal's research report on Tube Investments of India
Performance in 1QFY23 was driven by strong revenue growth, particularly in the Engineering business. Traction in revenue is expected to continue, driven by a recovery in underlying Auto volumes, traction in Railways, and continued ramp-up in exports. It will invest INR10b (INR2.5b each) in four segments (excluding 2Ws) for taking EVs to the market. We have maintained our FY23/FY24 estimates and our Buy rating with a TP of INR2,380 (Sep’24E SoTP based).
We maintain a BUY rating and a TP of ~INR2,380 (premised on Sep'24E SOTP, based on 30x for the standalone business and valuing listed subsidiaries at 20% HoldCo discount).
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