Motilal Oswal's research report on Tube Investments of India
TII’s 1QFY24 results were negatively impacted by low revenues across key businesses such as Engineering (due to steel price adjustment) and Metal formed (weakness in 2Ws). However, the underlying recovery in the auto, especially 2W volumes, and exports are expected to drive revenue and margins recovery over the next few quarters to over 13% by 4QFY24.
Outlook
We have lowered our FY24E/FY25E consolidated EPS estimates by 3% each, negatively impacted by 4% cut in S/A revenue, due to moderation in revenue growth in key businesses. We reiterate our Buy rating with a TP of INR3,655 (Sep-25E SOTP).
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