Sharekhan's research report on TVS Motor
FY 2019 was another good year for TVS as it grew at more than double the industry rate, driven by new launches and expansion in geographical reach. Subsidiaries turned profitable in FY2019; strong volume growth coupled with maintaining of profitability led to return ratios being in excess of 20%. Management has given cautious commentary on industry demand; higher channel inventory and increase in regulatory costs to impact volumes; competitive intensity to remain high.
Outlook
Due to persistent weakness in volumes coupled with rising cost pressures, we have cut our earnings estimates. We maintain Hold rating with revised PT of Rs 480.
For all recommendations report, click here
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