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Last Updated : May 29, 2020 03:43 PM IST | Source: Moneycontrol.com

Hold TVS Motors; target of Rs 318: Prabhudas Lilladher

Prabhudas Lilladher recommended Hold rating on TVS Motors with a target price of Rs 318 in its research report dated May 28, 2020.

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Prabhudas Lilladher's research report on TVS Motors


TVSL's reported mixed set of results where revenues came in-line at Rs34.8bn (-21% YoY). Despite dealer incentives worth Rs0.2bn (net off from revenues), realization came in at Rs55k/unit (PLe Rs54k/unit). Led by tight cost control, EBITDA came in higher at Rs2.5bn (PLe Rs2.3bn, -20.5% YoY) and margins at 7% (PLe 6.6%, flat YoY). The management sounded cautiously optimistic on domestic sales outlook led by positive rural sentiments while exports may see near term challenges. We cut FY21/22 EPS by 11%/3.4% to factor in lower volumes for both domestic/ exports markets and higher interest cost.



Outlook


We have maintained our price target unchanged at Rs318 at 16x Mar-22 core EPS (unchanged) and Rs48 for NBFC (v/s Rs44). Maintain Hold.




For all recommendations report, click here


Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

First Published on May 29, 2020 03:43 pm
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