The key drivers were material cost savings and a better mix. The domestic demand outlook looks good with a rural rebound but geopolitical uncertainties in key export markets may dent overall growth. Bangladesh, for example, is in turmoil.
The strong earnings growth and margin improvement are reflected in the current valuation of 44 times price to priceto-earnings ratio on FY25 earnings. But analysts are upgrading earnings expectations to factor in better margins and higher other income.
TVS's revenue grew 16 per cent Y-o-Y while the operating profit was up 26 per cent and adjusted net profit grew 23 per cent in Q1FY25 to 8,380 crore, 960 crore and ₹580 crore, respectively which was in line with consensus. Revenue growth was led by 14 per cent Yo-Y growth in volumes and 2 per cent Y-o-Y growth in average selling prices to ₹77,000 /unit which was marginally below expected. The international revenues and spares grew 18 per cent Y-o-Y each to ₹1,963 crore and ₹846 crore.
This story is from the August 08, 2024 edition of Business Standard.
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This story is from the August 08, 2024 edition of Business Standard.
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