TVS Motors share price hits 10% upper circuit: Jefferies retain Buy with Rs 655 price target
TVS Motors's Q3 volumes rose 20% YoY while EBITDA and net profit grew 41-44% YoY, 17-35% above Jefferies estimate. Q3 EBITDA/vehicle rose 17% YoY to an all-time high despite rising commodity costs and certain export incentives going away. TVS Motors gave positive commentary on demand for both domestic and export markets.
Jefferies like TVS Motors strong volume growth outlook and potential for margin improvement amid a demand recovery. Jefferies raised FY22-23 EPS by 8-14% and retained Buy with a Rs 655 price target: Reuters