Buy TVS Motors; target of Rs 1350: Anand Rathi

Anand Rathi's research report on TVS Motors

For TVS Motors, 2W off-take turned tepid in the quarter. Management talked of a gradual recovery in rural markets and, finance penetration having improved, augurs well for a recovery. Semi-conductor shortages have begun normalising and we expect demand for premium motorcycles and scooters to improve. iQube volumes have substantially improved since its introduction and would further improve as the company plans to penetrate into tier-3 and 4 markets.

Outlook

We maintain a Buy at a revised TP of Rs1,350 (26x FY25e).

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.

30012022 - 39