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You are here : IndiaNotes >> Research & Analysis >> Companies >> TVS Motor Company Ltd. >> Research

TVS Motor Company: Accumulate with a long term perspective

Adaaf Advisory Service | 21 Oct, 2014  | Follow Author | Add to my Favourites 
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TVS Motor Co. Ltd. manufactures and markets automotive vehicles. The company offers twowheelers comprising motorcycles, scooters, and mopeds; and three-wheelers. The company markets its motorcycles under the Apache RTR 180, Apache RTR Fi 160, Flame DS 125, Flame SR 125, TVS Jive, StaR City, and Sports names; variomatic scooters under the TVS Wego, Scooty Streak, Scooty Pep+, and Scooty Teenz names; mopeds under the TVS XL Super and TVS XL Heavy Duty names; and threewheelers under the TVS KING name.

TVS Motor announced positive results for the first quarter ended June 2014. Topline and bottomline surged by an impressive 30% and 39% respectively during the quarter. But margins witnessed a drop during the quarter despite improvement in per unit realizations. New launches and upgrades which the company introduced across the scooter and motorcycle segments augmented an increase in sales, aiding significant bottom line growth. The company registered 30% growth in topline for the quarter ended June 2014 with total revenue growing from Rs 1760 crore in the quarter ended June 2013 to Rs 2296 crore in the quarter ended June 2014. Total sales grew to 5.84 lakh units during the quarter, a growth of 22.9%. Realization per unit improved by 6.1% during the quarter. Profit after tax for the quarter ended June 2014 grew by 39%. PAT increased from Rs. 51.9 crore reported in quarter ended June 2013 to Rs 72.3 crore in the quarter ended June 2014. This was after 64% rise in tax provision at Rs 28.19 crore following 315 bps rises in tax rate.



TVS Motors is an extremely bullish stock and this stock too has graduated from being a mid-size stock to a larger cap stock. In the short term though, it looks to be over bought but in the long term, technically, it is likely to test 300 plus levels in the coming 15 months. On the lower side, 190 to 200 is a good support area and can be fearlessly accumulated with a long-term perspective.

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Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor accept any liability whatsoever arising from the use of any of the above contents.

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