Neutral TVS Motor Company Ltd for the Target Rs. 3,549 by Motilal Oswal Financial Services Ltd
? TVS continued to outperform 2W peers with 23% YoY growth in 2Q, led by strong growth in scooters (+30%), motorcycles (+20%) and 3W (+41%). Exports rose 40% YoY. ? Led by strong volume growth, we expect EBITDA margin to expand 50bp QoQ (+130bp YoY) to 13%. ? We expect TVSL to post 49% YoY growth in earnings in 2Q.

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