Views on TVS Motors Company 3QFY2016 Results: Angel Broking

Views of Mr. Bharat Gianani (Sr. Research Analyst - Automobile, Angel Broking) on TVS Motors Company 3QFY2016 Results:

TVS Motors reports in line results for 3QFY2016

"TVS Motors (TVSM) 3QFY2016 results adjusted for one off items have come in line with estimates. Revenues grew 11% YoY to INR 2,940 cr driven majorly by 8% growth in the volumes. Market share gains on back of success of new launches enabled TVSM to post healthy volume growth during the quarter. Realisation per vehicle grew about 3% YoY to INR 41,868 driven by a better product mix. During the quarter TVSM reported one off expenses of INR 12.4 cr (INR 7.5 cr due to Chennai floods damage and INR 4.9 cr due to increase in bonus expenses retrospectively from April 2015). Adjusted for one off items, operating margins came in at 7.3% which is in line with our estimates. Adjusted Net Profit at INR 120.7 cr was in line with our estimates. We currently have a BUY rating on the stock."

Shares of TVS MOTOR COMPANY LTD. was last trading in BSE at Rs.291.5 as compared to the previous close of Rs. 291.65. The total number of shares traded during the day was 609560 in over 10503 trades.

The stock hit an intraday high of Rs. 295 and intraday low of 279.6. The net turnover during the day was Rs. 175025679.

Source : Equity Bulls

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