TVS Motor shares buck market trend powered by strong Q3 performance
The companys total two-wheeler sales rose to 8.36 lakh units, from 8.35 lakh units in the year-ago period, though two-wheeler exports reduced to 2.07 lakh units from 2.53 lakh units, according to a company statement.
TVS shares jumped on Wednesday after the auto major reported a strong set of results for the October-December 2022 period. The stock of TVS Motor Company — India's third largest two- and three-wheeler maker — gained by as much as Rs 33.6 or 3.4 per cent to Rs 1,019.8 apiece on BSE.
After market hours on Tuesday, the auto maker reported a year-on-year jump of 21.4 per cent in net profit to Rs 300.9 crore for the quarter ended December 2022 with revenue growth of 22.3 per cent to Rs 8,066.1 crore.
The company's total two-wheeler sales rose to 8.36 lakh units, from 8.35 lakh units in the year-ago period, though two-wheeler exports reduced to 2.07 lakh units from 2.53 lakh units, according to a company statement.
TVS Motor's board declared an interim dividend of Rs 5 per share.
What brokerages make of TVS Motor Company result
Most brokerages have positive views on TVS Motor after the earnings announcement.
Jefferies maintained a 'buy' rating on the stock with a target price of Rs 1,550 apiece — implying an upside potential of more than 57 per cent from Tuesday's closing price.
The brokerage expects TVS to be a key beneficiary of a demand recovery in the country's two-wheeler market.
Goldman Sachs maintained a 'neutral' rating on TVS and raised its target price for the stock by Rs 20 to Rs 1,050.
JPMorgan retained 'overweight' and raised its target price by Rs 35 to Rs 1,235.
The auto stock has grown 63 per cent in value in the last one year, a period in which the Sensex benchmark has risen four per cent.
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