TVS Motor reports mixed Q1 results, PAT below estimate; what should investors do?
Shares of TVS Motor Company will be in focus on Wednesday (August 7) after global brokerages have revised their stance. The move comes a day after the auto company reported its Q1 results on Tuesday during market hours. Here's how brokerages view TVS Motor after its Q1 result.
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TVS Motor Q1 consolidated profit
TVS Motor Q1 consolidated profit
TVS Motor Company's consolidated net profit increased 6 per cent to Rs 461 crore for the first quarter that ended June 30, 2024, riding on the back of robust sales.
TVS Motor Q1 income
TVS Motor Q1 income
Total income rose to Rs 10,448 crore for the period under review as compared to Rs 9,142 crore in the year-ago period.
TVS Motor Q1 two- three-wheeler sales
TVS Motor Q1 two- three-wheeler sales
The company said its overall two-wheeler and three-wheeler sales including exports grew 14 per cent year-on-year, registering sales of 10.87 lakh units in the quarter ended June 2024 as against 9.53 lakh units registered in the quarter ended June 2023.
TVS Motor Q1 EV sales
TVS Motor Q1 EV sales
Electric scooter sales for the quarter ended June 30, 2024, stood at 52,000 units as compared to 39,000 units in the April-June quarter of last fiscal.
Jefferies
Jefferies
The brokerage maintained a 'buy' on TVS Motor and raised the target to Rs 3,000 from Rs 2,525.
JP Morgan
JP Morgan
Continuing a 'neutral' rating the brokerage raised the target to Rs 2,300 from Rs 2,150.
Goldman Sachs
Goldman Sachs
By iterating a 'neutral' rating, Goldman Sachs raised its target to Rs 2,670 from Rs 2,450.
Macquarie
Macquarie
The brokerage maintained an 'outperform' and raised the target to Rs 2,783 from Rs 2,660.
CLSA
CLSA
Continuing with a 'underperform' rating the brokerage gave a target of Rs 1,444.
TVS Motor Company share price: Past performance
TVS Motor Company share price: Past performance
Shares of TVS Motor have gained over 84 per cent against Nifty50's rise of 22 per cent.