Citi has maintained its “Sell” rating on TVS Motors, assigning a target price of ₹1,700 per share, reflecting a significant downside of 32% from the current market price (CMP) of ₹2,501.45.
Key highlights from Citi’s analysis:
- Domestic two-wheelers flat, exports rising:
- Domestic two-wheeler (2W) volumes remained flat, while export volumes showed robust 29% YoY growth and 11% MoM growth.
- Strong scooter performance:
- Scooter sales rose to 96,097 units, a 30% YoY increase, though they fell 19% MoM due to seasonality.
- E2W growth on a weak base:
- Electric two-wheeler (E2W) sales, specifically the iQube, recorded a 79% YoY increase, supported by a weak base effect.
Citi remains cautious on TVS Motors, highlighting concerns over domestic demand stagnation despite robust export and electric vehicle (EV) growth.
Disclaimer
This article is for informational purposes only and does not constitute investment advice. Readers should perform their own research or consult a financial advisor before making investment decisions.
