Anand Rathi has given Buy recommendation for TVS Motors with a target price of Rs. 768 in its research report issued on May 05, 2022

Anand Rathi’s research report on TVS Motors

TVS Motors reported a good set of numbers despite a slight decline in volumes in Q4 FY22. The TVS iQube ramp-up is on track. Margins improved on stringent cost-controls, price hikes and better off-take of premium 2Ws. As economic activity returns to normal post the 3rd wave, we expect strong volume growth.


Accordingly, we upgrade our rating to a Buy with a TP of Rs768 (22x FY24e).

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