TVS Motor Company posted its highest-ever quarterly sales of 1.5 million units this quarter, up 22.7% YoY. (Photo: TVS Motor Instagram) TVS Motor Company’s Q2 PAT at Rs 9.1 billion was below our estimate of Rs 9.9 billion, even as the Ebitda miss was just 2%. PAT miss was largely driven by higher interest and depreciation expenses, along with a loss on the fair valuation of its investment in TVS Supply Chain. Backed by GST rate cuts, management expects two-wheeler demand momentum to sustain in 2H and TVS to continue outperforming going forward.

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