TVS Motors - Disappointing Numbers, YoY is impacted on a high base and MoM reflects inventory buildup - Way2Wealth

TVS Motors Motorcycle wholesale numbers have been on a persistent decline since Feb 2012. Cumulative growth shows a decline of 20%, which is the highest among its peers.

Also, since Q3FY12, its quarterly numbers have fallen below its 8 quarter average levels, showing signs of inherent weakness.

Scooter portfolio for the company has also started seeing slowdown and has been loosing market share to HMSI.

Moped sales which is direct co - relation to rural demand are at it lowest ever levels this FY.

Exports for the company are at its lowest ever levels this FY.

3W's have shown signs of improvement this month with the offtake above its YTD average runrate, however cumulative growth remains weak (on a high base).

Source : Equity Bulls

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