Accumulate TVS Motor Company Ltd For Target Rs.313.00 – Angel Broking Pvt Ltd

Performance Highlights Operating performance marginally below estimates; lower other income further dents profitability: TVS Motor (TVSM)’s 3QFY2015 results have come in below our estimates as continued pressure on margins and lower other income impacted profitability. Revenues grew 29% yoy to `2,653cr, mainly driven by volumes (up 26% yoy) while the…

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