TVS Motors shares touches 52-week high after Q4 results, stock up over 5%
- TVS Motor share price: Shares of TVS Motor Company Ltd recorded a new 52-week high and surged over 5% on Friday's trade after the company reported 49% on year growth in its net profit for Q4FY23.
Shares of TVS Motor Company Ltd recorded a new 52-week high and surged over 5% on Friday's early trade after the company reported 49% on year growth in its net profit for Q4FY23.
The companyannounced onThursday that its net profit for the three months ended in March jumpedby 49% to Rs410.27 crore. Comparatively, the same period a year before saw a net profit of Rs274.50 crore.
In comparison to the same quarter a year ago, the consolidated revenue from operations rose 19.4% to Rs6,604.78 crore.
Ebitda, or earnings before interest, taxes, depreciation, and amortisation, increased by 10.3% in the fourth quarter. TVS Motor's operating EBITDA for the fourth quarter was Rs680 crore, up 22% over the same quarter last fiscal's operational EBITDA of Rs557 crore.
In Friday's trading session, the company's shares opened at an intraday low of ₹1,185.10 before gaining momentum and reaching an intraday high of ₹1,235 on BSE.
The stock price rose 89.6% and outperformed its sector by 62.5% in the past year.
“Post the result the stock has seen strong up surge in the morning session, from morning highs it has dipped a bit at the time of writing however overall trend is positive with ₹1,170 seen as support whereas ₹1,250 is the next resistance,” said Rajesh Bhosale - Equity Technical and Derivative Analyst, Angel One.
Following the Q4FY23 results, brokerage house, Nuvama Institutional Equities, has retained ‘buy’ rating for the stock with a target price of ₹1,300.
The brokerage firm in its report stated that due to stronger net pricing and an upbeat model mix, the company has reported EBITDA growth of 22% year-on-year (YoY) to Rs680 crore,in Q4FY23, which was 6% above expectations of the brokerage.
“The company has been outpacing the domestic industry, fortified by its strong presence in scooters, increased penetration in executive/premium motorcycles and success of new products. We expect this trend to sustain,” said the brokerage.
At 10:19 IST, shares of the company were trading 2.76% higher at ₹1,202.15 on BSE.
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