CITI ON TVS MOTOR ; SELL | TP ₹3,600 (EARLIER ₹3,500)

• Citi maintains Sell rating on TVS Motor but raises target price to ₹3,600 from ₹3,500. • Q2 Performance: Revenue UP 44% YoY; EBITDA UP 47% YoY, beating estimates. • Higher Realisations: Improved realisations and PLI incentives offset rising operating costs. • Consumer Finance: Potential demerger of consumer finance business could unlock value. • Valuations: Elevated stock valuations remain a key concern despite strong earnings growth. • Impact: Mixed 🟡

TVS MOTOR COMPANY LTD

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