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TVS Motors (TVSSUZ)
• TVS Motors saw a steep decline in volumes as the peak season
sales euphoria was subdued in both motorcycles and mopeds.
Volumes are expected to pick up from December as the period of
~1.5 months is characterised by the wedding season
• Motorcycle volumes were at 62,995 units, a strong increase of
39.7% YoY and decline of 25.2% MoM. The scooter segment was
driven by volumes from the performance of Wego family sales
with a 44.3% YoY jump and 18.9% MoM decline to 36,233 units
• Exports have seen a slowdown of 20.6% MoM and a flattish 2.4%
YoY increase due to the slowdown in demand in the South East
Asian region due to seasonal factors
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