Dr. Lal Pathlabs Company details Report
Dr. Lal Pathlabs is Indiaโs leading & trusted diagnostics company with 70+ years of experience in the field of diagnostics. It has an integrated nationwide network, where patients and healthcare providers are offered a broad range of diagnostic and related healthcare tests and services for use in: core testing, patient diagnosis and the prevention, monitoring and treatment of disease and other health conditions. The services of Dr. Lal Pathlabs are aimed at individual patients, hospitals and other healthcare providers and corporates. The catalogue of services includes 343 test panels, 3,075 pathology tests and 1,439 radiology and cardiology tests as on 31st March 2024. The company has 280 clinical labs (including National Reference Lab at Delhi & Regional Reference Lab at Kolkata, Bangalore & Mumbai), 5,762 Patient Service Centers (PSCs) and 11,619 Pick-up Points (PUPs). It includes 40 labs, 207 PSCโs and 1,008 PUPโs of Suburban Diagnostics. The company is constantly looking to bringing new tests to the market especially in varied fields like Neurology, Oncology post organ transplant monitoring to help clinicians provide an accurate diagnosis to their patients.
Dr. Lal Pathlabs is Indiaโs leading & trusted diagnostics company with 70+ years of experience in the field of diagnostics. It has an integrated nationwide network, where patients and healthcare providers are offered a broad range of diagnostic and related healthcare tests and services for use in: core testing, patient diagnosis and the prevention, monitoring and treatment of disease and other health conditions. The services of Dr. Lal Pathlabs are aimed at individual patients, hospitals and other healthcare providers and corporates. The catalogue of services includes 343 test panels, 3,075 pathology tests and 1,439 radiology and cardiology tests as on 31st March 2024. The company has 280 clinical labs (including National Reference Lab at Delhi & Regional Reference Lab at Kolkata, Bangalore & Mumbai), 5,762 Patient Service Centers (PSCs) and 11,619 Pick-up Points (PUPs). It includes 40 labs, 207 PSCโs and 1,008 PUPโs of Suburban Diagnostics. The company is constantly looking to bringing new tests to the market especially in varied fields like Neurology, Oncology post organ transplant monitoring to help clinicians provide an accurate diagnosis to their patients.
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#SALES #GROWTH 5 Year CAGR 13.1%
In FY24, the net sales grew by 10.4% YoY to โน2,227 cr primarily driven by increased patient volumes and realization. Patients tested grew by 2.6% YoY to 2.76 cr. It collected 7.82 cr samples in FY24, i.e., a growth of 8.2% YoY. The revenue realization per patient grew by 7.5% YoY to โน807 (v/s โน750 in FY23). The sales contribution from tier 3+ was 35% of the total sales. Suburban Diagnostics reported sales of โน164 cr in FY24 (v/s โน150 cr in FY23). In 9M FY25, the sales grew by 10.6% YoY to โน1,859 cr driven by patient volume. Patients tested increased by 4.3% YoY to 2.20 cr. The company tested 6.47 cr samples, i.e., a growth of 9.6% YoY. The average revenue realization per patient stood at โน845 (v/s โน797 in 9M FY24) mainly led by test mix.
In FY24, the net sales grew by 10.4% YoY to โน2,227 cr primarily driven by increased patient volumes and realization. Patients tested grew by 2.6% YoY to 2.76 cr. It collected 7.82 cr samples in FY24, i.e., a growth of 8.2% YoY. The revenue realization per patient grew by 7.5% YoY to โน807 (v/s โน750 in FY23). The sales contribution from tier 3+ was 35% of the total sales. Suburban Diagnostics reported sales of โน164 cr in FY24 (v/s โน150 cr in FY23). In 9M FY25, the sales grew by 10.6% YoY to โน1,859 cr driven by patient volume. Patients tested increased by 4.3% YoY to 2.20 cr. The company tested 6.47 cr samples, i.e., a growth of 9.6% YoY. The average revenue realization per patient stood at โน845 (v/s โน797 in 9M FY24) mainly led by test mix.
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#EBITDA #GROWTH 5 Year CAGR 15.7%
In FY24, the EBITDA grew by 24.4% YoY to โน609 cr. The growth was led by increased in scale of operation and cost efficiencies. In FY24, sample per patient increased by 5.4% YoY to 2.83x (v/s 2.69x in FY23). The companyโs cost of raw material constitutes ~28% of the total expenses followed by other expenses ~26%, employee benefit expenses ~26% and fee to collection centres /channel partners ~19%. In 9M FY25, the EBITDA grew by 13.3% YoY to โน527 cr (v/s โน465 cr in 9M FY24). The growth was led by improvement in gross margin due to decline in raw material cost. Sample per patient for 9M FY25 was 2.95x, i.e., a growth of 5.2% YoY.
In FY24, the EBITDA grew by 24.4% YoY to โน609 cr. The growth was led by increased in scale of operation and cost efficiencies. In FY24, sample per patient increased by 5.4% YoY to 2.83x (v/s 2.69x in FY23). The companyโs cost of raw material constitutes ~28% of the total expenses followed by other expenses ~26%, employee benefit expenses ~26% and fee to collection centres /channel partners ~19%. In 9M FY25, the EBITDA grew by 13.3% YoY to โน527 cr (v/s โน465 cr in 9M FY24). The growth was led by improvement in gross margin due to decline in raw material cost. Sample per patient for 9M FY25 was 2.95x, i.e., a growth of 5.2% YoY.
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#PAT #GROWTH 5 Year CAGR 12.5%
In FY24, the PAT increased by 50.3% YoY to โน362 cr. The higher growth was on account of increase in EBITDA and higher other income. Other income increased to โน69 cr in FY24 (v/s โน41.7 cr in FY23). The finance cost declined by 22% YoY to โน29 cr because of repayment of some borrowings. Additions of new labs further drive the growth of the company. In 9M FY25, the PAT grew by 21.8% YoY to โน337 cr (v/s โน277 cr in 9M FY24). The profit growth was led by operating leverage and strategic initiatives to optimize costs by leveraging technological advancements. The other income increased to โน67.6 cr (v/s โน50.8 cr in 9M FY24).
In FY24, the PAT increased by 50.3% YoY to โน362 cr. The higher growth was on account of increase in EBITDA and higher other income. Other income increased to โน69 cr in FY24 (v/s โน41.7 cr in FY23). The finance cost declined by 22% YoY to โน29 cr because of repayment of some borrowings. Additions of new labs further drive the growth of the company. In 9M FY25, the PAT grew by 21.8% YoY to โน337 cr (v/s โน277 cr in 9M FY24). The profit growth was led by operating leverage and strategic initiatives to optimize costs by leveraging technological advancements. The other income increased to โน67.6 cr (v/s โน50.8 cr in 9M FY24).
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#EBITDA #MARGIN
In FY24, the EBITDA margin of the company expanded by 307 bps YoY to 27.4% led by scale of operation and operational efficiencies. During the year, Suburban Diagnostics Private Limited EBITDA margin stood at 13% (v/s 12% in FY23). It has sustained its operating margin above 25% over the years. Brand and economies of scale have helped the company in maintaining the margin. In 9M FY25, the EBITDA margin expanded by 69 bps YoY to 28.3% (v/s 27.6% in 9M FY24). The margin expansion was led by decline in raw material cost and other expenses as a percentage of sales. Suburban Diagnostics Private Limited EBITDA margin stood at 12% in Q3 FY25 (v/s 20% in Q2 FY25). The company had not taken any price hike in 9M FY25. Currently, these are no plan of any price hike as of now.
In FY24, the EBITDA margin of the company expanded by 307 bps YoY to 27.4% led by scale of operation and operational efficiencies. During the year, Suburban Diagnostics Private Limited EBITDA margin stood at 13% (v/s 12% in FY23). It has sustained its operating margin above 25% over the years. Brand and economies of scale have helped the company in maintaining the margin. In 9M FY25, the EBITDA margin expanded by 69 bps YoY to 28.3% (v/s 27.6% in 9M FY24). The margin expansion was led by decline in raw material cost and other expenses as a percentage of sales. Suburban Diagnostics Private Limited EBITDA margin stood at 12% in Q3 FY25 (v/s 20% in Q2 FY25). The company had not taken any price hike in 9M FY25. Currently, these are no plan of any price hike as of now.
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#PAT #MARGIN
In FY24, the PAT margin expanded by 432 bps YoY to 16.3%. The effective tax rate was 28.3% in FY24 as compared to 29.9% in FY23. In 9M FY25, the PAT margin expanded by 167 bps YoY to 18.1% (v/s 16.4% in 9M FY24). The effective tax rate stood at 28.6% as compared to 28.3% in 9M FY24.
In FY24, the PAT margin expanded by 432 bps YoY to 16.3%. The effective tax rate was 28.3% in FY24 as compared to 29.9% in FY23. In 9M FY25, the PAT margin expanded by 167 bps YoY to 18.1% (v/s 16.4% in 9M FY24). The effective tax rate stood at 28.6% as compared to 28.3% in 9M FY24.
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#SECTOR #POTENTIAL
โข The Indian diagnostic industry is highly fragmented and dominated by unorganized players. In FY24, the Indian diagnostic market stood at ~โน86,500 cr. โข Hospital-based labs ~39% of the overall diagnostic market followed by Standalone labs constitute ~38%, and Diagnostic chains ~23%. โข Diagnostic chains are further classified in two parts, i.e., multi-regional ~36% and the balance ~64% are regional chains. โข The low regional penetration in the Indian market provides ample scope for growth for large organized players. Following key trends are expected to drive sector growth in the coming years:- โข Ageing Population: In India, the population of 65 years and more is growing at 4%-4.5% p.a. providing ample opportunity for the healthcare industry, especially the diagnostic industry. โข Preventive Testing: Increasing awareness and the measures taken by the Government to promote preventive testing via tax cuts may become a tailwind for volume growth. โข Evidence-based treatments: With the rapid technological advancements in the healthcare industry, doctors increasingly prefer evidence based treatment. This creates a sustained driver for the growth of the diagnostics industry.
โข The Indian diagnostic industry is highly fragmented and dominated by unorganized players. In FY24, the Indian diagnostic market stood at ~โน86,500 cr. โข Hospital-based labs ~39% of the overall diagnostic market followed by Standalone labs constitute ~38%, and Diagnostic chains ~23%. โข Diagnostic chains are further classified in two parts, i.e., multi-regional ~36% and the balance ~64% are regional chains. โข The low regional penetration in the Indian market provides ample scope for growth for large organized players. Following key trends are expected to drive sector growth in the coming years:- โข Ageing Population: In India, the population of 65 years and more is growing at 4%-4.5% p.a. providing ample opportunity for the healthcare industry, especially the diagnostic industry. โข Preventive Testing: Increasing awareness and the measures taken by the Government to promote preventive testing via tax cuts may become a tailwind for volume growth. โข Evidence-based treatments: With the rapid technological advancements in the healthcare industry, doctors increasingly prefer evidence based treatment. This creates a sustained driver for the growth of the diagnostics industry.
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#COMPANY #OUTLOOK
โข Going forward, volume growth would be supported by expansion in underpenetrated tier 3 and tier 4 markets via DLPL brand and into Mumbai, and select parts of Maharashtra via Suburban brand. โข For FY25, the management maintained its growth guidance similar to the FY24 growth rate of 10.4%. โข The company is on track to open 15-20 new labs in FY25. It is strategically increasing the collection centres. The company is on track to add ~800 collection centres collectively across both brands. โข The management anticipates depreciation cost to increase as most of the capital expenditure for labs would incur in H2 FY25. โข Suburban Diagnostics Private Limited has three focused market, i.e., Mumbai, Pune and Goa. It will expand its reach in these markets. The company is currently focusing on increasing the topline. It expects steady margin of ~16%-17%. โข The growth drivers for the company would be: to widen their geographical footprint both through organic and inorganic means, focus on franchise management, continuous improvement in consumer convenience with the help of digital technologies, widen test menu in the regional labs to meet the market requirement, cost effectiveness programmes to stay competitive on prices and launch of new tests. โข The company continue to focus on strengthening its presence in key clusters, especially in Western and Southern India. โข The management believes that the tier 2 and tier 3 towns would grow faster and the company is very well placed in markets like Northern and Eastern India. It is also building hub labs in Varanasi, Meerut and Lucknow. โข Dr. Om Prakash Manchanda will step down as managing director of the company on account of the completion of tenure on 31st March 2025. However, after completion of tenure as managing director, he will remain as an advisor to the company.
โข Going forward, volume growth would be supported by expansion in underpenetrated tier 3 and tier 4 markets via DLPL brand and into Mumbai, and select parts of Maharashtra via Suburban brand. โข For FY25, the management maintained its growth guidance similar to the FY24 growth rate of 10.4%. โข The company is on track to open 15-20 new labs in FY25. It is strategically increasing the collection centres. The company is on track to add ~800 collection centres collectively across both brands. โข The management anticipates depreciation cost to increase as most of the capital expenditure for labs would incur in H2 FY25. โข Suburban Diagnostics Private Limited has three focused market, i.e., Mumbai, Pune and Goa. It will expand its reach in these markets. The company is currently focusing on increasing the topline. It expects steady margin of ~16%-17%. โข The growth drivers for the company would be: to widen their geographical footprint both through organic and inorganic means, focus on franchise management, continuous improvement in consumer convenience with the help of digital technologies, widen test menu in the regional labs to meet the market requirement, cost effectiveness programmes to stay competitive on prices and launch of new tests. โข The company continue to focus on strengthening its presence in key clusters, especially in Western and Southern India. โข The management believes that the tier 2 and tier 3 towns would grow faster and the company is very well placed in markets like Northern and Eastern India. It is also building hub labs in Varanasi, Meerut and Lucknow. โข Dr. Om Prakash Manchanda will step down as managing director of the company on account of the completion of tenure on 31st March 2025. However, after completion of tenure as managing director, he will remain as an advisor to the company.
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Dr Lal Pathlabs Limited 2300-2570
Expected level 3200
Support 2000
Expected level 3200
Support 2000
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TVS Motor Company Details Report
TVS Motor Company is the one of the leading two-wheeler manufacturer in India. The company has four state of the art manufacturing facilities in Hosur, Mysuru and Nalgarh in India and Karawang in Indonesia. Company has a retail finance arm TVS Credit Services (TVS Motor holds ~81% stake post investment by Premji Invest). It is a non-banking finance company catering to financing of retail focused products such as two-wheelers, used cars, used and new tractors, used commercial vehicles, consumer durables, digital finance products and personal loans. TVS CS primarily caters to self-employed, new to credit borrowers in the semiurban and rural areas in the country. TVS Motor has footprints globally, including geographies like Middle East, Africa, Southeast Asia, Indian subcontinent, Latin & Central America. Presently, it exports to over 80 countries globally. Its product portfolio has motorcycles, scooters, moped and three-wheelers. In the motorcycle portfolio it has Apache RTR 310, Apache RR 310, TVS Ronin, TVS Apache RTR series, Apache RTR 165 RP, TVS Raider, TVS Radeon, TVS Star City+ and TVS Sport; scooters comprise of TVS Jupiter 125, TVS Ntorq, TVS Zest 110, moped has TVS XL100 comprising different variants, and three wheelers has TVS King in its portfolio. It has an annual production capacity of ~49.5 lakh units for two wheelers and ~2.4 lakh units for three-wheelers. The company operates in the international destinations through various subsidiaries and associates. It has a robust supplier base and extensive sales & service network. It has expanded its presence to over 690 dealers, maintaining a strong No. 2 position in the EV segment.
TVS Motor Company is the one of the leading two-wheeler manufacturer in India. The company has four state of the art manufacturing facilities in Hosur, Mysuru and Nalgarh in India and Karawang in Indonesia. Company has a retail finance arm TVS Credit Services (TVS Motor holds ~81% stake post investment by Premji Invest). It is a non-banking finance company catering to financing of retail focused products such as two-wheelers, used cars, used and new tractors, used commercial vehicles, consumer durables, digital finance products and personal loans. TVS CS primarily caters to self-employed, new to credit borrowers in the semiurban and rural areas in the country. TVS Motor has footprints globally, including geographies like Middle East, Africa, Southeast Asia, Indian subcontinent, Latin & Central America. Presently, it exports to over 80 countries globally. Its product portfolio has motorcycles, scooters, moped and three-wheelers. In the motorcycle portfolio it has Apache RTR 310, Apache RR 310, TVS Ronin, TVS Apache RTR series, Apache RTR 165 RP, TVS Raider, TVS Radeon, TVS Star City+ and TVS Sport; scooters comprise of TVS Jupiter 125, TVS Ntorq, TVS Zest 110, moped has TVS XL100 comprising different variants, and three wheelers has TVS King in its portfolio. It has an annual production capacity of ~49.5 lakh units for two wheelers and ~2.4 lakh units for three-wheelers. The company operates in the international destinations through various subsidiaries and associates. It has a robust supplier base and extensive sales & service network. It has expanded its presence to over 690 dealers, maintaining a strong No. 2 position in the EV segment.
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#SALES #GROWTH 5 Year CAGR 14.2%
In FY24, the net sales was โน39,145 cr and increased by 22.4% YoY (exports was โน7,585 cr and declined by 0.8% YoY). The growth was led by motorcycles (domestic) segment which grew by 15% YoY and scooters by 18% YoY. TVS Credit Services also contributed to strong growth (~39% increase on a YoY basis). It posted sales of 19.9 lakh motorcycles, 15.7 lakh scooters (incl EV sale of 1.94 lakh units), 4.9 lakh mopeds, and 1.6 lakh three-wheelers. In 9M FY25, the net sales was โน32,844 cr v/s โน29,103 cr and increased by 13% YoY. Two-wheeler sales volume (incl exports) was 34.3 lakh units v/s 30.1 lakh units an expansion of 14% YoY. It sold 2 lakh units of EV scooters for the period v/s 1.4 lakh units in 9M FY24. Three-wheeler sales volume stood at 98k units v/s 1.2 lakh units in 9M FY24, a decline of 16% YoY. Exports and spares revenue for 9M FY25 was โน6,210 cr and โน2,726 cr, and grew by 12% and 20%, respectively.
In FY24, the net sales was โน39,145 cr and increased by 22.4% YoY (exports was โน7,585 cr and declined by 0.8% YoY). The growth was led by motorcycles (domestic) segment which grew by 15% YoY and scooters by 18% YoY. TVS Credit Services also contributed to strong growth (~39% increase on a YoY basis). It posted sales of 19.9 lakh motorcycles, 15.7 lakh scooters (incl EV sale of 1.94 lakh units), 4.9 lakh mopeds, and 1.6 lakh three-wheelers. In 9M FY25, the net sales was โน32,844 cr v/s โน29,103 cr and increased by 13% YoY. Two-wheeler sales volume (incl exports) was 34.3 lakh units v/s 30.1 lakh units an expansion of 14% YoY. It sold 2 lakh units of EV scooters for the period v/s 1.4 lakh units in 9M FY24. Three-wheeler sales volume stood at 98k units v/s 1.2 lakh units in 9M FY24, a decline of 16% YoY. Exports and spares revenue for 9M FY25 was โน6,210 cr and โน2,726 cr, and grew by 12% and 20%, respectively.
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#PAT #GROWTH 5 Year CAGR 20.3%
In FY24, the net profit stood at โน1,822 cr and grew by 35% YoY. The increase in net profit is mostly on account of expansion of operating profit. In 9M FY25, the net profit was โน1,741 cr as against โน1,401 cr in 9M FY24 and increased by 24% YoY.
In FY24, the net profit stood at โน1,822 cr and grew by 35% YoY. The increase in net profit is mostly on account of expansion of operating profit. In 9M FY25, the net profit was โน1,741 cr as against โน1,401 cr in 9M FY24 and increased by 24% YoY.
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#EBITDA #GROWTH 5 Year CAGR 20.7%
In FY24, the EBITDA was โน5,543 cr and expanded by 36.2% YoY. This increase can be attributed to softening of raw material cost, operating leverage benefits, better product mix and cost control measures. In 9M FY25, the EBITDA was โน4,772 cr as compared to โน4,059 cr and grew by 18% YoY. This can be attributed to benign raw material prices, and operating leverage benefits. The company has been consistently observing an increase in employee benefits expenses as considerable amount is being spent towards research & development activities of EV (two wheelers and three wheelers).
In FY24, the EBITDA was โน5,543 cr and expanded by 36.2% YoY. This increase can be attributed to softening of raw material cost, operating leverage benefits, better product mix and cost control measures. In 9M FY25, the EBITDA was โน4,772 cr as compared to โน4,059 cr and grew by 18% YoY. This can be attributed to benign raw material prices, and operating leverage benefits. The company has been consistently observing an increase in employee benefits expenses as considerable amount is being spent towards research & development activities of EV (two wheelers and three wheelers).
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#EBITDA #MARGIN
In FY24, the EBITDA margin was 14.2% v/s 12.7% in FY23. The expansion in margin for two wheelers is owing to softening of raw material cost, better product mix and cost control measures. EBIT margin from auto & auto component business was 6.7% v/s 5.8% in FY23 and towards financial services the EBIT margin was 13.1% in FY24 v/s 13.7% in FY23. In 9M FY25, the EBITDA margin was 14.5% and expanded by 60 bps YoY on the back of strong credit services business and better product mix across ICE portfolio. The EBIT Margin for automotive vehicles & parts and financial services was 7.2% and 15% in 9M FY25 v/s 6.8% and 13.6%, respectively.
In FY24, the EBITDA margin was 14.2% v/s 12.7% in FY23. The expansion in margin for two wheelers is owing to softening of raw material cost, better product mix and cost control measures. EBIT margin from auto & auto component business was 6.7% v/s 5.8% in FY23 and towards financial services the EBIT margin was 13.1% in FY24 v/s 13.7% in FY23. In 9M FY25, the EBITDA margin was 14.5% and expanded by 60 bps YoY on the back of strong credit services business and better product mix across ICE portfolio. The EBIT Margin for automotive vehicles & parts and financial services was 7.2% and 15% in 9M FY25 v/s 6.8% and 13.6%, respectively.
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#COMPANY #POTENTIAL
โข Industry wholesale stood at 1.8 cr units in FY24 as compared to 1.6 cr units in FY23, exhibiting a growth of 12.8% YoY. โข In 9M FY25, the two wheelers industry sales was 1,50,39,570 units v/ss 1,34,70,570 units in 9M FY24 showcasing an increase of 11.6% YoY. In CY24 (Jan-Dec 2024) the two wheeler industry (domestic) reported sales of 1.95 cr units of which, of which scooters sales was 66.8 lakh units, motorcycles at 1.2 cr units and mopeds at 5.2 lakh units v/s 1.71 cr units in CY23, of which scooters constituted 55.7 lakh units, motorcycles 1.1 cr units and mopeds at 4.7 lakh units. In Q3 FY25, the two wheeler industry sales was 48.8 lakh units v/s 47.3 lakh units in Q3 FY24, a rise of 3.2% YoY. (Source: Siam) โข Premium motorcycles grew by 24.4% in FY24 with 15 lakh units sold v/s to 12.1 lakh units in FY23. The category share moderately increased to 8.6% from 7.8%. Commuter Motorcycles commanded a dominant category share of 50.3% (v/s 50.5% in FY23) of the SMEV) overall 2W industry. This category, which comprised of executive and economy segments, saw a volume growth of 11.2% in FY24 with sales of 88 lakh units (from 79 lakh units in FY23). The executive segment growth was 23.4% with a sizeable increase in category share, from 18.5% in FY23 to 20.3% in FY24. However, the economy segment showed muted demand growth. โข The industry retail on VAHAN for EV reached 9.3 lakh units in FY24, up from 7.1 lakh units in FY23. The penetration of EV twowheelers for the year FY24 stood at ~5%. The sales during 9M FY25 was ~7.8 lakh units v/s ~6.4 lakh units in 9M FY24. (Source: โข The small passenger segment saw a rise of 47% YoY, increasing from 1,93,431 units in FY23 to 2,84,844 units in FY24. The cargo segment's growth was driven by heightened demand for last-mile delivery and e-commerce applications. The L5 EV segment rose, with sales rising from 29,868 units to 1,00,084 units in FY24. Three wheeler sales in 9M FY25 was 5,62,652 units v/s 5,26,905 units in 9M FY24 an increase of 6.8% YoY.
โข Industry wholesale stood at 1.8 cr units in FY24 as compared to 1.6 cr units in FY23, exhibiting a growth of 12.8% YoY. โข In 9M FY25, the two wheelers industry sales was 1,50,39,570 units v/ss 1,34,70,570 units in 9M FY24 showcasing an increase of 11.6% YoY. In CY24 (Jan-Dec 2024) the two wheeler industry (domestic) reported sales of 1.95 cr units of which, of which scooters sales was 66.8 lakh units, motorcycles at 1.2 cr units and mopeds at 5.2 lakh units v/s 1.71 cr units in CY23, of which scooters constituted 55.7 lakh units, motorcycles 1.1 cr units and mopeds at 4.7 lakh units. In Q3 FY25, the two wheeler industry sales was 48.8 lakh units v/s 47.3 lakh units in Q3 FY24, a rise of 3.2% YoY. (Source: Siam) โข Premium motorcycles grew by 24.4% in FY24 with 15 lakh units sold v/s to 12.1 lakh units in FY23. The category share moderately increased to 8.6% from 7.8%. Commuter Motorcycles commanded a dominant category share of 50.3% (v/s 50.5% in FY23) of the SMEV) overall 2W industry. This category, which comprised of executive and economy segments, saw a volume growth of 11.2% in FY24 with sales of 88 lakh units (from 79 lakh units in FY23). The executive segment growth was 23.4% with a sizeable increase in category share, from 18.5% in FY23 to 20.3% in FY24. However, the economy segment showed muted demand growth. โข The industry retail on VAHAN for EV reached 9.3 lakh units in FY24, up from 7.1 lakh units in FY23. The penetration of EV twowheelers for the year FY24 stood at ~5%. The sales during 9M FY25 was ~7.8 lakh units v/s ~6.4 lakh units in 9M FY24. (Source: โข The small passenger segment saw a rise of 47% YoY, increasing from 1,93,431 units in FY23 to 2,84,844 units in FY24. The cargo segment's growth was driven by heightened demand for last-mile delivery and e-commerce applications. The L5 EV segment rose, with sales rising from 29,868 units to 1,00,084 units in FY24. Three wheeler sales in 9M FY25 was 5,62,652 units v/s 5,26,905 units in 9M FY24 an increase of 6.8% YoY.
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#COMPANY #OUTLOOK โข Some African regions demonstrated a strong recovery in sales, although certain areas still remain affected. Africa is expected to demonstrate muted growth in H1 FY24 and recovery from H2 FY25 onwards. In H1 FY25, the ongoing Red Sea crisis has impacted export transit times and the timely availability of containers. Despite this, the company has experienced a rise in retail sales, outpacing industry growth โข Companyโs manufacturing facility in Mysuru produces 15 lakh two-wheelers annually. These vehicles cater to both domestic and international markets, with exports contributing over โน1,200 cr to the factoryโs total revenue of โน7,600 cr. With the newly announced initiatives, the company aims to double both its export and overall revenue from Mysuru operations. across the country in the coming months. of the companyโs official distributor- Motomex. โข TVS Motor launched passenger electric three-wheeler, TVS King EV MAX. The vehicle has features that includes bluetooth connectivity through TVS SmartXonnect. The vehicle is being launched in UP, Bihar, J&K, Delhi and West Bengal. It will be available โข The company launched, TVS King Duramax Plus and TVS King Deluxe Plus three-wheelers in Mexico. Both these passenger carriers are designed with several smart features. Both variants will be available in Mexico starting March 2025 through the retail channels โข The company would be investing in setting up a new hub in Dubai for international business because it sees huge opportunity in Africa, Middle East and Europe.
Sundaram Auto Components, a plastic business fully owned by TVS Motor Company, is in the process of being sold. The cash generated from the sale, along with ~24 acres of land located near the factory, will be merged with TVS Motor Company. No additional business or revenue will be transferred as part of this merger; only the remaining assets and proceeds from the sale will be integrated into TVS Motor Company. โข The company plans to account for PLI scheme incentives from Q4 FY25, covering FY25 iQube sales. The entire iQube portfolio is approved, with the audit in its final stages. โข Overall capex spending by the end of FY25 would be ~โน1,700 cr. โข The company has commenced dispatching its range of OBD-2B-compliant vehicles, starting with the TVS Jupiter 110. The scooter is now available at dealerships across India, with the base variant priced at ~โน76,691 (ex-showroom, New Delhi). โข It aims to transition its entire portfolio to OBD-2B standards by the end of March 2025. The OBD-2B-compliant TVS range features significant advancements in sensor technology and onboard capabilities. These enhanced sensors monitor key parameters such as throttle response, air-fuel ratio, engine temperature, fuel quantity, and engine speed, ensuring improved performance and efficiency.
Sundaram Auto Components, a plastic business fully owned by TVS Motor Company, is in the process of being sold. The cash generated from the sale, along with ~24 acres of land located near the factory, will be merged with TVS Motor Company. No additional business or revenue will be transferred as part of this merger; only the remaining assets and proceeds from the sale will be integrated into TVS Motor Company. โข The company plans to account for PLI scheme incentives from Q4 FY25, covering FY25 iQube sales. The entire iQube portfolio is approved, with the audit in its final stages. โข Overall capex spending by the end of FY25 would be ~โน1,700 cr. โข The company has commenced dispatching its range of OBD-2B-compliant vehicles, starting with the TVS Jupiter 110. The scooter is now available at dealerships across India, with the base variant priced at ~โน76,691 (ex-showroom, New Delhi). โข It aims to transition its entire portfolio to OBD-2B standards by the end of March 2025. The OBD-2B-compliant TVS range features significant advancements in sensor technology and onboard capabilities. These enhanced sensors monitor key parameters such as throttle response, air-fuel ratio, engine temperature, fuel quantity, and engine speed, ensuring improved performance and efficiency.
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TVS Motor Company 2050-2250
Expected level 2600
Support 1998
Expected level 2600
Support 1998
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GAIL details Report
GAIL ncorporated in August, 1984, has business interests in natural gas marketing, gas transmission, petrochemicals, LPG and liquid hydrocarbon production and city gas distribution (CGD). Natural gas marketing: Natural gas trading continues to be one of GAILโs core businesses. It supplies gas to fertilizers and power sector. Gas Transmission: (a) Natural gas transmission:- GAIL owns and operates a network of around ~16,271 km of natural gas pipeline across the length and breadth of the country. Petrochemicals: GAIL has a polymer production capacity of 810 KTA at Pata complex. Its subsidiary (70% equity share) Brahmaputra Cracker & Polymer Limited (BCPL) has a capacity of 280 KTA (kilo-tonnes per annum). LPG and Other Liquid Hydrocarbon: Under LPG transmission, GAIL owns and operates 2,040 km LPG pipeline network for LPG transmission namely Jamnagar-Loni (JLPL) & Vizag Secunderabad (VSPL). Under Liquid Hydrocarbon business, GAIL has five gas processing plants units at four locations in the country having total liquid hydrocarbon (LHC) production capacity of 1.4 million MT. City Gas Distribution: GAIL (including group companies) is currently authorized to operate in 67 geographical areas through-out India including metro cities of Delhi, Mumbai, Hyderabad, Bengaluru, Kolkata, etc. These CGD networks together cater to ~66% of the total of ~110 lakh Domestic PNG connections in the country. Out of the total of ~5,600 CNG stations in the country, GAIL and its CGD JVCs/ Subsidiaries operates 2,360 CNG stations representing 42% share. GAIL Limited has 7 Subsidiaries, 9 Joint Ventures and 11 Associates companies as on 31st March 2024.
GAIL ncorporated in August, 1984, has business interests in natural gas marketing, gas transmission, petrochemicals, LPG and liquid hydrocarbon production and city gas distribution (CGD). Natural gas marketing: Natural gas trading continues to be one of GAILโs core businesses. It supplies gas to fertilizers and power sector. Gas Transmission: (a) Natural gas transmission:- GAIL owns and operates a network of around ~16,271 km of natural gas pipeline across the length and breadth of the country. Petrochemicals: GAIL has a polymer production capacity of 810 KTA at Pata complex. Its subsidiary (70% equity share) Brahmaputra Cracker & Polymer Limited (BCPL) has a capacity of 280 KTA (kilo-tonnes per annum). LPG and Other Liquid Hydrocarbon: Under LPG transmission, GAIL owns and operates 2,040 km LPG pipeline network for LPG transmission namely Jamnagar-Loni (JLPL) & Vizag Secunderabad (VSPL). Under Liquid Hydrocarbon business, GAIL has five gas processing plants units at four locations in the country having total liquid hydrocarbon (LHC) production capacity of 1.4 million MT. City Gas Distribution: GAIL (including group companies) is currently authorized to operate in 67 geographical areas through-out India including metro cities of Delhi, Mumbai, Hyderabad, Bengaluru, Kolkata, etc. These CGD networks together cater to ~66% of the total of ~110 lakh Domestic PNG connections in the country. Out of the total of ~5,600 CNG stations in the country, GAIL and its CGD JVCs/ Subsidiaries operates 2,360 CNG stations representing 42% share. GAIL Limited has 7 Subsidiaries, 9 Joint Ventures and 11 Associates companies as on 31st March 2024.
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