TVS grows margins despite EV push, to retain its D-Street edge

The company’s operating margin before depreciation and amortisation (EBITDA margin) expanded by 89 basis points sequentially to 11% in the September quarter driven by richer product mix and lower raw material prices. This is the fourth quarter of sequential margin improvement for the maker of Apache and Radeon bikes The absolute EBITDA per unit rose to a record high of Rs 8,400 per unit.

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