TVS Motor, Q3 Net Revenue at Rs 1780 crores, marginally lower than our estimate of Rs 1810 crores, representing a 2% yoy gain (7% qoq gain), the Revenue number was largely aided by the increase in net realization per vehicle by 3.8% yoy, due to a cumulative effect of better product mix and higher FX realization. Volumes for the quarter however continued to be weak, falling by almost 2% yoy.
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