TVS Motor Co. has received positive feedback from brokerages despite its second quarter earnings falling short of expectations.

The company reported a record operating revenue of Rs 9,228 crore for the quarter ending September 2024, marking a 13 percent increase from the same period last year.

Additionally, TVS achieved its highest-ever profit after tax of Rs 663 crore for the quarter.

Investec has maintained a buy rating on TVS Motor, slightly raising the target price.

The firm noted that while the operational performance missed revenue targets, it anticipates that festive demand will drive growth momentum.

Furthermore, TVS's electric vehicle ramp-up is progressing as planned, with Investec projecting an EPS compound annual growth rate of approximately 20 percent from FY24 to FY27, supported by various growth factors.