TVS Motors (TVS) is the third largest two-wheeler manufacturer in India with a domestic market share of 14.3% in FY21. Q4FY21 revenue came at 53%YoY in line with our estimate. This was largely on account of lower base, strong export volume growth, premium product mix and price hike. Company reported highest operating growth of 119%YoY for the quarter. Strong cost control initiatives and superior product mix helped the margin to reach at 10.1% against 7% during Q4FY20....