TVS Motors Limited – Q4FY09 Result expectation, expect net sales to grow by 11% YoY to Rs 847, 7 mn, led by 5.5% YoY volume growth

We expect net sales to grow by 11% YoY to Rs 847, 7 mn, led by 5.5% YoY volume growth. The EBITDA is likely to increase by 33% to Rs 568 mn and EBITDA margin to improve by 110bps YoY to 6.7%.However, we expect  PAT to decline by 4% YoY to Rs 233 mn, due to high depreciation and interest cost.