Shares of TVS Motor Company continued the dream run on the bourses as the stock surged over 4% on Friday to hit a 52-week high on Friday.

What Happened: The two-wheeler major reported its earnings for the March quarter on Thursday. The company’s standalone revenue from operations in the quarter ended March grew 19% to ₹6,605 crore compared to the ₹5,530 crore revenue it booked in the corresponding quarter last year.

The automobile giant’s sales for the quarter ended March stood at 8.68 lakh units marginally up from the 8.56 lakh units the company sold in the year-ago period. Total sales received a bump from the scooter segment which saw sales grow 30% from the year-ago period to 3.40 lakh units.

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The company’s operating EBITDA went up 22% year-over-year at ₹680 crore in the March quarter. Net profits surged a massive 49% to ₹410 Crores as against ₹275 crore in the fourth quarter of 2021-22. Earnings per share for the quarter stood at ₹8.64.

Brokerages were also impressed by the company’s strong numbers. UBS assigned a ‘buy’ call to the stock raising the price target to ₹1,430 – an over 20% upside from the stock’s last closing price of ₹1,169.05. JP Morgan also maintained its ‘overweight’ rating for the stock with a price target of ₹1,330.

However, global brokerage firm CLSA was not moved by the results. The firm maintained its ‘sell’ rating for the stock with a price target of ₹1,081. The firm said that the company’s valuation was a little expensive and there are concerns regarding its international subsidiaries.

Price Action: TVS share price was up 3.93% to trade at ₹1,215.05 on Friday afternoon.

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