Results     09-May-24
Analysis
TVS Motor Company
NP up 15.14%
For the quarter ending March 2024, consolidated net sales (including other operating income) of TVS Motor Company has increased 25.04% to Rs 10042.47 crore compared to quarter ended March 2023.  Sales of Automotive Vehicles & Parts segment has gone up 25.68% to Rs 8,425.98 crore (accounting for 83.02% of total sales).  Sales of Automotive Components segment has gone up 4.80% to Rs 201.66 crore (accounting for 1.99% of total sales).  Sales of Others segment has gone up 37,900.00% to Rs 3.80 crore (accounting for 0.04% of total sales).  Sales of Financial Services segment has gone up 22.91% to Rs 1,517.71 crore (accounting for 14.95% of total sales).  Inter-segment sales rose Rs 100.29 crore to Rs 106.68 crore.  

Profit before interest, tax and other unallocable items (PBIT) has jumped 34.50% to Rs 725.89 crore.  PBIT of Automotive Vehicles & Parts segment rose 60.91% to Rs 537.70 crore (accounting for 74.07% of total PBIT).  PBIT of Automotive Components segment rose 87.21% to Rs 13.76 crore (accounting for 1.90% of total PBIT).  PBIT of Others reported profit of Rs 0.34 crore compared to loss of Rs 3.52 crore.  PBIT of Financial Services segment fell 13.69% to Rs 174.09 crore (accounting for 23.98% of total PBIT).  

PBIT margin of Automotive Vehicles & Parts segment rose from 4.98% to 6.38%.  PBIT margin of Automotive Components segment rose from 3.82% to 6.82%.  PBIT margin of Others segment rose from negative 35,200.00% to 8.95%.  PBIT margin of Financial Services segment fell from 16.33% to 11.47%.  Overall PBIT margin rose from 6.64% to 7.15%.  

Operating profit margin has jumped from 13.12% to 14.79%, leading to 40.90% rise in operating profit to Rs 1,484.97 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 61.73% to 59.96%.   Purchase of finished goods cost rose from 1.70% to 1.73%.   Employee cost decreased from 9.51% to 8.60%.   Other expenses rose from 13.91% to 15.11%.   

PBIDT rose 28.58% to Rs 1441.44 crore.  Provision for interest rose 28.80% to Rs 512.96 crore.  Loan funds rose to Rs 13,376.38 crore as of 31 March 2024 from Rs 13,311.50 crore as of 31 March 2023.  Inventories rose to Rs 2,248.40 crore as of 31 March 2024 from Rs 1,921.51 crore as of 31 March 2023.  Sundry debtors were higher at Rs 1,839.42 crore as of 31 March 2024 compared to Rs 1,256.42 crore as of 31 March 2023.  Cash and bank balance rose to Rs 2,425.73 crore as of 31 March 2024 from Rs 1,879.11 crore as of 31 March 2023.  Investments rose to Rs 1,123.19 crore as of 31 March 2024 from Rs 967.25 crore as of 31 March 2023 .  

PBDT rose 28.46% to Rs 928.48 crore.  Provision for depreciation rose 15.93% to Rs 268.71 crore.  Fixed assets increased to Rs 6,326.72 crore as of 31 March 2024 from Rs 5,894.43 crore as of 31 March 2023.  Intangible assets stood at Rs 597.05 crore.  

Profit before tax grew 34.38% to Rs 659.77 crore.  Share of profit/loss was 108.91% lower at Rs -9.38 crore.  Provision for tax was expense of Rs 238.86 crore, compared to Rs 150.83 crore.  Effective tax rate was 36.73% compared to 31.00%.

Net profit attributable to owners of the company increased 15.14% to Rs 386.98 crore.  

Equity capital stood at Rs 47.51 crore as of 31 March 2024 to Rs 47.51 crore as of 31 March 2023.  Per share face Value remained same at Rs 1.00.  

Promoters’ stake was 50.27% as of 31 March 2024 ,compared to 50.27% as of 31 March 2023 .  

Full year results analysis.

Net sales (including other operating income) of TVS Motor Company has increased 22.43% to Rs 39144.74 crore.  Sales of Automotive Vehicles & Parts segment has gone up 20.57% to Rs 32,996.64 crore (accounting for 83.42% of total sales).  Sales of Automotive Components segment has gone down 7.55% to Rs 763.79 crore (accounting for 1.93% of total sales).  Sales of Others segment has gone up 0.79% to Rs 3.85 crore (accounting for 0.01% of total sales).  Sales of Financial Services segment has gone up 39.32% to Rs 5,790.50 crore (accounting for 14.64% of total sales).  Inter-segment sales rose Rs 380.70 crore to Rs 410.04 crore.  

Profit before interest, tax and other unallocable items (PBIT) has jumped 38.78% to Rs 3,020.47 crore.  PBIT of Automotive Vehicles & Parts segment rose 37.35% to Rs 2,221.94 crore (accounting for 73.56% of total PBIT).  PBIT of Automotive Components reported profit of Rs 40.06 crore compared to loss of Rs 15.39 crore.  PBIT of Others segment fell 88.79% to Rs 0.37 crore (accounting for 0.01% of total PBIT).  PBIT of Financial Services segment rose 32.84% to Rs 758.10 crore (accounting for 25.10% of total PBIT).  

PBIT margin of Automotive Vehicles & Parts segment rose from 5.91% to 6.73%.  PBIT margin of Automotive Components segment rose from negative 1.86% to 5.24%.  PBIT margin of Others segment fell from 86.39% to 9.61%.  PBIT margin of Financial Services segment fell from 13.73% to 13.09%.  Overall PBIT margin rose from 6.73% to 7.64%.  

Operating profit margin has jumped from 12.72% to 14.16%, leading to 36.29% rise in operating profit to Rs 5,543.41 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 62.58% to 60.09%.   Purchase of finished goods cost fell from 2.77% to 2.56%.   Employee cost decreased from 9.00% to 8.58%.   Other expenses rose from 12.98% to 14.72%.   

Other income fell 23.32% to Rs 105.82 crore.  PBIDT rose 34.33% to Rs 5649.23 crore.  Provision for interest rose 40.93% to Rs 1927.72 crore.  Loan funds rose to Rs 13,376.38 crore as of 31 March 2024 from Rs 13,311.50 crore as of 31 March 2023.  Inventories rose to Rs 2,248.40 crore as of 31 March 2024 from Rs 1,921.51 crore as of 31 March 2023.  Sundry debtors were higher at Rs 1,839.42 crore as of 31 March 2024 compared to Rs 1,256.42 crore as of 31 March 2023.  Cash and bank balance rose to Rs 2,425.73 crore as of 31 March 2024 from Rs 1,879.11 crore as of 31 March 2023.  Investments rose to Rs 1,123.19 crore as of 31 March 2024 from Rs 967.25 crore as of 31 March 2023 .  

PBDT rose 31.15% to Rs 3721.51 crore.  Provision for depreciation rose 13.54% to Rs 975.12 crore.  Fixed assets increased to Rs 6,326.72 crore as of 31 March 2024 from Rs 5,894.43 crore as of 31 March 2023.  Intangible assets stood at Rs 597.05 crore.  

Profit before tax grew 38.80% to Rs 2,746.39 crore.  Share of profit/loss was 6.73% lower at Rs -43.47 crore.  Provision for tax was expense of Rs 924.38 crore, compared to Rs 626.57 crore.  Effective tax rate was 34.20% compared to 32.36%.

Net profit attributable to owners of the company increased 26.92% to Rs 1,686.37 crore.  

Equity capital stood at Rs 47.51 crore as of 31 March 2024 to Rs 47.51 crore as of 31 March 2023.  Per share face Value remained same at Rs 1.00.  

Promoters’ stake was 50.27% as of 31 March 2024 ,compared to 50.27% as of 31 March 2023 .  

Cash flow from operating activities increased to negative Rs -1,252.67 crore for year ended March 2024 from negative Rs -4,404.83 crore for year ended March 2023.  Cash flow used in acquiring fixed assets during the year ended March 2024 stood at Rs 1,145.17 crore, compared to Rs 1,340.77 crore during the year ended March 2023.  

Other Highlights

The overall two-wheeler and three-wheeler sales including exports grew by 22% to 10.63 Lakh units in the quarter ended March 2024 as against 8.68 Lakh units registered in the quarter ended March 2023.

Motorcycle sales for the quarter ended March 2024 grew by 32% registering 5.11 Lakh units as against 3.89 Lakh units in quarter March 2023. Scooter sales grew by 16% YoY registering 3.96 Lakh units as against 3.40 Lakh units in Q4 FY23.

In Q4 FY24, Electric vehicles grew by 15% YoY registering sales of 0.49 Lakh units as against 0.43 Lakh units in Q4 FY23. Three-wheeler sales grew by 4% YoY registering 0.30 Lakh units as against 0.29 Lakh units in Q4 FY23.

The Company achieved record sales of over 4 Million units in FY24. During the year ended March 2024, the overall two and three-wheeler sales of TVS Motor Company grew by 14% to 41.91 Lakh units as against 36.82 Lakh units in FY23.

Motorcycles sales in FY24 grew by 15% YoY recording 19.90 Lakh units as against 17.33 Lakh unit in FY23. Scooter sales grew 18% YoY to 15.70 Lakh units as against 13.34 Lakh units in FY23.

In FY24, electric vehicles grew by 101% YoY registering sales of 1.94 Lakh units as against 0.97 Lakh units in FY23. Three-wheeler sales in FY24 stood at 1.46 Lakh units as against 1.69 Lakh units in FY23.


TVS Motor Company : Consolidated Results
 Quarter endedYear ended
Particulars202403202303Var.(%)202403202303Var.(%)
Net Sales (including other operating income)10,042.478,031.4025.0439,144.7431,973.9922.43
OPM (%)14.7913.12166 bps14.1612.72144 bps
OP1,484.971,053.8940.905,543.414,067.3836.29
Other Inc.-43.5367.14PL105.82138.00-23.32
PBIDT1,441.441,121.0328.585,649.234,205.3834.33
Interest512.96398.2628.801,927.721,367.8940.93
PBDT928.48722.7728.463,721.512,837.4931.15
Depreciation268.71231.7815.93975.12858.8613.54
PBT659.77490.9934.382746.391978.6338.80
Share of Profit/(Loss) from Associates-9.38-4.49-108.91-43.47-40.73-6.73
PBT before EO650.39486.533.692702.921937.939.48
EO Income00-0-1.87-
PBT after EO650.39486.533.692702.921936.0339.61
Taxation238.86150.8358.36924.38626.5747.53
PAT411.53335.6722.601778.541309.4635.82
Minority Interest (MI)24.55-0.43PL92.17-19.21PL
Net profit386.98336.115.141686.371328.6726.92
P/(L) from discontinued operations net of tax00-00-
Net profit after discontinued operations386.98336.115.141686.371328.6726.92
EPS (Rs)*8.157.0715.1435.5027.9926.80
* EPS is on current equity of Rs 47.51 crore, Face value of Rs 1, Excluding extraordinary items.
# EPS is not annualised
bps : Basis points
EO : Extraordinary items
Figures in Rs crore
Source: Capitaline Corporate Database


TVS Motor Company : Consolidated Segment Results
 Quarter endedYear ended
% of (Total)202403202303Var.(%)% of (Total)202403202303Var.(%)
Sales
Automotive Vehicles & Parts83.028,425.986,704.4325.6883.4232,996.6427,368.3120.57
Automotive Components1.99201.66192.434.801.93763.79826.21-7.55
Others0.043.800.0137,900.000.013.853.820.79
Financial Services14.951,517.711,234.8222.9114.645,790.504,156.3539.32
Total Reported Sales100.0010,149.158,131.6924.81100.0039,554.7832,354.6922.25
Less: Inter segment revenues 106.68100.296.37 410.04380.707.71
Net Sales100.0010,042.478,031.4025.04100.0039,144.7431,973.9922.43
PBIT
Automotive Vehicles & Parts74.07537.70334.1760.9173.562,221.941,617.7737.35
Automotive Components1.9013.767.3587.211.3340.06-15.39LP
Others0.050.34-3.52LP0.010.373.30-88.79
Financial Services23.98174.09201.70-13.6925.10758.10570.6932.84
Total PBIT100.00725.89539.7034.50100.003,020.472,176.3738.78
Less : Interest66.1248.7135.74274.08199.6137.31
Add: Other un-allcoable-9.38-4.49-108.91-43.47-40.73-6.73
PBIT Margin(%)
Automotive Vehicles & Parts 6.384.98139.71 6.735.9182.27
Automotive Components 6.823.82300.38 5.24-1.86710.76
Others 8.95-35,200.0035,20,894.74 9.6186.39-7,677.70
Financial Services 11.4716.33-486.38 13.0913.73-63.84
PBT100.00650.39486.5033.69100.002,702.921,936.0339.61
Previous News
  TVS Motor Company consolidated net profit rises 15.14% in the March 2024 quarter
 ( Results - Announcements 08-May-24   17:41 )
  TVS Motor Company announces board meeting date
 ( Corporate News - 28-Feb-24   10:59 )
  TVS Motor reports 32% YoY rise in Q2 PAT; total auto sales at 10.74 lakh units
 ( Hot Pursuit - 30-Oct-23   18:09 )
  TVS Motor Company Dec sales volumes decline 3.58%
 ( Corporate News - 02-Jan-23   15:19 )
  TVS Motor records 2% YoY sales growth in Nov
 ( Hot Pursuit - 01-Dec-22   15:21 )
  TVS Motor Company Ltd spurts 0.46%, gains for five straight sessions
 ( Hot Pursuit - 11-Apr-23   13:01 )
  TVS Motor sells 2.95 lakh units in April
 ( Corporate News - 02-May-22   12:40 )
  TVS Motor launches 7 new products in Ghana, Africa
 ( Corporate News - 27-Mar-23   15:42 )
  TVS Motor hits record high on acquiring 28% stake in IFQM
 ( Hot Pursuit - 16-Feb-24   10:39 )
  TVS Motor Company Ltd gains for fifth session
 ( Hot Pursuit - 01-Sep-23   13:00 )
  TVS Motor Company Ltd spurts 0.84%, rises for fifth straight session
 ( Hot Pursuit - 26-Apr-24   13:00 )
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