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.