On consolidated basis
Quarter ended September 2024 compared with Quarter ended September 2023.
Net sales (including other operating income) of TVS Motor Company has increased 13.78% to Rs 11301.68 crore. Sales of Automotive Vehicles & Parts segment has gone up 13.60% to Rs 9,595.93 crore (accounting for 83.80% of total sales). Sales of Automotive Components segment has gone up 13.13% to Rs 221.25 crore (accounting for 1.93% of total sales). Sales of Financial Services segment has gone up 17.15% to Rs 1,634.30 crore (accounting for 14.27% of total sales). Inter-segment sales rose Rs 105.00 crore to Rs 117.49 crore. Profit before interest, tax and other unallocable items (PBIT) has jumped 25.04% to Rs 959.03 crore. PBIT of Automotive Vehicles & Parts segment rose 28.28% to Rs 739.68 crore (accounting for 77.13% of total PBIT). PBIT of Automotive Components segment fell 11.24% to Rs 9.95 crore (accounting for 1.04% of total PBIT). PBIT of Financial Services segment rose 16.89% to Rs 209.40 crore (accounting for 21.83% of total PBIT). PBIT margin of Automotive Vehicles & Parts segment rose from 6.83% to 7.71%. PBIT margin of Automotive Components segment fell from 5.73% to 4.50%. PBIT margin of Financial Services segment fell from 12.84% to 12.81%. Overall PBIT margin rose from 7.64% to 8.37%. Operating profit margin has jumped from 13.65% to 14.53%, leading to 21.13% rise in operating profit to Rs 1,642.37 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 62.68% to 59.37%. Purchase of finished goods cost fell from 1.46% to 0.83%. Employee cost increased from 8.24% to 8.47%. Other expenses rose from 14.20% to 16.57%. Other income fell 36.56% to Rs 32.31 crore. PBIDT rose 19.04% to Rs 1674.68 crore. Provision for interest rose 5.33% to Rs 509.04 crore. Loan funds rose to Rs 14,618.80 crore as of 30 September 2024 from Rs 12,852.60 crore as of 30 September 2023. Inventories declined from Rs 2,559.31 crore as of 30 September 2023 to Rs 2,172.04 crore as of 30 September 2024. Sundry debtors were higher at Rs 1,820.19 crore as of 30 September 2024 compared to Rs 1,615.64 crore as of 30 September 2023. Cash and bank balance rose to Rs 3,569.80 crore as of 30 September 2024 from Rs 2,821.47 crore as of 30 September 2023. Investments rose to Rs 1,165.94 crore as of 30 September 2024 from Rs 1,047.95 crore as of 30 September 2023 . PBDT rose 26.21% to Rs 1165.64 crore. Provision for depreciation rose 9.35% to Rs 259.29 crore. Fixed assets increased to Rs 5,003.31 crore as of 30 September 2024 from Rs 4,684.10 crore as of 30 September 2023. Intangible assets increased from Rs 1,977.09 crore to Rs 2,264.06 crore. Profit before tax grew 32.04% to Rs 906.35 crore. Share of profit/loss was 76.97% lower at Rs -18.83 crore. Provision for tax was expense of Rs 299.39 crore, compared to Rs 259.84 crore. Effective tax rate was 33.73% compared to 38.45%. Minority interest decreased 6.59% to Rs 27.64 crore. Net profit attributable to owners of the company increased 45.08% to Rs 560.49 crore. Equity capital stood at Rs 47.51 crore as of 30 September 2024 to Rs 47.51 crore as of 30 September 2023. Per share face Value remained same at Rs 1.00. Promoters’ stake was 50.27% as of 30 September 2024 ,compared to 50.27% as of 30 September 2023 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of TVS Motor Company has increased 14.33% to Rs 21708.54 crore. Sales of Automotive Vehicles & Parts segment has gone up 14.05% to Rs 18,317.26 crore (accounting for 83.23% of total sales). Sales of Automotive Components segment has gone up 9.89% to Rs 422.17 crore (accounting for 1.92% of total sales). Sales of Financial Services segment has gone up 19.08% to Rs 3,269.55 crore (accounting for 14.86% of total sales). Profit before interest, tax and other unallocable items (PBIT) has jumped 20.66% to Rs 1,773.56 crore. PBIT of Automotive Vehicles & Parts segment rose 19.25% to Rs 1,328.92 crore (accounting for 74.93% of total PBIT). PBIT of Automotive Components segment fell 4.73% to Rs 19.34 crore (accounting for 1.09% of total PBIT). PBIT of Financial Services segment rose 26.88% to Rs 425.30 crore (accounting for 23.98% of total PBIT). PBIT margin of Automotive Vehicles & Parts segment rose from 6.94% to 7.26%. PBIT margin of Automotive Components segment fell from 5.28% to 4.58%. PBIT margin of Financial Services segment rose from 12.21% to 13.01%. Overall PBIT margin rose from 7.66% to 8.06%. Operating profit margin has jumped from 13.54% to 14.31%, leading to 20.88% rise in operating profit to Rs 3,107.28 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 60.90% to 58.69%. Purchase of finished goods cost fell from 3.13% to 1.73%. Employee cost increased from 8.51% to 8.72%. Other expenses rose from 14.24% to 16.50%. Other income fell 46.84% to Rs 73.08 crore. PBIDT rose 17.45% to Rs 3180.36 crore. Provision for interest rose 9.92% to Rs 1011.66 crore. Loan funds rose to Rs 14,618.80 crore as of 30 September 2024 from Rs 12,852.60 crore as of 30 September 2023. Inventories declined from Rs 2,559.31 crore as of 30 September 2023 to Rs 2,172.04 crore as of 30 September 2024. Sundry debtors were higher at Rs 1,820.19 crore as of 30 September 2024 compared to Rs 1,615.64 crore as of 30 September 2023. Cash and bank balance rose to Rs 3,569.80 crore as of 30 September 2024 from Rs 2,821.47 crore as of 30 September 2023. Investments rose to Rs 1,165.94 crore as of 30 September 2024 from Rs 1,047.95 crore as of 30 September 2023 . PBDT rose 21.32% to Rs 2168.7 crore. Provision for depreciation rose 9.01% to Rs 505.79 crore. Fixed assets increased to Rs 5,003.31 crore as of 30 September 2024 from Rs 4,684.10 crore as of 30 September 2023. Intangible assets increased from Rs 1,977.09 crore to Rs 2,264.06 crore. Profit before tax grew 25.63% to Rs 1,662.91 crore. Share of profit/loss was 72.81% lower at Rs -36.86 crore. Provision for tax was expense of Rs 553.1 crore, compared to Rs 444.9 crore. Effective tax rate was 34.01% compared to 34.16%.Minority interest increased 40.32% to Rs 51.58 crore. Net profit attributable to owners of the company increased 24.46% to Rs 1,021.37 crore. Equity capital stood at Rs 47.51 crore as of 30 September 2024 to Rs 47.51 crore as of 30 September 2023. Per share face Value remained same at Rs 1.00. Promoters’ stake was 50.27% as of 30 September 2024 ,compared to 50.27% as of 30 September 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 21.27% to Rs 33,188.35 crore (accounting for 83.50% of total sales). Sales of Automotive Components segment has gone down 7.44% to Rs 764.72 crore (accounting for 1.92% of total sales). Sales of Others segment has gone down 98.69% to Rs 0.05 crore (accounting for 0.00% of total sales). Sales of Financial Services segment has gone up 39.35% to Rs 5,791.84 crore (accounting for 14.57% of total sales). Inter-segment sales rose Rs 380.70 crore to Rs 494.40 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 37.37% to Rs 2,222.28 crore (accounting for 73.57% 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 99.09% to Rs 0.03 crore (accounting for 0.00% 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 6.70%. PBIT margin of Automotive Components segment rose from negative 1.86% to 5.24%. PBIT margin of Others segment fell from 86.39% to 60.00%. PBIT margin of Financial Services segment fell from 13.73% to 13.09%. Overall PBIT margin rose from 6.73% to 7.60%. 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 14% registering highest ever quarterly sales of
12.28 Lakh units in the quarter ended September 2024 as against 10.74 Lakh
units registered in the quarter ended September 2023.
Motorcycle sales grew by 14% registering
5.60 Lakh units in the quarter ended September 2024 as against 4.93 Lakh units
in quarter ended September 2023. Scooter sales for the quarter ended September
2024 grew by 17% registering 4.90 Lakh units as against the sales of 4.20 Lakh
units in the second quarter of 2023-24.
The two-wheeler exports grew by 16%
registering 2.78 Lakh units in the quarter ended September 2024 as against 2.39
Lakh units in the quarter ended September 2023. Total three-wheeler sales for
the quarter under review was at 0.38 Lakh units as against 0.43 Lakh units
during second quarter of 2023-24.
In Q2 FY25, the Company’s EV sales grew by
31% registering highest ever quarterly sales of 0.75 Lakh units in the quarter
ended September 2024 as against 0.58 Lakh units during quarter ended September
2023.
The total two-wheeler sales of the Company
for the half-year ended September 2024 grew by 15% registering 22.47 Lakh units
as against 19.50 Lakh units recorded in the half-year ended September 2023.
The total three-wheeler sales for the
half-year ended September 2024 is at 0.69 Lakh units as against 0.78 Lakh units
registered in the half-year ended September 2023. The total export of two and
three-wheelers for the half-year ended September 2024 grew by 11% at 5.62 Lakh
units as against 5.04 Lakh units in the half-year ended September 2023.
During the quarter ended September 2024,
the company launched the new TVS Jupiter 110, which is receiving good response
from customers.
| TVS Motor Company : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202409 | 202309 | Var.(%) | 202409 | 202309 | Var.(%) | 202403 | 202303 | Var.(%) |
|---|
| Net Sales (including other operating income) | 11,301.68 | 9,932.82 | 13.78 | 21,708.54 | 18,988.33 | 14.33 | 39,144.74 | 31,973.99 | 22.43 | | OPM (%) | 14.53 | 13.65 | 88 bps | 14.31 | 13.54 | 78 bps | 14.16 | 12.72 | 144 bps | | OP | 1,642.37 | 1,355.88 | 21.13 | 3,107.28 | 2,570.47 | 20.88 | 5,543.41 | 4,067.38 | 36.29 | | Other Inc. | 32.31 | 50.93 | -36.56 | 73.08 | 137.47 | -46.84 | 105.82 | 138.00 | -23.32 | | PBIDT | 1,674.68 | 1,406.81 | 19.04 | 3,180.36 | 2,707.94 | 17.45 | 5,649.23 | 4,205.38 | 34.33 | | Interest | 509.04 | 483.27 | 5.33 | 1,011.66 | 920.32 | 9.92 | 1,927.72 | 1,367.89 | 40.93 | | PBDT | 1,165.64 | 923.54 | 26.21 | 2,168.70 | 1,787.62 | 21.32 | 3,721.51 | 2,837.49 | 31.15 | | Depreciation | 259.29 | 237.13 | 9.35 | 505.79 | 463.99 | 9.01 | 975.12 | 858.86 | 13.54 | | PBT | 906.35 | 686.41 | 32.04 | 1662.91 | 1323.63 | 25.63 | 2746.39 | 1978.63 | 38.80 | | Share of Profit/(Loss) from Associates | -18.83 | -10.64 | -76.97 | -36.86 | -21.33 | -72.81 | -43.47 | -40.73 | -6.73 | | PBT before EO | 887.52 | 675.77 | 31.33 | 1626.05 | 1302.3 | 24.86 | 2702.92 | 1937.9 | 39.48 | | EO Income | 0 | 0 | - | 0 | 0 | - | 0 | -1.87 | - | | PBT after EO | 887.52 | 675.77 | 31.33 | 1626.05 | 1302.3 | 24.86 | 2702.92 | 1936.03 | 39.61 | | Taxation | 299.39 | 259.84 | 15.22 | 553.1 | 444.9 | 24.32 | 924.38 | 626.57 | 47.53 | | PAT | 588.13 | 415.93 | 41.40 | 1072.95 | 857.4 | 25.14 | 1778.54 | 1309.46 | 35.82 | | Minority Interest (MI) | 27.64 | 29.59 | -6.59 | 51.58 | 36.76 | 40.32 | 92.17 | -19.21 | PL | | Net profit | 560.49 | 386.34 | 45.08 | 1021.37 | 820.64 | 24.46 | 1686.37 | 1328.67 | 26.92 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 560.49 | 386.34 | 45.08 | 1021.37 | 820.64 | 24.46 | 1686.37 | 1328.67 | 26.92 | | EPS (Rs)* | 11.80 | 8.13 | 45.08 | 21.50 | 17.27 | 24.46 | 35.50 | 27.99 | 26.80 | | | * 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 |
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| TVS Motor Company : Consolidated Segment Results | td>-| | Quarter ended | Year to Date | Year ended |
|---|
| % of (Total) | 202409 | 202309 | Var.(%) | % of (Total) | 202409 | 202309 | Var.(%) | % of (Total) | 202403 | 202303 | Var.(%) |
|---|
| Sales | | Automotive Vehicles & Parts | 83.80 | 9,595.93 | 8,447.13 | 13.60 | 83.23 | 18,317.26 | 16,061.21 | 14.05 | 83.50 | 33,188.35 | 27,368.31 | 21.27 | | Automotive Components | 1.93 | 221.25 | 195.57 | 13.13 | 1.92 | 422.17 | 384.19 | 9.89 | 1.92 | 764.72 | 826.21 | -7.44 | | Others | 0.00 | 0.00 | 0.02 | - | 0.00 | 0.05 | 3.82 | -98.69 | | Financial Services | 14.27 | 1,634.30 | 1,395.10 | 17.15 | 14.86 | 3,269.55 | 2,745.65 | 19.08 | 14.57 | 5,791.84 | 4,156.35 | 39.35 | | Total Reported Sales | 100.00 | 11,451.48 | 10,037.82 | 14.08 | 100.00 | 22,008.98 | 19,191.09 | 14.68 | 100.00 | 39,744.96 | 32,354.69 | 22.84 | | Less: Inter segment revenues | | 117.49 | 105.00 | 11.90 | | 227.36 | 0.00 | | 494.40 | 380.70 | 29.87 | | Net Sales | 100.00 | 11,333.99 | 9,932.82 | 14.11 | 100.00 | 21,781.62 | 19,191.09 | 13.50 | 100.00 | 39,250.56 | 31,973.99 | 22.76 | | PBIT | | Automotive Vehicles & Parts | 77.13 | 739.68 | 576.61 | 28.28 | 74.93 | 1,328.92 | 1,114.37 | 19.25 | 73.57 | 2,222.28 | 1,617.77 | 37.37 | | Automotive Components | 1.04 | 9.95 | 11.21 | -11.24 | 1.09 | 19.34 | 20.30 | -4.73 | 1.33 | 40.06 | -15.39 | LP | | Others | 0.00 | 0.00 | 0.03 | - | 0.00 | 0.03 | 3.30 | -99.09 | | Financial Services | 21.83 | 209.40 | 179.14 | 16.89 | 23.98 | 425.30 | 335.21 | 26.88 | 25.10 | 758.10 | 570.69 | 32.84 | | Total PBIT | 100.00 | 959.03 | 766.99 | 25.04 | 100.00 | 1,773.56 | 1,469.92 | 20.66 | 100.00 | 3,020.47 | 2,176.37 | 38.78 | | Less : Interest | | 52.68 | 80.58 | -34.62 | | 110.65 | 146.29 | -24.36 | | 274.08 | 199.61 | 37.31 | | Add: Other un-allcoable | | -18.83 | -10.64 | -76.97 | | -36.86 | -21.33 | -72.81 | | -43.47 | -40.73 | -6.73 | | PBIT Margin(%) | | Automotive Vehicles & Parts | | 7.71 | 6.83 | 88.22 | | 7.26 | 6.94 | 31.67 | | 6.70 | 5.91 | 78.49 | | Automotive Components | | 4.50 | 5.73 | -123.48 | | 4.58 | 5.28 | -70.28 | | 5.24 | -1.86 | 710.12 | | Others | | 0.00 | 150.00 | -15,000.00 | | 0.00 | 100.00 | -10,000.00 | | 60.00 | 86.39 | -2,638.74 | | Financial Services | | 12.81 | 12.84 | -2.78 | | 13.01 | 12.21 | 79.91 | | 13.09 | 13.73 | -64.15 | | PBT | 100.00 | 887.52 | 675.77 | 31.33 | 100.00 | 1,626.05 | 1,302.30 | 24.86 | 100.00 | 2,702.92 | 1,936.03 | 39.61 |
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