TVS Electronics Ltd

₹ 216 2.98%
May 20 - close price
About

TVS Electronics Ltd manufactures and sells Point of sale devices, Printers, Keyboards, etc. besides providing service for various Original Equipment Manufacturers via delivery models like exclusive service centers, multi brand service centers, Onsite support, repair centers and factories.[1]

Key Points

Products & Solutions Vertical (52% of revenues)[1]
The company manufactures and trades various transaction automation products that include Dot Matrix Printers, Mechanical Keyboards, Thermal Printers, Label Printers, Barcode Scanners and others.[2]
It caters to various sectors viz. Retail – SME, Government, BFSI, Hospitality, Healthcare, E-commerce and Transport, Large Format Retail (LFR) Stores and Quick Service Restaurants (QSR).[3]
The company has 37% market share in Dot Matrix Printers in the domestic market. The market share for thermal printers, label printers and QR code scanners is 24%, 14% and 19% respectively.[3]
Under this segment, It earns 52% of revenues from sale of manufactured goods while the rest 48% is contributed by trading of computer printers/ keyboards.[1]

  • Market Cap 403 Cr.
  • Current Price 216
  • High / Low 285 / 140
  • Stock P/E 27.3
  • Book Value 49.7
  • Dividend Yield 0.93 %
  • ROCE 22.4 %
  • ROE 16.9 %
  • Face Value 10.0

Pros

  • Company is almost debt free.
  • Company is expected to give good quarter

Cons

  • Stock is trading at 4.35 times its book value
  • The company has delivered a poor sales growth of -34.32% over past five years.
  • Company has a low return on equity of 8.41% for last 3 years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022
62.08 72.36 70.88 53.40 29.02 60.68 62.54 72.36 54.18 77.97 87.35 88.42
57.93 67.65 67.23 55.00 35.88 58.64 56.82 64.70 53.24 68.75 78.93 80.62
Operating Profit 4.15 4.71 3.65 -1.60 -6.86 2.04 5.72 7.66 0.94 9.22 8.42 7.80
OPM % 6.68% 6.51% 5.15% -3.00% -23.64% 3.36% 9.15% 10.59% 1.73% 11.83% 9.64% 8.82%
1.34 1.72 0.72 -1.95 0.30 1.27 0.24 0.25 0.28 0.23 0.28 0.93
Interest 0.39 0.72 0.67 0.58 0.87 0.68 0.21 0.14 0.22 0.27 0.12 0.35
Depreciation 2.06 2.09 2.81 3.44 2.30 1.93 1.82 1.72 1.53 1.40 1.48 1.92
Profit before tax 3.04 3.62 0.89 -7.57 -9.73 0.70 3.93 6.05 -0.53 7.78 7.10 6.46
Tax % 35.20% 9.94% 4.49% 24.83% -0.21% 20.00% -4.83% 3.31% 7.55% 23.01% 28.17% 30.50%
Net Profit 1.97 3.26 0.85 -5.69 -9.75 0.56 4.12 5.85 -0.49 5.99 5.10 4.49
EPS in Rs 1.06 1.75 0.46 -3.05 -5.23 0.30 2.21 3.14 -0.26 3.21 2.73 2.41

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
182 217 235 247 270 594 2,519 4,107 2,757 259 225 308
172 207 227 235 254 577 2,504 4,083 2,739 247 215 282
Operating Profit 10 10 8 12 16 16 15 25 18 11 9 26
OPM % 5% 5% 4% 5% 6% 3% 1% 1% 1% 4% 4% 9%
1 3 2 1 1 3 2 5 -0 1 1 2
Interest 6 7 10 7 7 6 3 1 0 2 2 1
Depreciation 4 5 6 6 7 9 6 4 4 10 8 6
Profit before tax 1 1 -5 1 3 5 9 24 14 -0 1 21
Tax % -144% 1% -59% 39% 28% 21% 27% 34% 48% 2,050% 18% 27%
Net Profit 2 1 -8 0 2 4 6 16 7 0 1 15
EPS in Rs 0.87 0.79 -4.53 0.22 1.27 2.32 3.40 8.73 4.00 0.21 0.41 8.10
Dividend Payout % 0% 0% 0% 0% 0% 0% 15% 17% 38% 717% 0% 25%
Compounded Sales Growth
10 Years: 4%
5 Years: -34%
3 Years: -52%
TTM: 37%
Compounded Profit Growth
10 Years: 22%
5 Years: 19%
3 Years: 17%
TTM: 1162%
Stock Price CAGR
10 Years: 28%
5 Years: 4%
3 Years: 5%
1 Year: 48%
Return on Equity
10 Years: 8%
5 Years: 11%
3 Years: 8%
Last Year: 17%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
18 18 18 18 18 19 19 19 19 19 19 19
Reserves 23 25 17 17 20 25 49 65 68 62 63 74
Borrowings 45 66 65 58 53 35 24 3 0 26 7 9
32 43 42 40 51 79 292 949 78 71 81 101
Total Liabilities 118 152 141 134 142 157 383 1,036 165 178 170 202
17 49 47 45 41 38 32 28 30 37 29 27
CWIP 0 1 0 0 0 0 0 0 0 1 3 0
Investments 26 8 2 1 1 0 7 5 16 1 17 35
75 94 93 87 100 118 344 1,003 118 139 121 140
Total Assets 118 152 141 134 142 157 383 1,036 165 178 170 202

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
24 4 10 13 10 27 20 40 -6 -6 34 26
-11 -21 4 -3 -4 -3 -1 0 -16 17 -19 -20
-22 15 -10 -14 -8 -20 -12 -21 -7 -0 -21 -4
Net Cash Flow -9 -2 3 -4 -1 4 7 19 -29 11 -6 2

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 32 49 36 42 39 18 18 36 3 60 45 42
Inventory Days 41 45 40 37 58 32 23 45 4 90 122 111
Days Payable 42 54 51 49 59 38 42 86 8 156 198 181
Cash Conversion Cycle 31 40 26 31 39 11 -1 -6 -0 -6 -32 -29
Working Capital Days 4 18 23 26 28 5 -0 -2 0 35 3 36
ROCE % 8% 9% 4% 9% 11% 11% 13% 25% 21% 6% 4% 22%

Shareholding Pattern

Numbers in percentages

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022
59.96 59.84 59.84 59.84 59.84 59.84 59.84 59.84 59.84 59.84 59.84 59.91
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.24 0.43
0.18 0.10 0.44 0.03 0.01 0.01 0.01 0.01 0.01 0.02 0.01 0.01
39.86 40.07 39.72 40.13 40.15 40.15 40.15 40.15 40.15 40.15 39.91 39.65

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