TVS Motor Company Ltd

TVS Motor Company Ltd

₹ 2,504 2.55%
14 Jun - close price
About

TVS Motor Company Ltd (TVSM) is engaged in manufacturing two-wheelers and its accessories; it currently manufactures a wide range of two-wheelers and three-wheelers. [1]

Key Points

Overview[1]
TVSM is one of the leading players in the two-wheeler industry and is the only company to have a presence in all the three categories, i.e., motorcycles, scooters, and mopeds, catering to both domestic and international
markets. TVSM is also the only company to have a presence in the moped segment for the domestic market.

  • Market Cap 1,18,958 Cr.
  • Current Price 2,504
  • High / Low 2,519 / 1,289
  • Stock P/E 57.1
  • Book Value 163
  • Dividend Yield 0.32 %
  • ROCE 32.2 %
  • ROE 30.2 %
  • Face Value 1.00

Pros

  • Company has reduced debt.
  • Company has delivered good profit growth of 25.4% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 26.3%

Cons

  • Stock is trading at 15.4 times its book value
  • Promoter holding has decreased over last 3 years: -7.13%

* 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

Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
5,322 3,934 5,619 5,706 5,530 6,009 7,219 6,545 6,605 7,218 8,145 8,245 8,169
4,786 3,661 5,057 5,138 4,973 5,409 6,483 5,886 5,925 6,454 7,245 7,321 7,243
Operating Profit 536 274 563 568 557 599 737 659 680 764 900 924 926
OPM % 10% 7% 10% 10% 10% 10% 10% 10% 10% 11% 11% 11% 11%
7 -29 3 6 8 22 1 6 70 58 46 73 -29
Interest 20 30 35 28 33 38 35 32 36 47 52 45 37
Depreciation 137 143 154 155 159 152 154 158 167 164 170 178 189
Profit before tax 387 72 377 391 373 432 549 475 547 610 724 775 672
Tax % 25% 26% 26% 26% 26% 26% 26% 26% 25% 23% 26% 23% 28%
289 53 278 288 274 321 407 353 410 468 537 593 485
EPS in Rs 6.09 1.12 5.84 6.07 5.78 6.75 8.58 7.42 8.64 9.84 11.29 12.49 10.22
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
7,169 7,966 10,042 11,105 12,135 15,175 18,210 16,423 16,751 20,791 26,378 31,776
6,760 7,484 9,436 10,291 11,276 14,000 16,775 15,077 15,320 18,829 23,703 28,262
Operating Profit 409 482 607 813 859 1,175 1,435 1,346 1,430 1,962 2,675 3,514
OPM % 6% 6% 6% 7% 7% 8% 8% 8% 9% 9% 10% 11%
-67 27 30 100 171 99 6 -0 31 -11 101 149
Interest 48 25 27 49 44 57 81 102 142 126 141 182
Depreciation 130 132 153 236 288 339 399 489 494 611 631 700
Profit before tax 164 353 456 629 699 879 961 754 826 1,213 2,003 2,781
Tax % 29% 26% 24% 22% 20% 25% 30% 21% 26% 26% 26% 25%
116 262 348 489 558 663 670 592 612 894 1,491 2,083
EPS in Rs 2.44 5.51 7.32 10.30 11.75 13.95 14.11 12.47 12.88 18.81 31.38 43.84
Dividend Payout % 49% 25% 26% 24% 21% 24% 25% 28% 27% 20% 16% 0%
Compounded Sales Growth
10 Years: 15%
5 Years: 12%
3 Years: 24%
TTM: 20%
Compounded Profit Growth
10 Years: 23%
5 Years: 25%
3 Years: 50%
TTM: 46%
Stock Price CAGR
10 Years: 33%
5 Years: 42%
3 Years: 60%
1 Year: 85%
Return on Equity
10 Years: 23%
5 Years: 23%
3 Years: 26%
Last Year: 30%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Equity Capital 48 48 48 48 48 48 48 48 48 48 48 48
Reserves 1,177 1,368 1,598 1,911 2,361 2,833 3,300 3,571 4,123 4,775 6,000 7,684
634 528 970 924 1,107 1,189 1,400 2,132 1,230 1,963 2,663 1,964
1,276 1,622 1,989 2,069 2,389 3,087 3,622 3,604 4,797 5,118 5,281 6,368
Total Liabilities 3,136 3,565 4,605 4,952 5,905 7,156 8,369 9,353 10,197 11,902 13,992 16,062
1,011 1,126 1,330 1,720 1,984 2,372 2,579 2,900 3,010 3,307 3,596 4,372
CWIP 36 48 89 31 62 131 257 285 279 424 628 330
Investments 869 896 1,012 1,215 1,588 2,035 2,301 2,606 3,315 4,716 5,684 6,991
1,219 1,495 2,173 1,987 2,271 2,618 3,232 3,562 3,594 3,455 4,085 4,369
Total Assets 3,136 3,565 4,605 4,952 5,905 7,156 8,369 9,353 10,197 11,902 13,992 16,062

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
433 524 85 941 724 1,297 1,098 1,394 2,561 1,498 1,993 3,617
-107 -260 -493 -608 -748 -1,131 -1,002 -1,289 -921 -2,141 -2,312 -1,896
-322 -198 331 -306 -73 -75 81 271 -1,196 113 225 -1,470
Net Cash Flow 4 66 -78 27 -97 91 177 375 445 -530 -94 251

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 16 15 18 19 22 23 28 28 19 17 13 15
Inventory Days 36 35 41 32 40 32 31 31 33 26 23 21
Days Payable 57 64 74 71 77 82 77 87 112 93 75 80
Cash Conversion Cycle -5 -14 -15 -20 -15 -27 -18 -27 -60 -50 -40 -43
Working Capital Days -5 -8 7 -7 -2 -12 -5 -13 -43 -33 -23 -26
ROCE % 16% 20% 21% 23% 23% 24% 24% 17% 17% 22% 27%

Shareholding Pattern

Numbers in percentages

Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
52.26% 52.26% 52.26% 50.81% 50.81% 50.81% 50.27% 50.27% 50.27% 50.27% 50.27% 50.27%
13.96% 12.77% 12.86% 11.97% 9.85% 12.64% 14.45% 17.02% 18.13% 18.51% 19.27% 20.83%
24.26% 25.15% 25.46% 28.51% 30.74% 27.61% 26.85% 24.39% 23.41% 23.10% 21.79% 20.26%
9.52% 9.82% 9.42% 8.72% 8.60% 8.96% 8.44% 8.33% 8.19% 8.12% 8.68% 8.64%
No. of Shareholders 1,46,4301,82,9061,98,5762,01,4151,83,5631,93,4111,94,3051,94,3471,98,0022,02,5582,42,0942,60,618

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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