TVS Motor Company Ltd

TVS Motor Company Ltd

₹ 2,108 -0.98%
23 Feb 4:01 p.m.
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 1,00,149 Cr.
  • Current Price 2,108
  • High / Low 2,186 / 1,005
  • Stock P/E 61.2
  • Book Value 133
  • Dividend Yield 0.24 %
  • ROCE 13.2 %
  • ROE 25.6 %
  • Face Value 1.00

Pros

  • Company has been maintaining a healthy dividend payout of 23.1%

Cons

  • Stock is trading at 15.8 times its book value
  • Promoter holding has decreased over last 3 years: -7.13%
  • Working capital days have increased from 66.3 days to 96.6 days

* 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

Consolidated Figures in Rs. Crores / View Standalone

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
6,095 6,132 4,689 6,483 6,597 6,585 7,316 8,561 8,066 8,031 9,056 9,933 10,114
5,346 5,354 4,274 5,744 5,828 5,760 6,420 7,490 7,055 6,982 7,852 8,588 8,639
Operating Profit 749 778 415 740 770 826 896 1,071 1,011 1,049 1,204 1,345 1,475
OPM % 12% 13% 9% 11% 12% 13% 12% 13% 13% 13% 13% 14% 15%
15 5 -34 8 14 12 31 30 8 67 87 51 12
Interest 221 209 221 223 234 263 292 338 339 398 437 483 494
Depreciation 150 159 164 182 190 207 199 212 216 232 227 237 242
Profit before tax 393 414 -3 343 359 368 436 550 464 486 627 676 750
Tax % 26% 23% -337% 32% 34% 25% 32% 32% 35% 31% 30% 38% 32%
290 319 -15 234 237 275 297 373 304 336 441 416 510
EPS in Rs 5.97 6.53 -0.22 5.10 5.21 5.84 6.43 8.13 6.33 7.07 9.14 8.13 10.08
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
7,435 7,510 8,384 10,256 11,377 12,463 16,340 20,160 18,849 19,421 24,355 31,974 37,134
6,977 7,072 7,892 9,650 10,558 11,591 14,769 17,997 16,585 17,189 21,601 27,947 32,060
Operating Profit 459 438 492 605 819 871 1,571 2,163 2,264 2,232 2,755 4,027 5,074
OPM % 6% 6% 6% 6% 7% 7% 10% 11% 12% 11% 11% 13% 14%
15 130 44 80 93 163 71 25 12 36 -5 136 216
Interest 88 103 80 62 70 60 338 663 855 881 940 1,368 1,813
Depreciation 158 176 149 179 262 317 374 442 556 565 743 859 938
Profit before tax 227 290 307 444 580 658 931 1,083 865 822 1,067 1,936 2,539
Tax % 42% 32% 39% 28% 26% 23% 29% 33% 25% 26% 31% 32%
132 198 187 328 429 509 665 725 647 608 731 1,309 1,703
EPS in Rs 2.79 4.16 3.92 6.91 9.03 10.76 13.73 14.83 13.15 12.51 15.93 27.97 34.42
Dividend Payout % 48% 30% 37% 28% 28% 23% 24% 24% 27% 28% 24% 18%
Compounded Sales Growth
10 Years: 16%
5 Years: 14%
3 Years: 19%
TTM: 22%
Compounded Profit Growth
10 Years: 26%
5 Years: 14%
3 Years: 25%
TTM: 31%
Stock Price CAGR
10 Years: 38%
5 Years: 35%
3 Years: 52%
1 Year: 89%
Return on Equity
10 Years: 22%
5 Years: 21%
3 Years: 21%
Last Year: 26%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 48 48 48 48 48 48 48 48 48 48 48 48 48
Reserves 675 851 1,113 1,277 1,771 2,169 2,630 3,123 3,235 3,779 4,352 5,457 6,273
1,304 1,068 728 1,119 1,091 1,311 6,928 9,298 11,591 12,179 15,827 22,376 12,853
1,290 1,415 1,743 2,126 2,236 2,601 3,586 4,228 4,399 5,859 6,692 7,144 21,296
Total Liabilities 3,317 3,381 3,632 4,570 5,146 6,128 13,190 16,696 19,272 21,865 26,919 35,025 40,469
1,472 1,593 1,517 1,637 2,038 2,362 3,094 3,367 3,811 4,221 5,975 5,748 6,347
CWIP 186 36 48 93 47 64 313 745 1,006 1,041 552 743 314
Investments 318 348 439 539 943 1,155 421 440 371 468 605 967 1,048
1,340 1,404 1,628 2,301 2,118 2,547 9,362 12,145 14,085 16,135 19,788 27,566 32,760
Total Assets 3,317 3,381 3,632 4,570 5,146 6,128 13,190 16,696 19,272 21,865 26,919 35,025 40,469

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
487 464 470 83 936 689 354 -918 373 1,151 -1,575 -4,405
-507 -120 -235 -415 -605 -709 -1,095 -1,104 -1,090 -882 -1,471 -1,308
-36 -402 -216 261 -319 -59 897 2,210 1,619 264 2,918 6,118
Net Cash Flow -56 -58 19 -71 12 -79 156 188 902 532 -128 406

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 11 15 15 15 16 21 24 28 28 19 18 14
Inventory Days 46 43 41 51 40 47 34 34 35 39 37 34
Days Payable 52 58 64 76 74 80 86 83 94 121 105 89
Cash Conversion Cycle 6 1 -7 -11 -18 -12 -28 -21 -31 -63 -50 -42
Working Capital Days -8 -7 -7 6 -8 -2 34 58 47 21 81 97
ROCE % 17% 14% 19% 21% 22% 22% 19% 16% 13% 11% 11% 13%

Shareholding Pattern

Numbers in percentages

1 Recently
Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
57.40% 52.26% 52.26% 52.26% 50.81% 50.81% 50.81% 50.27% 50.27% 50.27% 50.27% 50.27%
12.34% 13.96% 12.77% 12.86% 11.97% 9.85% 12.64% 14.45% 17.02% 18.13% 18.51% 19.27%
20.84% 24.26% 25.15% 25.46% 28.51% 30.74% 27.61% 26.85% 24.39% 23.41% 23.10% 21.79%
9.42% 9.52% 9.82% 9.42% 8.72% 8.60% 8.96% 8.44% 8.33% 8.19% 8.12% 8.68%
No. of Shareholders 1,40,5691,46,4301,82,9061,98,5762,01,4151,83,5631,93,4111,94,3051,94,3471,98,0022,02,5582,42,094

* 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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