TVS Motor Company Ltd

₹ 1,899 -2.15%

19 Apr - 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.

Website BSE NSE

Market Cap ₹ 90,224 Cr.
Current Price ₹ 1,899
High / Low ₹ 2,314 / 1,088
Stock P/E 55.2
Book Value ₹ 133
Dividend Yield 0.42 %
ROCE 13.2 %
ROE 25.6 %
Face Value ₹ 1.00

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Pros

Company has been maintaining a healthy dividend payout of 23.1%

Cons

Stock is trading at 14.3 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.

Peer comparison

Sector: Automobile Industry: Automobiles - Motorcycles / Mopeds

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Detailed Comparison with:

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:	36%
5 Years:	30%
3 Years:	52%
1 Year:	74%

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 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 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	1,40,569	1,46,430	1,82,906	1,98,576	2,01,415	1,83,563	1,93,411	1,94,305	1,94,347	1,98,002	2,02,558	2,42,094

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Dec 2023
	57.40%	57.40%	57.40%	57.40%	57.40%	50.81%	50.27%	50.27%
	18.50%	20.18%	15.92%	11.37%	12.34%	11.97%	17.02%	19.27%
	12.49%	10.59%	15.83%	21.20%	20.84%	28.51%	24.39%	21.79%
	11.61%	11.83%	10.85%	10.04%	9.42%	8.72%	8.33%	8.68%
No. of Shareholders	1,06,281	1,22,637	1,38,397	1,31,903	1,40,569	2,01,415	1,94,347	2,42,094

* 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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