TVS Motor Company Ltd

TVS Motor Company Limited is a public limited company incorporated & domiciled in india whose shares are publicly traded. The Company manufactures two wheelers, three wheelers, parts & accessories thereof. The company has manufacturing plants located at Hosur in Tamil Nadu, Mysuru in karnataka & Nalagarh in Himachal Pradesh.

Pros:
Company has good consistent profit growth of 32.06% over 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 25.58%
Company has been maintaining a healthy dividend payout of 23.62%
Cons:

Peer Comparison Sector: Automobile // Industry: Automobiles - Motorcycles / Mopeds

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Quarterly Results Consolidated Figures in Rs. Crores / View Standalone

Jun 2018 Mar 2019 Jun 2019
4,616 4,955 5,018
4,136 4,455 4,460
Operating Profit 480 500 559
OPM % 10% 10% 11%
Other Income 14 12 8
Interest 145 184 204
Depreciation 104 111 131
Profit before tax 244 217 232
Tax % 34% 34% 35%
Net Profit 155 138 146
EPS in Rs 3.27 2.91 3.08
Notes Notes Notes

Profit & Loss Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
3,270 3,747 4,544 6,543 7,435 7,510 8,384 10,256 11,377 12,463 16,340 20,160
3,296 3,700 4,438 6,180 6,976 7,072 7,892 9,651 10,561 11,591 14,771 17,998
Operating Profit -25 47 106 363 459 438 492 605 816 871 1,569 2,162
OPM % -1% 1% 2% 6% 6% 6% 6% 6% 7% 7% 10% 11%
Other Income 98 75 141 20 14 130 45 80 96 163 74 26
Interest 15 79 89 71 88 103 80 62 70 60 338 663
Depreciation 109 133 137 134 158 176 149 179 262 317 374 442
Profit before tax -51 -90 21 178 227 290 307 444 580 658 931 1,083
Tax % 45% 30% -57% 28% 42% 32% 39% 28% 26% 23% 29% 33%
Net Profit -28 -63 34 128 133 198 186 328 429 511 652 705
EPS in Rs 0.00 0.00 0.61 2.51 2.57 3.97 3.68 6.52 8.29 10.25 13.73 14.83
Dividend Payout % -59% -26% 93% 43% 48% 30% 37% 28% 28% 23% 24% 24%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:18.33%
5 Years:19.18%
3 Years:21.01%
TTM:23.38%
Compounded Profit Growth
10 Years:29.13%
5 Years:32.06%
3 Years:21.58%
TTM:5.13%
Return on Equity
10 Years:22.60%
5 Years:25.20%
3 Years:25.58%
Last Year:24.13%

Balance Sheet Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
24 24 24 48 48 48 48 48 48 48 48 48
Reserves 728 616 596 634 675 851 1,113 1,277 1,771 2,169 2,630 3,123
Borrowings 808 1,120 1,196 1,041 1,304 1,068 728 1,119 1,091 1,311 6,928 9,298
827 892 967 1,242 1,411 1,516 1,800 2,162 2,324 2,755 3,843 4,465
Total Liabilities 2,387 2,652 2,783 2,965 3,437 3,482 3,688 4,606 5,234 6,282 13,448 16,933
1,273 1,247 1,168 1,294 1,472 1,593 1,517 1,637 2,038 2,362 3,094 3,367
CWIP 29 41 29 58 186 36 48 93 47 64 313 745
Investments 133 193 387 221 318 348 439 539 943 1,155 421 440
952 1,171 1,199 1,393 1,461 1,506 1,684 2,337 2,206 2,701 9,620 12,382
Total Assets 2,387 2,652 2,783 2,965 3,437 3,482 3,688 4,606 5,234 6,282 13,448 16,933

Cash Flows Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
-1 68 257 265 487 464 470 83 936 689 354 -918
-247 -135 -181 -111 -507 -120 -235 -415 -605 -709 -1,095 -1,104
97 57 79 -318 -36 -402 -216 261 -319 -59 897 2,210
Net Cash Flow -150 -10 156 -164 -56 -58 19 -71 12 -79 156 188

Ratios Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % -4% -1% 6% 14% 17% 14% 19% 21% 22% 22% 20% 16%
Debtor Days 9 19 18 16 11 15 15 15 16 21 24 28
Inventory Turnover 7.70 9.30 12.84 13.86 11.58 11.40 12.88 12.19 11.98 12.19 14.73 17.17