TVS Motor Company Ltd

About

TVS Motor Company is engaged in the business of manufactures two wheelers, three wheelers, parts and accessories thereof.

  • Market Cap 31,941 Cr.
  • Current Price 672
  • High / Low 814 / 446
  • Stock P/E 37.8
  • Book Value 84.5
  • Dividend Yield 0.52 %
  • ROCE 11.1 %
  • ROE 16.9 %
  • Face Value 1.00

Pros

  • Company is expected to give good quarter
  • Company has been maintaining a healthy dividend payout of 26.07%

Cons

  • Stock is trading at 7.95 times its book value
  • The company has delivered a poor sales growth of 11.29% over past five years.
  • Promoter holding has decreased over last 3 years: -5.14%
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
5,123 4,955 5,018 4,960 4,766 4,105 1,940 5,254 6,095 6,132 4,689 6,483
4,552 4,455 4,460 4,386 4,154 3,585 1,869 4,624 5,346 5,354 4,274 5,744
Operating Profit 571 500 559 575 612 519 71 631 749 778 415 740
OPM % 11% 10% 11% 12% 13% 13% 4% 12% 12% 13% 9% 11%
Other Income 2 12 8 83 -63 -16 7 14 15 5 -34 8
Interest 167 184 204 204 214 232 213 239 221 209 221 223
Depreciation 116 111 131 136 133 157 105 150 150 159 164 182
Profit before tax 289 217 232 318 201 115 -241 255 393 414 -3 343
Tax % 32% 34% 35% 19% 22% 29% 24% 29% 26% 23% -337% 32%
Net Profit 204 138 146 254 151 74 -179 180 284 310 -11 242
EPS in Rs 4.29 2.91 3.08 5.34 3.17 1.56 -3.78 3.79 5.97 6.53 -0.22 5.10

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
4,544 6,543 7,435 7,510 8,384 10,256 11,377 12,463 16,340 20,160 18,849 19,421 23,400
4,450 6,180 6,977 7,072 7,892 9,650 10,558 11,591 14,769 17,997 16,585 17,189 20,718
Operating Profit 94 363 459 438 492 605 819 871 1,571 2,163 2,264 2,232 2,681
OPM % 2% 6% 6% 6% 6% 6% 7% 7% 10% 11% 12% 11% 11%
Other Income 154 20 15 130 44 80 93 163 71 25 12 36 -6
Interest 89 71 88 103 80 62 70 60 338 663 855 881 874
Depreciation 137 134 158 176 149 179 262 317 374 442 556 565 655
Profit before tax 21 178 227 290 307 444 580 658 931 1,083 865 822 1,147
Tax % -57% 28% 42% 32% 39% 28% 26% 23% 29% 33% 25% 26%
Net Profit 34 128 133 198 186 328 429 511 652 705 625 594 825
EPS in Rs 2.69 2.79 4.16 3.92 6.91 9.03 10.76 13.73 14.83 13.15 12.51 17.38
Dividend Payout % 93% 43% 48% 30% 37% 28% 28% 23% 24% 24% 27% 28%
Compounded Sales Growth
10 Years: 11%
5 Years: 11%
3 Years: 6%
TTM: 46%
Compounded Profit Growth
10 Years: 16%
5 Years: 7%
3 Years: -4%
TTM: 186%
Stock Price CAGR
10 Years: 28%
5 Years: 14%
3 Years: 7%
1 Year: 35%
Return on Equity
10 Years: 22%
5 Years: 22%
3 Years: 20%
Last Year: 17%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Sep 2021
24 48 48 48 48 48 48 48 48 48 48 48 48
Reserves 596 634 675 851 1,113 1,277 1,771 2,169 2,630 3,123 3,235 3,779 3,968
Borrowings 1,196 1,041 1,304 1,068 728 1,119 1,091 1,311 6,928 9,298 11,591 12,179 9,838
844 1,102 1,290 1,415 1,743 2,126 2,236 2,601 3,586 4,228 4,399 5,859 10,075
Total Liabilities 2,661 2,825 3,317 3,381 3,632 4,570 5,146 6,128 13,190 16,696 19,272 21,865 23,929
1,168 1,294 1,472 1,593 1,517 1,637 2,038 2,362 3,094 3,367 3,811 4,221 5,374
CWIP 29 58 186 36 48 93 47 64 313 745 1,006 1,041 309
Investments 387 221 318 348 439 539 943 1,155 421 440 371 468 511
1,076 1,252 1,340 1,404 1,628 2,301 2,118 2,547 9,362 12,145 14,085 16,135 17,735
Total Assets 2,661 2,825 3,317 3,381 3,632 4,570 5,146 6,128 13,190 16,696 19,272 21,865 23,929

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
257 265 487 464 470 83 936 689 354 -918 373 1,151
-181 -111 -507 -120 -235 -415 -605 -709 -1,095 -1,104 -1,090 -882
79 -318 -36 -402 -216 261 -319 -59 897 2,210 1,619 253
Net Cash Flow 156 -164 -56 -58 19 -71 12 -79 156 188 902 522

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 18 16 11 15 15 15 16 21 24 28 28 19
Inventory Days 39 46 46 43 41 51 40 47 34 34 35 39
Days Payable 82 55 52 58 64 76 74 80 86 83 94 121
Cash Conversion Cycle -25 8 6 1 -7 -11 -18 -12 -28 -21 -31 -63
Working Capital Days 10 8 -0 1 -3 9 -1 -0 65 78 93 69
ROCE % 6% 14% 17% 14% 19% 21% 22% 22% 20% 16% 13% 11%

Shareholding Pattern

Numbers in percentages

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
57.40 57.40 57.40 57.40 57.40 57.40 57.40 57.40 57.40 57.40 52.26 52.26
15.85 15.92 15.72 13.20 12.20 11.37 10.52 10.64 11.15 12.34 13.96 12.77
15.11 15.83 16.37 19.01 20.36 21.20 21.99 21.92 21.47 20.84 24.26 25.15
11.64 10.85 10.52 10.39 10.04 10.04 10.10 10.05 9.99 9.42 9.52 9.82

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