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 70.5
  • Book Value 143
  • Dividend Yield 0.32 %
  • ROCE 18.8 %
  • ROE 27.4 %
  • Face Value 1.00

Pros

  • Company has reduced debt.
  • Company has delivered good profit growth of 19.0% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 21.3%

Cons

  • Stock is trading at 17.5 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

Consolidated Figures in Rs. Crores / View Standalone

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
6,132 4,689 6,483 6,597 6,585 7,316 8,561 8,066 8,031 9,056 9,933 10,114 10,042
5,354 4,274 5,744 5,828 5,760 6,420 7,490 7,055 6,982 7,852 8,588 8,639 8,567
Operating Profit 778 415 740 770 826 896 1,071 1,011 1,049 1,204 1,345 1,475 1,476
OPM % 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 -44
Interest 209 221 223 234 263 292 338 339 398 437 483 494 513
Depreciation 159 164 182 190 207 199 212 216 232 227 237 242 269
Profit before tax 414 -3 343 359 368 436 550 464 486 627 676 750 650
Tax % 23% -337% 32% 34% 25% 32% 32% 35% 31% 30% 38% 32% 37%
319 -15 234 237 275 297 373 304 336 441 416 510 412
EPS in Rs 6.53 -0.22 5.10 5.21 5.84 6.43 8.13 6.33 7.07 9.14 8.13 10.08 8.15
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
7,510 8,384 10,256 11,377 12,463 16,340 20,160 18,849 19,421 24,355 31,974 39,145
7,072 7,892 9,650 10,558 11,591 14,769 17,997 16,585 17,189 21,601 27,947 33,645
Operating Profit 438 492 605 819 871 1,571 2,163 2,264 2,232 2,755 4,027 5,500
OPM % 6% 6% 6% 7% 7% 10% 11% 12% 11% 11% 13% 14%
130 44 80 93 163 71 25 12 36 -5 136 106
Interest 103 80 62 70 60 338 663 855 881 940 1,368 1,928
Depreciation 176 149 179 262 317 374 442 556 565 743 859 975
Profit before tax 290 307 444 580 658 931 1,083 865 822 1,067 1,936 2,703
Tax % 32% 39% 28% 26% 23% 29% 33% 25% 26% 31% 32% 34%
198 187 328 429 509 665 725 647 608 731 1,309 1,779
EPS in Rs 4.16 3.92 6.91 9.03 10.76 13.73 14.83 13.15 12.51 15.93 27.97 35.50
Dividend Payout % 30% 37% 28% 28% 23% 24% 24% 27% 28% 24% 18% 23%
Compounded Sales Growth
10 Years: 17%
5 Years: 14%
3 Years: 26%
TTM: 22%
Compounded Profit Growth
10 Years: 25%
5 Years: 19%
3 Years: 41%
TTM: 33%
Stock Price CAGR
10 Years: 33%
5 Years: 40%
3 Years: 59%
1 Year: 85%
Return on Equity
10 Years: 23%
5 Years: 23%
3 Years: 24%
Last Year: 27%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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 851 1,113 1,277 1,771 2,169 2,630 3,123 3,235 3,779 4,352 5,457 6,736
1,068 728 1,119 1,091 1,311 6,928 9,298 11,591 12,179 15,827 22,376 13,376
1,415 1,743 2,126 2,236 2,601 3,586 4,228 4,399 5,859 6,692 7,144 22,061
Total Liabilities 3,381 3,632 4,570 5,146 6,128 13,190 16,696 19,272 21,865 26,919 35,025 42,220
1,593 1,517 1,637 2,038 2,362 3,094 3,367 3,811 4,221 5,975 5,748 6,586
CWIP 36 48 93 47 64 313 745 1,006 1,041 552 743 338
Investments 348 439 539 943 1,155 421 440 371 468 605 967 1,123
1,404 1,628 2,301 2,118 2,547 9,362 12,145 14,085 16,135 19,788 27,566 34,174
Total Assets 3,381 3,632 4,570 5,146 6,128 13,190 16,696 19,272 21,865 26,919 35,025 42,220

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
464 470 83 936 689 354 -918 373 1,151 -1,575 -4,405 -1,253
-120 -235 -415 -605 -709 -1,095 -1,104 -1,090 -882 -1,471 -1,308 -1,001
-402 -216 261 -319 -59 897 2,210 1,619 264 2,918 6,118 2,759
Net Cash Flow -58 19 -71 12 -79 156 188 902 532 -128 406 505

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 15 15 15 16 21 24 28 28 19 18 14 17
Inventory Days 43 41 51 40 47 34 34 35 39 37 34 34
Days Payable 58 64 76 74 80 86 83 94 121 105 89 99
Cash Conversion Cycle 1 -7 -11 -18 -12 -28 -21 -31 -63 -50 -42 -48
Working Capital Days -7 -7 6 -8 -2 34 58 47 21 81 97 102
ROCE % 14% 19% 21% 22% 22% 19% 16% 13% 11% 11% 13%

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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