TVS Srichakra Ltd

₹ 2,165 -2.33%
18 Aug - close price
About

TVS Srichakra, incorporated in 1982, is part of the TVS automotive-ancillary group. It is a manufacturer and exporter of Two and Three-Wheeler tyres and Off-Highway tyres. It is a major OEM supplier to TVS motors and many other leading brands. [1]

Key Points

Business Segment
The company’s product portfolio includes tyres for 2/3-wheeler, Industrial Pneumatic, Farm and Implement, Skid-steer, Multi-purpose, etc. [1]
Indian Markets contribute 90% of Revenue in FY20
Exports contribute 10% of Revenue in FY20 [2]

  • Market Cap 1,658 Cr.
  • Current Price 2,165
  • High / Low 2,590 / 1,451
  • Stock P/E 37.1
  • Book Value 1,286
  • Dividend Yield 1.39 %
  • ROCE 6.90 %
  • ROE 4.78 %
  • Face Value 10.0

Pros

  • Company has been maintaining a healthy dividend payout of 26.6%

Cons

  • The company has delivered a poor sales growth of 4.66% over past five years.
  • Company has a low return on equity of 8.14% for last 3 years.

* 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: Tyres Industry: Tyres

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
592.45 545.11 497.54 417.14 206.47 535.01 553.31 581.04 479.07 668.02 659.01 645.90 713.54
519.92 484.67 449.41 384.36 222.59 450.14 475.88 503.70 454.99 606.30 620.58 610.89 685.12
Operating Profit 72.53 60.44 48.13 32.78 -16.12 84.87 77.43 77.34 24.08 61.72 38.43 35.01 28.42
OPM % 12.24% 11.09% 9.67% 7.86% -7.81% 15.86% 13.99% 13.31% 5.03% 9.24% 5.83% 5.42% 3.98%
0.67 1.61 3.21 3.99 1.03 0.65 0.43 2.97 2.89 0.58 1.45 0.60 -3.21
Interest 10.90 8.38 8.01 8.64 10.29 8.37 6.39 5.95 6.63 7.51 7.75 8.86 8.85
Depreciation 21.95 22.61 22.65 30.45 21.93 24.51 25.15 29.55 20.05 21.57 19.61 15.84 21.12
Profit before tax 40.35 31.06 20.68 -2.32 -47.31 52.64 46.32 44.81 0.29 33.22 12.52 10.91 -4.76
Tax % 34.94% 34.77% 35.20% 1,156.47% 25.15% 25.15% 25.17% 23.88% 24.14% 25.20% 25.00% 34.83% 25.21%
Net Profit 26.25 20.26 13.40 24.51 -35.41 39.40 34.66 34.11 0.22 24.85 9.39 7.11 -3.56
EPS in Rs 34.28 26.46 17.50 32.01 -46.24 51.46 45.27 44.55 0.29 32.45 12.26 9.29 -4.65

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
1,091 1,403 1,476 1,671 1,896 1,925 1,960 2,152 2,382 2,052 1,876 2,462 2,686
992 1,278 1,391 1,549 1,689 1,601 1,676 1,899 2,121 1,837 1,651 2,300 2,523
Operating Profit 98 125 85 122 207 324 284 253 261 215 225 162 164
OPM % 9% 9% 6% 7% 11% 17% 14% 12% 11% 10% 12% 7% 6%
6 6 44 1 4 23 10 15 11 9 5 3 -1
Interest 32 55 57 44 32 17 22 31 36 37 32 31 33
Depreciation 16 21 24 24 40 42 56 68 83 98 101 77 78
Profit before tax 57 55 47 56 140 287 217 169 153 90 96 57 52
Tax % 31% 27% 25% 15% 26% 31% 28% 31% 33% 6% 25% 27%
Net Profit 39 40 36 47 104 197 155 118 103 84 73 42 38
EPS in Rs 51.16 51.91 46.60 61.97 135.55 257.21 202.86 153.60 134.74 110.25 95.02 54.29 49.35
Dividend Payout % 24% 26% 16% 26% 25% 23% 25% 26% 30% 18% 32% 30%
Compounded Sales Growth
10 Years: 6%
5 Years: 5%
3 Years: 1%
TTM: 25%
Compounded Profit Growth
10 Years: 1%
5 Years: -22%
3 Years: -25%
TTM: -59%
Stock Price CAGR
10 Years: 21%
5 Years: -9%
3 Years: 10%
1 Year: 1%
Return on Equity
10 Years: 18%
5 Years: 11%
3 Years: 8%
Last Year: 5%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
8 8 8 8 8 8 8 8 8 8 8 8
Reserves 106 134 163 196 269 411 567 647 735 754 833 977
256 339 233 304 205 145 315 312 413 336 198 598
279 312 415 331 319 412 515 475 644 511 578 766
Total Liabilities 648 793 819 839 800 975 1,405 1,441 1,800 1,609 1,617 2,350
155 177 185 229 267 359 506 595 622 647 627 686
CWIP 10 22 31 20 18 44 63 26 34 48 63 208
Investments 3 20 19 19 32 45 47 68 107 109 163 320
481 575 583 570 483 527 789 752 1,037 806 765 1,136
Total Assets 648 793 819 839 800 975 1,405 1,441 1,800 1,609 1,617 2,350

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
8 92 192 15 242 375 63 186 83 298 349 -63
-64 -98 42 -70 -95 -200 -213 -102 -114 -136 -139 -282
52 7 -195 19 -145 -171 149 -79 32 -168 -208 347
Net Cash Flow -3 0 39 -37 1 3 -2 5 1 -6 1 2

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 58 49 46 58 32 33 38 41 50 35 45 33
Inventory Days 140 116 91 68 68 73 138 95 123 136 151 201
Days Payable 111 94 115 71 44 40 67 50 82 70 104 103
Cash Conversion Cycle 87 71 23 55 57 66 109 86 90 101 92 132
Working Capital Days 62 55 27 35 19 22 52 48 60 53 35 72
ROCE % 28% 26% 15% 22% 35% 55% 33% 22% 18% 11% 12% 7%

Shareholding Pattern

Numbers in percentages

Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
45.36 45.36 45.36 45.36 45.36 45.36 45.36 45.36 45.36 45.36 45.36 45.36
1.08 1.19 1.05 0.97 0.94 1.13 1.49 1.97 2.32 2.31 2.10 1.88
6.05 6.06 6.06 5.93 5.58 6.26 5.26 2.97 0.65 0.30 0.03 0.03
47.51 47.38 47.52 47.73 48.11 47.24 47.88 49.70 51.67 52.03 52.51 52.72

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