TVS Srichakra Ltd

TVS Srichakra Ltd

₹ 4,555 1.69%
16 Jul 11:57 a.m.
About

TVSSC belongs to the TVS group of companies. The company is a leading manufacturer of 2W tyres in India and caters to both OEMs and aftermarket segments, and also manufactures OHT for the domestic and export markets. The company has two manufacturing plants, one each in Madurai in Tamil Nadu and Rudrapur in Uttarakhand.[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]

  • Market Cap 3,489 Cr.
  • Current Price 4,555
  • High / Low 5,097 / 2,755
  • Stock P/E 31.6
  • Book Value 1,455
  • Dividend Yield 0.70 %
  • ROCE 10.6 %
  • ROE 10.2 %
  • Face Value 10.0

Pros

  • Company has been maintaining a healthy dividend payout of 33.4%

Cons

  • Stock is trading at 3.15 times its book value
  • The company has delivered a poor sales growth of 2.95% over past five years.
  • Company has a low return on equity of 7.59% over 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

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
581 479 672 659 646 714 805 699 647 669 704 677 703
504 455 610 621 611 685 726 646 593 613 618 614 628
Operating Profit 77 24 62 38 35 28 79 54 54 56 86 64 76
OPM % 13% 5% 9% 6% 5% 4% 10% 8% 8% 8% 12% 9% 11%
3 3 1 1 1 -3 -0 0 5 3 -1 2 -6
Interest 6 7 8 8 9 9 9 10 10 11 10 10 12
Depreciation 30 20 22 20 16 21 22 23 22 23 25 25 25
Profit before tax 45 0 33 13 11 -5 48 21 27 25 51 31 32
Tax % 24% 24% 25% 25% 35% 25% 26% 23% 18% 25% 28% 27% 21%
34 0 25 9 7 -4 36 16 22 19 37 22 26
EPS in Rs 44.55 0.29 32.45 12.26 9.29 -4.65 46.78 20.84 28.63 24.37 48.35 29.06 33.47
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
1,476 1,671 1,896 1,925 1,960 2,152 2,382 2,052 1,876 2,462 2,865 2,754
1,391 1,549 1,689 1,601 1,676 1,899 2,121 1,837 1,651 2,298 2,645 2,472
Operating Profit 85 122 207 324 284 253 261 215 225 164 220 282
OPM % 6% 7% 11% 17% 14% 12% 11% 10% 12% 7% 8% 10%
44 1 4 23 10 15 11 9 5 3 2 -2
Interest 57 44 32 17 22 31 36 37 32 33 43 43
Depreciation 24 24 40 42 56 68 83 98 101 77 88 98
Profit before tax 47 56 140 287 217 169 153 90 96 57 91 139
Tax % 25% 15% 26% 31% 28% 31% 33% 6% 25% 27% 23% 25%
36 47 104 197 155 118 103 84 73 42 70 104
EPS in Rs 46.60 61.97 135.55 257.21 202.86 153.60 134.74 110.25 95.02 54.29 91.58 135.25
Dividend Payout % 16% 26% 25% 23% 25% 26% 30% 18% 32% 30% 35% 35%
Compounded Sales Growth
10 Years: 5%
5 Years: 3%
3 Years: 14%
TTM: -4%
Compounded Profit Growth
10 Years: 9%
5 Years: 1%
3 Years: 15%
TTM: 49%
Stock Price CAGR
10 Years: 22%
5 Years: 19%
3 Years: 26%
1 Year: 44%
Return on Equity
10 Years: 15%
5 Years: 8%
3 Years: 8%
Last Year: 10%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

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 8 8 8 8 8 8 8 8 8 8 8 8
Reserves 163 196 269 411 567 647 735 754 833 977 1,033 1,106
233 304 205 145 315 312 413 336 198 598 637 818
415 331 319 412 515 475 644 511 578 766 732 701
Total Liabilities 819 839 800 975 1,405 1,441 1,800 1,609 1,617 2,350 2,409 2,633
185 229 267 359 506 595 622 647 627 670 866 1,045
CWIP 31 20 18 44 63 26 34 48 63 224 140 102
Investments 19 19 32 45 47 68 107 109 163 320 320 358
583 570 483 527 789 752 1,037 806 765 1,136 1,083 1,127
Total Assets 819 839 800 975 1,405 1,441 1,800 1,609 1,617 2,350 2,409 2,633

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
192 15 242 375 63 186 83 298 349 -40 217 241
42 -70 -95 -200 -213 -102 -114 -136 -139 -305 -202 -350
-195 19 -145 -171 149 -79 32 -168 -208 347 -12 114
Net Cash Flow 39 -37 1 3 -2 5 1 -6 1 2 3 4

Ratios

Standalone Figures in Rs. Crores / View Consolidated

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 46 58 32 33 38 41 50 35 45 33 25 30
Inventory Days 91 68 68 73 138 95 123 136 151 201 162 152
Days Payable 115 71 44 40 67 50 82 70 103 103 85 91
Cash Conversion Cycle 23 55 57 66 109 86 90 101 93 132 102 91
Working Capital Days 27 35 19 22 52 48 60 53 47 72 46 55
ROCE % 15% 22% 35% 55% 33% 22% 18% 11% 12% 7% 9% 11%

Shareholding Pattern

Numbers in percentages

Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024
45.36% 45.36% 45.36% 45.36% 45.37% 45.58% 45.70% 45.70% 45.70% 45.70% 45.70% 45.70%
2.32% 2.31% 2.10% 1.88% 1.41% 1.20% 1.08% 1.01% 1.11% 1.16% 1.02% 1.00%
0.65% 0.30% 0.03% 0.03% 0.02% 0.05% 0.36% 0.49% 2.77% 5.04% 5.04% 5.02%
51.67% 52.03% 52.51% 52.72% 53.21% 53.17% 52.85% 52.80% 50.41% 48.07% 48.22% 48.27%
No. of Shareholders 29,74129,52029,26529,25828,05427,05126,68627,24926,66625,38324,96425,457

* 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.

Click on the line-items to see the names of individual entities.

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