TVS Srichakra Ltd

₹ 1,594 2.18%
01 Jul - 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 1,221 Cr.
  • Current Price 1,594
  • High / Low 2,590 / 1,451
  • Stock P/E 26.9
  • Book Value 1,268
  • Dividend Yield 1.88 %
  • ROCE 7.16 %
  • ROE 5.05 %
  • Face Value 10.0

Pros

  • Company is expected to give good quarter
  • Company has been maintaining a healthy dividend payout of 26.16%

Cons

  • The company has delivered a poor sales growth of 5.22% over past five years.
  • Company has a low return on equity of 8.33% 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

Consolidated Figures in Rs. Crores / View Standalone

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022
605.59 557.24 509.44 431.47 212.14 552.38 572.70 601.99 497.62 687.51 676.74 666.33
532.46 496.63 461.47 397.89 229.59 465.74 492.65 522.58 469.00 624.25 636.37 631.74
Operating Profit 73.13 60.61 47.97 33.58 -17.45 86.64 80.05 79.41 28.62 63.26 40.37 34.59
OPM % 12.08% 10.88% 9.42% 7.78% -8.23% 15.68% 13.98% 13.19% 5.75% 9.20% 5.97% 5.19%
0.54 1.70 3.68 4.27 0.91 0.80 0.26 3.01 0.56 0.71 0.07 2.35
Interest 11.26 8.73 8.30 9.59 10.59 8.67 6.58 6.21 6.84 7.72 7.98 9.06
Depreciation 22.54 23.19 23.29 31.15 22.58 25.15 25.82 30.26 20.74 22.26 20.27 16.54
Profit before tax 39.87 30.39 20.06 -2.89 -49.71 53.62 47.91 45.95 1.60 33.99 12.19 11.34
Tax % 35.36% 35.54% 36.29% 934.95% 25.09% 25.76% 24.34% 23.83% 32.50% 25.65% 26.17% 29.72%
Net Profit 25.77 19.59 12.78 24.20 -37.23 39.85 36.27 35.03 1.11 25.31 9.03 8.02
EPS in Rs 33.66 25.58 16.69 31.60 -48.62 52.04 47.37 45.75 1.45 33.05 11.79 10.47

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
1,091 1,453 1,652 1,938 2,176 2,185 1,961 2,152 2,431 2,104 1,939 2,528
992 1,324 1,551 1,787 1,958 1,858 1,676 1,899 2,168 1,887 1,709 2,361
Operating Profit 98 129 101 150 219 326 284 253 263 217 230 167
OPM % 9% 9% 6% 8% 10% 15% 14% 12% 11% 10% 12% 7%
6 5 33 2 -7 23 5 15 12 10 5 4
Interest 32 57 62 50 33 22 22 31 37 39 33 32
Depreciation 16 23 25 26 42 44 56 69 85 100 104 80
Profit before tax 57 55 47 77 137 284 211 169 153 87 98 59
Tax % 32% 28% 30% 15% 29% 33% 29% 31% 33% 6% 24% 27%
Net Profit 39 39 27 57 100 186 148 116 103 82 74 43
EPS in Rs 51.12 51.18 35.51 73.89 130.11 243.09 192.79 151.68 134.44 107.53 96.54 56.77
Dividend Payout % 24% 26% 21% 22% 26% 25% 26% 26% 30% 19% 31% 29%
Compounded Sales Growth
10 Years: 6%
5 Years: 5%
3 Years: 1%
TTM: 30%
Compounded Profit Growth
10 Years: 1%
5 Years: -21%
3 Years: -24%
TTM: -39%
Stock Price CAGR
10 Years: 17%
5 Years: -16%
3 Years: -5%
1 Year: -23%
Return on Equity
10 Years: 18%
5 Years: 11%
3 Years: 8%
Last Year: 5%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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 106 133 154 206 275 404 553 631 721 737 817 963
256 402 297 383 274 145 315 312 426 351 208 610
279 367 484 428 414 412 515 475 655 520 590 779
Total Liabilities 648 911 942 1,025 970 969 1,391 1,426 1,809 1,616 1,622 2,359
155 248 278 344 382 384 532 620 662 687 666 724
CWIP 10 22 31 20 18 44 63 26 34 48 63 209
Investments 1 1 1 0 1 49 49 68 97 97 101 254
482 640 632 661 569 493 748 711 1,016 785 793 1,171
Total Assets 648 911 942 1,025 970 969 1,391 1,426 1,809 1,616 1,622 2,359

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
10 80 187 14 244 400 64 185 64 299 307 -62
-65 -154 8 -89 -84 -120 -215 -102 -120 -136 -92 -282
52 78 -159 38 -158 -271 149 -79 52 -169 -215 348
Net Cash Flow -3 5 35 -37 2 9 -3 5 -4 -5 1 4

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 57 50 62 38 29 38 41 51 36 46 35
Inventory Days 140 124 94 74 74 63 138 95 123 135 149 198
Days Payable 111 104 115 77 52 34 67 50 83 70 104 102
Cash Conversion Cycle 87 77 28 58 59 58 109 86 91 101 92 131
Working Capital Days 62 56 30 42 26 19 51 47 60 52 36 72
ROCE % 25% 16% 24% 31% 52% 32% 22% 18% 11% 12% 7%

Shareholding Pattern

Numbers in percentages

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 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
1.40 1.08 1.19 1.05 0.97 0.94 1.13 1.49 1.97 2.32 2.31 2.10
5.69 6.05 6.06 6.06 5.93 5.58 6.26 5.26 2.97 0.65 0.30 0.03
47.54 47.51 47.38 47.52 47.73 48.11 47.24 47.88 49.70 51.67 52.03 52.51

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