TVS Srichakra Ltd

TVS Srichakra Ltd

₹ 3,908 -2.34%
28 Mar - close price
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 2,993 Cr.
  • Current Price 3,908
  • High / Low 5,097 / 2,504
  • Stock P/E 27.9
  • Book Value 1,403
  • Dividend Yield 0.82 %
  • ROCE 9.23 %
  • ROE 8.16 %
  • Face Value 10.0

Pros

  • Company has been maintaining a healthy dividend payout of 30.4%
  • Debtor days have improved from 35.8 to 27.0 days.

Cons

  • Stock is trading at 2.79 times its book value
  • The company has delivered a poor sales growth of 6.76% over past five years.
  • Company has a low return on equity of 7.49% 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

Consolidated Figures in Rs. Crores / View Standalone

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
573 602 498 691 677 670 737 834 731 683 702 740 719
493 523 472 628 636 636 706 751 671 628 642 649 650
Operating Profit 80 79 26 63 40 35 31 83 60 55 61 91 68
OPM % 14% 13% 5% 9% 6% 5% 4% 10% 8% 8% 9% 12% 10%
0 3 3 1 0 2 -3 1 0 6 3 -1 2
Interest 7 6 7 8 8 9 9 9 10 11 12 10 10
Depreciation 26 30 21 22 20 17 22 23 24 23 24 26 27
Profit before tax 48 46 2 34 12 11 -3 52 26 27 28 54 33
Tax % 24% 24% 32% 26% 26% 30% 24% 26% 24% 16% 25% 28% 28%
36 35 1 25 9 8 -2 38 20 22 21 39 24
EPS in Rs 47.37 45.75 1.45 33.05 11.79 10.47 -2.86 49.91 25.56 29.21 27.36 51.09 31.47
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
1,453 1,652 1,938 2,176 2,185 1,961 2,152 2,431 2,104 1,939 2,543 2,985 2,844
1,324 1,551 1,787 1,958 1,858 1,676 1,899 2,168 1,887 1,709 2,373 2,751 2,569
Operating Profit 129 101 150 219 326 284 253 263 217 230 170 234 275
OPM % 9% 6% 8% 10% 15% 14% 12% 11% 10% 12% 7% 8% 10%
5 33 2 -7 23 5 15 12 10 5 4 4 10
Interest 57 62 50 33 22 22 31 37 39 33 34 44 43
Depreciation 23 25 26 42 44 56 69 85 100 104 80 92 100
Profit before tax 55 47 77 137 284 211 169 153 87 98 59 101 142
Tax % 28% 30% 15% 29% 33% 29% 31% 33% 6% 24% 27% 23%
39 33 65 98 190 148 116 103 82 74 43 78 106
EPS in Rs 51.18 35.51 73.89 130.11 243.09 192.79 151.68 134.44 107.53 96.54 56.77 101.85 139.13
Dividend Payout % 26% 21% 22% 26% 25% 26% 26% 30% 19% 31% 29% 32%
Compounded Sales Growth
10 Years: 6%
5 Years: 7%
3 Years: 12%
TTM: -4%
Compounded Profit Growth
10 Years: 18%
5 Years: -7%
3 Years: 0%
TTM: 53%
Stock Price CAGR
10 Years: 29%
5 Years: 12%
3 Years: 30%
1 Year: 55%
Return on Equity
10 Years: 17%
5 Years: 9%
3 Years: 7%
Last Year: 8%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 8 8 8 8 8 8 8 8 8 8 8 8 8
Reserves 133 154 206 275 404 553 631 721 737 817 963 1,027 1,067
402 297 383 274 145 315 312 426 351 208 610 662 703
367 484 428 414 412 515 475 655 520 590 779 757 596
Total Liabilities 911 942 1,025 970 969 1,391 1,426 1,809 1,616 1,622 2,359 2,453 2,373
248 278 344 382 384 532 620 662 687 666 708 905 981
CWIP 22 31 20 18 44 63 26 34 48 63 226 145 152
Investments 1 1 0 1 49 49 68 97 97 101 254 255 255
640 632 661 569 493 748 711 1,016 785 793 1,171 1,149 985
Total Assets 911 942 1,025 970 969 1,391 1,426 1,809 1,616 1,622 2,359 2,453 2,373

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
80 187 14 244 400 64 185 64 299 307 -62 206
-154 8 -89 -84 -120 -215 -102 -120 -136 -92 -282 -202
78 -159 38 -158 -271 149 -79 52 -169 -215 348 0
Net Cash Flow 5 35 -37 2 9 -3 5 -4 -5 1 4 4

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 57 50 62 38 29 38 41 51 36 46 34 27
Inventory Days 124 94 74 74 63 138 95 123 135 149 198 161
Days Payable 104 115 77 52 34 67 50 83 70 102 102 85
Cash Conversion Cycle 77 28 58 59 58 109 86 91 101 93 131 102
Working Capital Days 56 30 42 26 19 51 47 60 52 47 72 47
ROCE % 24% 16% 23% 30% 50% 32% 22% 18% 11% 12% 7% 9%

Shareholding Pattern

Numbers in percentages

Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
45.36% 45.36% 45.36% 45.36% 45.36% 45.36% 45.37% 45.58% 45.70% 45.70% 45.70% 45.70%
1.49% 1.97% 2.32% 2.31% 2.10% 1.88% 1.41% 1.20% 1.08% 1.01% 1.11% 1.16%
5.26% 2.97% 0.65% 0.30% 0.03% 0.03% 0.02% 0.05% 0.36% 0.49% 2.77% 5.04%
47.88% 49.70% 51.67% 52.03% 52.51% 52.72% 53.21% 53.17% 52.85% 52.80% 50.41% 48.07%
No. of Shareholders 31,61029,99529,74129,52029,26529,25828,05427,05126,68627,24926,66625,383

* 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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