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For the
quarter ending Dec 2021, consolidated net sales (including other operating income) of TVS Motor Company has increased 8.24% to Rs 6597.35 crore compared to quarter ended Dec 2020. Sales of Automotive Vehicles & Parts segment has gone up 6.30% to Rs 5,785.38 crore (accounting for 86.70% of total sales). Sales of Automotive Components segment has gone up 8.35% to Rs 157.73 crore (accounting for 2.36% of total sales). Sales of Others segment has gone up 77,700.00% to Rs 7.78 crore (accounting for 0.12% of total sales). Sales of Financial Services segment has gone up 22.64% to Rs 722.02 crore (accounting for 10.82% of total sales). Inter-segment sales came down from Rs 81.68 crore to Rs 75.56 crore. Profit before interest, tax and other unallocable items (PBIT) has slumped 9.13% to Rs 391.06 crore. PBIT of Automotive Vehicles & Parts segment fell 6.10% to Rs 346.21 crore (accounting for 88.53% of total PBIT). PBIT of Automotive Components reported loss of Rs 27.63 crore compared to profit of Rs 5.46 crore. PBIT of Financial Services segment rose 30.43% to Rs 73.30 crore (accounting for 18.74% of total PBIT). PBIT margin of Automotive Vehicles & Parts segment fell from 6.77% to 5.98%. PBIT margin of Automotive Components segment fell from 3.75% to 17.52%. PBIT margin of Financial Services segment rose from 9.55% to 10.15%. Overall PBIT margin fell from 6.97% to 5.86%. Operating profit margin has declined from 12.36% to 11.67%, leading to 2.19% rise in operating profit to Rs 769.60 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 67.05% to 64.55%. Purchase of finished goods cost rose from 1.19% to 1.43%. Employee cost increased from 7.69% to 8.56%. Other expenses rose from 11.69% to 13.31%. Other income fell 46.73% to Rs 8.87 crore. PBIDT rose 1.13% to Rs 778.47 crore. Provision for interest rose 6.01% to Rs 234.06 crore. PBDT fell 0.83% to Rs 544.41 crore. Provision for depreciation rose 26.86% to Rs 189.78 crore. Profit before tax down 11.20% to Rs 354.63 crore. Extraordinary items were increased to Rs -0.45 crore. Provision for tax was expense of Rs 122.72 crore, compared to Rs 103.68 crore. Effective tax rate was 34.16% compared to 26.36%. Net profit attributable to owners of the company decreased 12.66% to Rs 247.75 crore. Promoters’ stake was 52.26% as of 31 December 2021 ,compared to 57.40% as of 31 December 2020 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of TVS Motor Company has increased 33.72% to Rs 17770.11 crore. Sales of Automotive Vehicles & Parts segment has gone up 34.35% to Rs 15,553.44 crore (accounting for 86.39% of total sales). Sales of Automotive Components segment has gone up 47.77% to Rs 459.28 crore (accounting for 2.55% of total sales). Sales of Others segment has gone up 24,980.00% to Rs 12.54 crore (accounting for 0.07% of total sales). Sales of Financial Services segment has gone up 26.27% to Rs 1,979.35 crore (accounting for 10.99% of total sales). Inter-segment sales rose Rs 166.17 crore to Rs 234.50 crore. Profit before interest, tax and other unallocable items (PBIT) has jumped 49.86% to Rs 810.33 crore. PBIT of Automotive Vehicles & Parts segment rose 55.40% to Rs 783.74 crore (accounting for 96.72% of total PBIT). PBIT of Automotive Components segment fell 1,111.76% to Rs -47.38 crore (accounting for -5.85% of total PBIT). PBIT of Others segment rose 3,733.33% to Rs 1.15 crore (accounting for 0.14% of total PBIT). PBIT of Financial Services segment rose 80.87% to Rs 72.82 crore (accounting for 8.99% of total PBIT). PBIT margin of Automotive Vehicles & Parts segment rose from 4.36% to 5.04%. PBIT margin of Automotive Components segment fell from negative 1.26% to negative 10.32%. PBIT margin of Others segment fell from 60.00% to 9.17%. PBIT margin of Financial Services segment rose from 2.57% to 3.68%. Overall PBIT margin rose from 4.02% to 4.50%. Operating profit margin has declined from 10.99% to 10.83%, leading to 31.80% rise in operating profit to Rs 1,924.47 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 65.38% to 65.50%. Purchase of finished goods cost rose from 1.13% to 1.25%. Employee cost decreased from 9.31% to 8.82%. Other expenses rose from 13.16% to 13.57%. Other income fell 49.92% to Rs 19.32 crore. PBIDT rose 29.70% to Rs 1943.79 crore. Provision for interest rose 0.79% to Rs 677.7 crore. PBDT rose 53.22% to Rs 1266.09 crore. Provision for depreciation rose 32.20% to Rs 535.91 crore. Profit before tax grew 73.46% to Rs 730.18 crore. Extraordinary items were decreased to Rs -38.16 crore. Provision for tax was expense of Rs 242.92 crore, compared to Rs 119.6 crore. Effective tax rate was 34.75% compared to 29.32%.Net profit attributable to owners of the company increased 68.67% to Rs 479.37 crore. Promoters’ stake was 52.26% as of 31 December 2021 ,compared to 57.40% as of 31 December 2020 .
Full year results analysis.
Net sales (including other operating income) of TVS Motor Company has increased 3.03% to Rs 19420.82 crore. Sales of Automotive Vehicles & Parts segment has gone up 2.18% to Rs 16,963.59 crore (accounting for 86.25% of total sales). Sales of Automotive Components segment has gone down 12.44% to Rs 462.85 crore (accounting for 2.35% of total sales). Sales of Others segment has gone up 226.98% to Rs 2.06 crore (accounting for 0.01% of total sales). Sales of Financial Services segment has gone up 12.51% to Rs 2,238.62 crore (accounting for 11.38% of total sales). Inter-segment sales came down from Rs 270.63 crore to Rs 246.30 crore. Profit before interest, tax and other unallocable items (PBIT) has slumped 4.60% to Rs 981.43 crore. PBIT of Automotive Vehicles & Parts segment rose 9.04% to Rs 883.87 crore (accounting for 90.06% of total PBIT). PBIT of Automotive Components reported loss of Rs 7.11 crore compared to profit of Rs 17.06 crore. PBIT of Others segment rose 550.00% to Rs 0.13 crore (accounting for 0.01% of total PBIT). PBIT of Financial Services segment fell 48.01% to Rs 104.54 crore (accounting for 10.65% of total PBIT). PBIT margin of Automotive Vehicles & Parts segment rose from 4.88% to 5.21%. PBIT margin of Automotive Components segment fell from 3.23% to 1.54%. PBIT margin of Others segment rose from 3.17% to 6.31%. PBIT margin of Financial Services segment fell from 10.11% to 4.67%. Overall PBIT margin fell from 5.38% to 4.99%. Operating profit margin has declined from 12.06% to 11.52%, leading to 1.55% decline in operating profit to Rs 2,237.83 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 63.96% to 65.40%. Purchase of finished goods cost fell from 1.38% to 1.16%. Employee cost increased from 8.17% to 8.70%. Other expenses fell from 14.44% to 13.22%. Other income fell 8.89% to Rs 47.22 crore. PBIDT fell 1.71% to Rs 2285.05 crore. Provision for interest rose 3.15% to Rs 881.49 crore. Loan funds rose to Rs 9,597.93 crore as of 31 March 2021 from Rs 9,243.83 crore as of 31 March 2020. Inventories rose to Rs 1,367.43 crore as of 31 March 2021 from Rs 1,188.47 crore as of 31 March 2020. Sundry debtors were lower at Rs 1,029.26 crore as of 31 March 2021 compared to Rs 1,454.36 crore as of 31 March 2020. Cash and bank balance rose to Rs 1,656.85 crore as of 31 March 2021 from Rs 1,107.57 crore as of 31 March 2020. Investments rose to Rs 468.01 crore as of 31 March 2021 from Rs 370.91 crore as of 31 March 2020 . PBDT fell 4.54% to Rs 1403.56 crore. Provision for depreciation rose 1.59% to Rs 564.82 crore. Fixed assets increased to Rs 5,073.51 crore as of 31 March 2021 from Rs 4,628.39 crore as of 31 March 2020. Intangible assets stood at Rs 188.31 crore. Profit before tax down 8.27% to Rs 838.74 crore. Share of profit/loss was 9.78% higher at Rs -7.75 crore. Extraordinary items were increased to Rs -9.36 crore. Provision for tax was expense of Rs 214.13 crore, compared to Rs 218.62 crore. Effective tax rate was 26.06% compared to 25.26%. Minority interest decreased 40.31% to Rs 13.24 crore. Net profit attributable to owners of the company decreased 4.86% to Rs 594.26 crore. Equity capital stood at Rs 47.51 crore as of 31 March 2021 to Rs 47.51 crore as of 31 March 2020. Per share face Value remained same at Rs 1.00. Promoters’ stake was 57.40% as of 31 March 2021 ,compared to 57.40% as of 31 March 2020 . Cash flow from operating activities increased to Rs 1,151.29 crore for year ended March 2021 from Rs 373.43 crore for year ended March 2020. Cash flow used in acquiring fixed assets during the year ended March 2021 stood at Rs 927.98 crore, compared to Rs 1,021.09 crore during the year ended March 2020.
Other Highlights
In Q3 FY22,
company registered total two-wheeler sales of 8.35 Lakh units as against 9.52
Lakh units in the quarter ended December 2020. In Q3 FY22, two-wheeler export
sales grew by 12% on YoY basis.
In Q3 FY22,
Motorcycles registered sales of 4.46 Lakh units as against sales of 4.26 Lakh
units in Q3 FY21, and Scooters
registered sales of 2.56 Lakh units as against 3.11 Lakh units.
For 9M FY22,
the total two-wheeler sales of the Company including exports is 23.23 Lakh
units as against 20.42 Lakh units in 9M FY21. Total three-wheeler sales grew by
57% to 1.30 Lakh units in the nine months ended December 2021 from 0.83 Lakh
units in the nine months ended December 2020.
The total
export of the Company grew by 68% registering sales of 9.38 Lakh units during
the nine months ended December 2021 from 5.57 Lakh units in the nine months
ended December 2020.
| TVS Motor Company : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
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| Particulars | 202112 | 202012 | Var.(%) | 202112 | 202012 | Var.(%) | 202103 | 202003 | Var.(%) |
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| Net Sales (including other operating income) | 6,597.35 | 6,094.91 | 8.24 | 17,770.11 | 13,288.92 | 33.72 | 19,420.82 | 18,849.31 | 3.03 | | OPM (%) | 11.67 | 12.36 | -69 bps | 10.83 | 10.99 | -16 bps | 11.52 | 12.06 | -54 bps | | OP | 769.60 | 753.13 | 2.19 | 1,924.47 | 1,460.13 | 31.80 | 2,237.83 | 2,273.05 | -1.55 | | Other Inc. | 8.87 | 16.65 | -46.73 | 19.32 | 38.58 | -49.92 | 47.22 | 51.83 | -8.89 | | PBIDT | 778.47 | 769.78 | 1.13 | 1,943.79 | 1,498.71 | 29.70 | 2,285.05 | 2,324.88 | -1.71 | | Interest | 234.06 | 220.80 | 6.01 | 677.70 | 672.37 | 0.79 | 881.49 | 854.54 | 3.15 | | PBDT | 544.41 | 548.98 | -0.83 | 1,266.09 | 826.34 | 53.22 | 1,403.56 | 1,470.34 | -4.54 | | Depreciation | 189.78 | 149.6 | 26.86 | 535.91 | 405.39 | 32.20 | 564.82 | 556 | 1.59 | | PBT | 354.63 | 399.38 | -11.20 | 730.18 | 420.95 | 73.46 | 838.74 | 914.34 | -8.27 | | Share of Profit/(Loss) from Associates | 5.1 | -4.27 | LP | 7.11 | -9.88 | LP | -7.75 | -8.59 | 9.78 | | PBT before EO | 359.73 | 395.11 | -8.95 | 737.29 | 411.07 | 79.36 | 830.99 | 905.75 | -8.25 | | EO Income | -0.45 | -1.74 | 74.14 | -38.16 | -3.16 | -1,107.59 | -9.36 | -40.33 | 76.79 | | PBT after EO | 359.28 | 393.37 | -8.67 | 699.13 | 407.91 | 71.39 | 821.63 | 865.42 | -5.06 | | Taxation | 122.72 | 103.68 | 18.36 | 242.92 | 119.6 | 103.11 | 214.13 | 218.62 | -2.05 | | PAT | 236.56 | 289.69 | -18.34 | 456.21 | 288.31 | 58.24 | 607.5 | 646.8 | -6.08 | | Minority Interest (MI) | -11.19 | 6.04 | LP | -23.16 | 4.1 | LP | 13.24 | 22.18 | -40.31 | | Net profit | 247.75 | 283.65 | -12.66 | 479.37 | 284.21 | 68.67 | 594.26 | 624.62 | -4.86 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 247.75 | 283.65 | -12.66 | 479.37 | 284.21 | 68.67 | 594.26 | 624.62 | -4.86 | | EPS (Rs)* | 5.22 | 6.00 | -12.93 | 10.64 | 6.03 | 76.45 | 12.65 | 13.76 | -8.07 | | | * EPS is on current equity of Rs 47.51 crore, Face value of Rs 1, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
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| TVS Motor Company : Consolidated Segment Results | | | Quarter ended | Year to Date | Year ended |
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| % of (Total) | 202112 | 202012 | Var.(%) | % of (Total) | 202112 | 202012 | Var.(%) | % of (Total) | 202103 | 202003 | Var.(%) |
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| Sales | | Automotive Vehicles & Parts | 86.70 | 5,785.38 | 5,442.29 | 6.30 | 86.39 | 15,553.44 | 11,576.71 | 34.35 | 86.25 | 16,963.59 | 16,601.07 | 2.18 | | Automotive Components | 2.36 | 157.73 | 145.57 | 8.35 | 2.55 | 459.28 | 310.81 | 47.77 | 2.35 | 462.85 | 528.60 | -12.44 | | Others | 0.12 | 7.78 | 0.01 | 77,700.00 | 0.07 | 12.54 | 0.05 | 24,980.00 | 0.01 | 2.06 | 0.63 | 226.98 | | Financial Services | 10.82 | 722.02 | 588.72 | 22.64 | 10.99 | 1,979.35 | 1,567.52 | 26.27 | 11.38 | 2,238.62 | 1,989.64 | 12.51 | | Total Reported Sales | 100.00 | 6,672.91 | 6,176.59 | 8.04 | 100.00 | 18,004.61 | 13,455.09 | 33.81 | 100.00 | 19,667.12 | 19,119.94 | 2.86 | | Less: Inter segment revenues | | 75.56 | 81.68 | -7.49 | | 234.50 | 166.17 | 41.12 | | 246.30 | 270.63 | -8.99 | | Net Sales | 100.00 | 6,597.35 | 6,094.91 | 8.24 | 100.00 | 17,770.11 | 13,288.92 | 33.72 | 100.00 | 19,420.82 | 18,849.31 | 3.03 | | PBIT | | Automotive Vehicles & Parts | 88.53 | 346.21 | 368.69 | -6.10 | 96.72 | 783.74 | 504.33 | 55.40 | 90.06 | 883.87 | 810.60 | 9.04 | | Automotive Components | -7.07 | -27.63 | 5.46 | PL | -5.85 | -47.38 | -3.91 | -1,111.76 | -0.72 | -7.11 | 17.06 | PL | | Others | -0.21 | -0.82 | 0.00 | - | 0.14 | 1.15 | 0.03 | 3,733.33 | 0.01 | 0.13 | 0.02 | 550.00 | | Financial Services | 18.74 | 73.30 | 56.20 | 30.43 | 8.99 | 72.82 | 40.26 | 80.87 | 10.65 | 104.54 | 201.07 | -48.01 | | Total PBIT | 100.00 | 391.06 | 430.35 | -9.13 | 100.00 | 810.33 | 540.71 | 49.86 | 100.00 | 981.43 | 1,028.75 | -4.60 | | Less : Interest | | 36.88 | 32.71 | 12.75 | | 118.31 | 122.92 | -3.75 | | 152.05 | 154.74 | -1.74 | | Add: Other un-allcoable | | 5.10 | -4.27 | LP | | 7.11 | -9.88 | LP | | -7.75 | -8.59 | 9.78 | | PBIT Margin(%) | | Automotive Vehicles & Parts | | 5.98 | 6.77 | -79.03 | | 5.04 | 4.36 | 68.26 | | 5.21 | 4.88 | 32.76 | | Automotive Components | | -17.52 | 3.75 | -2,126.80 | | -10.32 | -1.26 | -905.81 | | -1.54 | 3.23 | -476.35 | | Others | | -10.54 | 0.00 | -1,053.98 | | 9.17 | 60.00 | -5,082.93 | | 6.31 | 3.17 | 313.61 | | Financial Services | | 10.15 | 9.55 | 60.59 | | 3.68 | 2.57 | 111.06 | | 4.67 | 10.11 | -543.60 | | PBT | 100.00 | 359.28 | 393.37 | -8.67 | 100.00 | 699.13 | 407.91 | 71.39 | 100.00 | 821.63 | 865.42 | -5.06 |
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