For
the quarter ending sept 2022, consolidated net sales (including other operating income) of TVS Motor Company has increased 32.04% to Rs 8560.76 crore compared to quarter ended sept 2021. Sales of Automotive Vehicles & Parts segment has gone up 30.24% to Rs 7,473.10 crore (accounting for 86.18% of total sales). Sales of Automotive Components segment has gone up 33.94% to Rs 237.15 crore (accounting for 2.73% of total sales). Sales of Others segment has gone down 99.22% to Rs 0.02 crore (accounting for 0.00% of total sales). Sales of Financial Services segment has gone up 45.69% to Rs 961.07 crore (accounting for 11.08% of total sales). Inter-segment sales rose Rs 93.89 crore to Rs 110.58 crore. Profit before interest, tax and other unallocable items (PBIT) has jumped 59.95% to Rs 616.33 crore. PBIT of Automotive Vehicles & Parts segment rose 34.16% to Rs 494.49 crore (accounting for 80.23% of total PBIT). PBIT of Automotive Components segment rose 69.24% to Rs -6.14 crore (accounting for -1.00% of total PBIT). PBIT of Others segment fell 99.29% to Rs 0.02 crore (accounting for 0.00% of total PBIT). PBIT of Financial Services segment rose 277.80% to Rs 127.96 crore (accounting for 20.76% of total PBIT).
PBIT margin of Automotive Vehicles & Parts segment rose from 6.42% to 6.62%. PBIT margin of Automotive Components segment rose from negative 11.27% to negative 2.59%. PBIT margin of Others segment fell from 110.55% to 100.00%. PBIT margin of Financial Services segment rose from 5.13% to 13.31%. Overall PBIT margin rose from 5.86% to 7.11%.
Operating profit margin has jumped from 11.41% to 12.69%, leading to 46.84% rise in operating profit to Rs 1,086.32 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 66.89% to 64.51%. Purchase of finished goods cost rose from 1.23% to 2.66%. Employee cost increased from 8.10% to 8.69%. Other expenses fell from 12.55% to 11.58%. Other income rose 284.02% to Rs 29.8 crore. PBIDT rose 49.30% to Rs 1116.12 crore. Provision for interest rose 51.96% to Rs 338.28 crore. Loan funds rose to Rs 18,674.62 crore as of 30 September 2022 from Rs 9,838.49 crore as of 30 September 2021. Inventories declined from Rs 1,659.15 crore as of 30 September 2021 to Rs 1,634.49 crore as of 30 September 2022. Sundry debtors were higher at Rs 1,404.38 crore as of 30 September 2022 compared to Rs 1,157.88 crore as of 30 September 2021. Cash and bank balance rose to Rs 2,226.71 crore as of 30 September 2022 from Rs 1,740.85 crore as of 30 September 2021. Investments rose to Rs 766.50 crore as of 30 September 2022 from Rs 511.03 crore as of 30 September 2021 .
PBDT rose 48.18% to Rs 777.84 crore. Provision for depreciation rose 16.47% to Rs 212.32 crore. Fixed assets increased to Rs 5,094.33 crore as of 30 September 2022 from Rs 4,641.71 crore as of 30 September 2021. Intangible assets declined from Rs 1,041.44 crore to Rs 597.91 crore.
Profit before tax grew 65.05% to Rs 565.52 crore. Extraordinary items were increased to Rs -0.09 crore. Provision for tax was expense of Rs 176.33 crore, compared to Rs 108.85 crore. Effective tax rate was 32.08% compared to 31.71%.
Minority interest decreased 65.51% to Rs -12.91 crore. Net profit attributable to owners of the company increased 59.52% to Rs 386.31 crore. Equity capital stood at Rs 47.51 crore as of 30 September 2022 to Rs 47.51 crore as of 30 September 2021. Per share face Value remained same at Rs 1.00.
Promoters’ stake was 50.81% as of 30 September 2022 ,compared to 52.26% as of 30 September 2021 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of TVS Motor Company has increased 42.10% to Rs 15876.46 crore. Sales of Automotive Vehicles & Parts segment has gone up 41.29% to Rs 13,801.10 crore (accounting for 85.86% of total sales). Sales of Automotive Components segment has gone up 46.17% to Rs 440.77 crore (accounting for 2.74% of total sales). Sales of Others segment has gone down 20.38% to Rs 3.79 crore (accounting for 0.02% of total sales). Sales of Financial Services segment has gone up 45.36% to Rs 1,827.63 crore (accounting for 11.37% of total sales). Inter-segment sales rose Rs 158.94 crore to Rs 196.83 crore.
Profit before interest, tax and other unallocable items (PBIT) has jumped 165.72% to Rs 1,114.10 crore. PBIT of Automotive Vehicles & Parts segment rose 106.31% to Rs 902.68 crore (accounting for 81.02% of total PBIT). PBIT of Automotive Components segment fell 72.35% to Rs -34.04 crore (accounting for -3.06% of total PBIT). PBIT of Others segment rose 245.69% to Rs 6.81 crore (accounting for 0.61% of total PBIT). PBIT of Financial Services reported profit of Rs 238.65 crore compared to loss of Rs 0.48 crore.
PBIT margin of Automotive Vehicles & Parts segment rose from 4.48% to 6.54%. PBIT margin of Automotive Components segment fell from negative 6.55% to negative 7.72%. PBIT margin of Others segment rose from 41.39% to 179.68%. PBIT margin of Financial Services segment rose from negative 0.04% to 13.06%. Overall PBIT margin rose from 3.70% to 6.93%.
Operating profit margin has jumped from 10.34% to 12.54%, leading to 72.45% rise in operating profit to Rs 1,991.58 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 66.03% to 63.93%. Purchase of finished goods cost rose from 1.15% to 2.81%. Employee cost decreased from 8.96% to 8.84%. Other expenses fell from 13.71% to 11.92%. Other income rose 492.63% to Rs 61.93 crore. PBIDT rose 76.22% to Rs 2053.51 crore. Provision for interest rose 42.06% to Rs 630.23 crore. Loan funds rose to Rs 18,674.62 crore as of 30 September 2022 from Rs 9,838.49 crore as of 30 September 2021. Inventories declined from Rs 1,659.15 crore as of 30 September 2021 to Rs 1,634.49 crore as of 30 September 2022. Sundry debtors were higher at Rs 1,404.38 crore as of 30 September 2022 compared to Rs 1,157.88 crore as of 30 September 2021. Cash and bank balance rose to Rs 2,226.71 crore as of 30 September 2022 from Rs 1,740.85 crore as of 30 September 2021. Investments rose to Rs 766.50 crore as of 30 September 2022 from Rs 511.03 crore as of 30 September 2021 .
PBDT rose 97.22% to Rs 1423.28 crore. Provision for depreciation rose 18.79% to Rs 411.17 crore. Fixed assets increased to Rs 5,094.33 crore as of 30 September 2022 from Rs 4,641.71 crore as of 30 September 2021. Intangible assets declined from Rs 1,041.44 crore to Rs 597.91 crore.
Profit before tax grew 169.50% to Rs 1,012.11 crore. Extraordinary items were increased to Rs -1.16 crore. Provision for tax was expense of Rs 315.54 crore, compared to Rs 120.2 crore. Effective tax rate was 32.01% compared to 35.37%.Minority interest decreased 79.87% to Rs -21.53 crore. Net profit attributable to owners of the company increased 198.63% to Rs 691.68 crore.
Equity capital stood at Rs 47.51 crore as of 30 September 2022 to Rs 47.51 crore as of 30 September 2021. Per share face Value remained same at Rs 1.00.
Promoters’ stake was 50.81% as of 30 September 2022 ,compared to 52.26% as of 30 September 2021 .
Cash flow from operating activities decreased to negative Rs -1,953.15 crore for YTD ended September 2022 from negative Rs -350.97 crore for YTD ended September 2021. Cash flow used in acquiring fixed assets during the YTD ended September 2022 stood at Rs 492.51 crore, compared to Rs 331.62 crore during the YTD ended September 2021.
Full year results analysis.
Net sales (including other operating income) of TVS Motor Company has increased 25.41% to Rs 24355.31 crore. Sales of Automotive Vehicles & Parts segment has gone up 25.27% to Rs 21,249.99 crore (accounting for 86.13% of total sales). Sales of Automotive Components segment has gone up 42.39% to Rs 659.07 crore (accounting for 2.67% of total sales). Sales of Others segment has gone up 735.44% to Rs 17.21 crore (accounting for 0.07% of total sales). Sales of Financial Services segment has gone up 22.71% to Rs 2,747.12 crore (accounting for 11.13% of total sales). Inter-segment sales rose Rs 246.30 crore to Rs 318.08 crore. Profit before interest, tax and other unallocable items (PBIT) has jumped 24.55% to Rs 1,222.39 crore. PBIT of Automotive Vehicles & Parts segment rose 28.93% to Rs 1,139.55 crore (accounting for 93.22% of total PBIT). PBIT of Automotive Components segment fell 789.45% to Rs -63.24 crore (accounting for -5.17% of total PBIT). PBIT of Others reported loss of Rs 2.15 crore compared to profit of Rs 0.13 crore. PBIT of Financial Services segment rose 41.79% to Rs 148.23 crore (accounting for 12.13% of total PBIT).
PBIT margin of Automotive Vehicles & Parts segment rose from 5.21% to 5.36%. PBIT margin of Automotive Components segment fell from negative 1.54% to negative 9.60%. PBIT margin of Others segment fell from 6.31% to 12.49%. PBIT margin of Financial Services segment rose from 4.67% to 5.40%. Overall PBIT margin fell from 4.99% to 4.95%.
Operating profit margin has declined from 11.52% to 11.31%, leading to 23.09% rise in operating profit to Rs 2,754.63 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 65.40% to 64.75%. Purchase of finished goods cost rose from 1.16% to 2.35%. Employee cost decreased from 8.70% to 8.63%. Other expenses fell from 13.22% to 13.08%. Other income fell 30.39% to Rs 32.87 crore. PBIDT rose 21.99% to Rs 2787.5 crore. Provision for interest rose 6.66% to Rs 940.22 crore. Loan funds rose to Rs 15,827.21 crore as of 31 March 2022 from Rs 12,179.16 crore as of 31 March 2021. Inventories rose to Rs 1,642.36 crore as of 31 March 2022 from Rs 1,367.43 crore as of 31 March 2021. Sundry debtors were higher at Rs 1,155.24 crore as of 31 March 2022 compared to Rs 1,029.26 crore as of 31 March 2021. Cash and bank balance declined from Rs 1,656.85 crore as of 31 March 2021 to Rs 1,535.61 crore as of 31 March 2022. Investments rose to Rs 604.56 crore as of 31 March 2022 from Rs 468.01 crore as of 31 March 2021 .
PBDT rose 31.61% to Rs 1847.28 crore. Provision for depreciation rose 31.52% to Rs 742.86 crore. Fixed assets increased to Rs 5,956.70 crore as of 31 March 2022 from Rs 5,073.51 crore as of 31 March 2021. Intangible assets increased from Rs 188.31 crore to Rs 569.47 crore.
Profit before tax grew 31.68% to Rs 1,104.42 crore. Extraordinary items were decreased to Rs -40.12 crore. Provision for tax was expense of Rs 335.91 crore, compared to Rs 214.13 crore. Effective tax rate was 31.49% compared to 26.06%.
Net profit attributable to owners of the company increased 27.36% to Rs 756.82 crore.
Equity capital stood at Rs 47.51 crore as of 31 March 2022 to Rs 47.51 crore as of 31 March 2021. Per share face Value remained same at Rs 1.00.
Promoters’ stake was 50.81% as of 31 March 2022 ,compared to 57.40% as of 31 March 2021 .
Cash flow from operating activities has turned negative Rs 1,560.16 crore for year ended March 2022 from positive Rs 1,151.29 crore for year ended March 2021. Cash flow used in acquiring fixed assets during the year ended March 2022 stood at Rs 984.86 crore, compared to Rs 927.98 crore during the year ended March 2021.
Other Highlights
The overall two-wheeler and three-wheeler
sales including exports grew by 12% YoY registering 10.27 Lakh units in the
quarter ended September 2022 as against 9.17 Lakh units registered in the quarter
ended September 2021.
Motorcycle sales grew by 9% registering
4.77 Lakh units in the quarter ended September 2022 as against 4.39 Lakh units
in quarter ended September 2021.
Scooter sales for the quarter ended
September 2022 grew by 44% registering 3.83 Lakh units as against the sales of
2.66 Lakh units in the second quarter of 2021-22.
The Company recorded two-wheeler exports of
2.52 Lakh units in the quarter ended September 2022 as against 2.70 Lakh units
in the quarter ended September 2021. Three-wheeler sales for the quarter under
review grew by 7% registering 0.51 Lakh units as against 0.47 Lakh units during
second quarter.
The total two-wheeler sales of the Company
for the half-year ended September 2022 grew by 23% registering 18.38 Lakh units
as against 14.88 Lakh units recorded in the half-year ended September 2021.
The total three-wheeler sales for the
half-year ended September 2022 grew by 12% registering 0.97 Lakh units as
against 0.86 Lakh units registered in the half-year ended September 2021. The
total export of two and three-wheelers for the half-year ended September 2022
is 6.36 Lakh units as against 6.43 Lakh units in the half-year ended September
2021.