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For the
quarter ending March 2022, consolidated net sales (including other operating income) of TVS Motor Company has increased 7.39% to Rs 6585.2 crore compared to quarter ended march 2021. Sales of Automotive Vehicles & Parts segment has gone up 5.75% to Rs 5,696.55 crore (accounting for 85.42% of total sales). Sales of Automotive Components segment has gone up 31.41% to Rs 199.79 crore (accounting for 3.00% of total sales). Sales of Others segment has gone up 132.34% to Rs 4.67 crore (accounting for 0.07% of total sales). Sales of Financial Services segment has gone up 14.40% to Rs 767.77 crore (accounting for 11.51% of total sales). Inter-segment sales rose Rs 80.13 crore to Rs 83.58 crore. Profit before interest, tax and other unallocable items (PBIT) has slumped 6.50% to Rs 412.06 crore. PBIT of Automotive Vehicles & Parts segment fell 6.25% to Rs 355.81 crore (accounting for 86.35% of total PBIT). PBIT of Automotive Components segment fell 395.63% to Rs -15.86 crore (accounting for -3.85% of total PBIT). PBIT of Others reported loss of Rs 3.30 crore compared to profit of Rs 0.10 crore. PBIT of Financial Services segment rose 17.31% to Rs 75.41 crore (accounting for 18.30% of total PBIT). PBIT margin of Automotive Vehicles & Parts segment fell from 7.05% to 6.25%. PBIT margin of Automotive Components segment fell from negative 2.10% to negative 7.94%. PBIT margin of Others segment fell from 4.98% to 70.66%. PBIT margin of Financial Services segment rose from 9.58% to 9.82%. Overall PBIT margin fell from 7.09% to 6.18%. Operating profit margin has declined from 12.68% to 12.61%, leading to 6.75% rise in operating profit to Rs 830.16 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 65.43% to 62.83%. Purchase of finished goods cost rose from 1.22% to 5.18%. Employee cost increased from 7.39% to 8.15%. Other expenses fell from 13.35% to 11.83%. Other income rose 56.83% to Rs 13.55 crore. PBIDT rose 7.30% to Rs 843.71 crore. Provision for interest rose 25.54% to Rs 262.52 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 0.69% to Rs 581.19 crore. Provision for depreciation rose 29.81% to Rs 206.95 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 down 10.42% to Rs 374.24 crore. Extraordinary items were increased to Rs -1.96 crore. Provision for tax was expense of Rs 92.99 crore, compared to Rs 94.53 crore. Effective tax rate was 25.29% compared to 22.85%. Net profit attributable to owners of the company decreased 10.51% to Rs 277.45 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 .
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 .
Other Highlights
In Q4 FY22,
Motorcycles registered sales of 4.42 Lakh units as against sales of 4.31 Lakh
units in Q4 FY21, and Scooters
registered sales of 2.62 Lakh units as against 2.98 Lakh units.
In FY22, the
overall two and three-wheeler sales of TVS Motor Company, including
international business grew by 8% at 33.10 Lakh units as against 30.52 Lakh
units in FY21.
Motorcycles
sales during FY22 grew by 29% at 17.32 Lakh units as against 13.41 Lakh units
in FY21. Scooter sales registered 9.23 Lakh units in the year ended March 2022
as against 9.61 Lakh units in the year ended March 2021. Three-wheeler sales
grew by 39% at 1.72 Lakh units in the year ended March 2022 as against 1.24
Lakh units in the year ended March 2021.
The
Company’s total sales in international markets recorded a growth of 43%
increasing from 8.79 Lakh units in the year ended March 2021 to 12.53 Lakh
units in the year ended March 2022.
The Board of
Directors of the Company at their meeting held on March 18, 2022 declared the
interim dividend of Rs 3.75 per Share (375%) for FY22.
| TVS Motor Company : Consolidated Results | | | Quarter ended | Year ended |
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| Particulars | 202203 | 202103 | Var.(%) | 202203 | 202103 | Var.(%) |
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| Net Sales (including other operating income) | 6,585.20 | 6,131.90 | 7.39 | 24,355.31 | 19,420.82 | 25.41 | | OPM (%) | 12.61 | 12.68 | -8 bps | 11.31 | 11.52 | -21 bps | | OP | 830.16 | 777.70 | 6.75 | 2,754.63 | 2,237.83 | 23.09 | | Other Inc. | 13.55 | 8.64 | 56.83 | 32.87 | 47.22 | -30.39 | | PBIDT | 843.71 | 786.34 | 7.30 | 2,787.50 | 2,285.05 | 21.99 | | Interest | 262.52 | 209.12 | 25.54 | 940.22 | 881.49 | 6.66 | | PBDT | 581.19 | 577.22 | 0.69 | 1,847.28 | 1,403.56 | 31.61 | | Depreciation | 206.95 | 159.43 | 29.81 | 742.86 | 564.82 | 31.52 | | PBT | 374.24 | 417.79 | -10.42 | 1104.42 | 838.74 | 31.68 | | Share of Profit/(Loss) from Associates | -4.62 | 2.13 | PL | 2.49 | -7.75 | LP | | PBT before EO | 369.62 | 419.92 | -11.98 | 1106.91 | 830.99 | 33.20 | | EO Income | -1.96 | -6.2 | 68.39 | -40.12 | -9.36 | -328.63 | | PBT after EO | 367.66 | 413.72 | -11.13 | 1066.79 | 821.63 | 29.84 | | Taxation | 92.99 | 94.53 | -1.63 | 335.91 | 214.13 | 56.87 | | PAT | 274.67 | 319.19 | -13.95 | 730.88 | 607.5 | 20.31 | | Minority Interest (MI) | -2.78 | 9.14 | LP | -25.94 | 13.24 | LP | | Net profit | 277.45 | 310.05 | -10.51 | 756.82 | 594.26 | 27.36 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 277.45 | 310.05 | -10.51 | 756.82 | 594.26 | 27.36 | | EPS (Rs)* | 5.87 | 6.62 | -11.36 | 16.53 | 12.65 | 30.65 | | | * 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 ended |
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| % of (Total) | 202203 | 202103 | Var.(%) | % of (Total) | 202203 | 202103 | Var.(%) |
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| Sales | | Automotive Vehicles & Parts | 85.42 | 5,696.55 | 5,386.88 | 5.75 | 86.13 | 21,249.99 | 16,963.59 | 25.27 | | Automotive Components | 3.00 | 199.79 | 152.04 | 31.41 | 2.67 | 659.07 | 462.85 | 42.39 | | Others | 0.07 | 4.67 | 2.01 | 132.34 | 0.07 | 17.21 | 2.06 | 735.44 | | Financial Services | 11.51 | 767.77 | 671.10 | 14.40 | 11.13 | 2,747.12 | 2,238.62 | 22.71 | | Total Reported Sales | 100.00 | 6,668.78 | 6,212.03 | 7.35 | 100.00 | 24,673.39 | 19,667.12 | 25.46 | | Less: Inter segment revenues | | 83.58 | 80.13 | 4.31 | | 318.08 | 246.30 | 29.14 | | Net Sales | 100.00 | 6,585.20 | 6,131.90 | 7.39 | 100.00 | 24,355.31 | 19,420.82 | 25.41 | | PBIT | | Automotive Vehicles & Parts | 86.35 | 355.81 | 379.54 | -6.25 | 93.22 | 1,139.55 | 883.87 | 28.93 | | Automotive Components | -3.85 | -15.86 | -3.20 | -395.63 | -5.17 | -63.24 | -7.11 | -789.45 | | Others | -0.80 | -3.30 | 0.10 | PL | -0.18 | -2.15 | 0.13 | PL | | Financial Services | 18.30 | 75.41 | 64.28 | 17.31 | 12.13 | 148.23 | 104.54 | 41.79 | | Total PBIT | 100.00 | 412.06 | 440.72 | -6.50 | 100.00 | 1,222.39 | 981.43 | 24.55 | | Less : Interest | | 39.78 | 29.13 | 36.56 | | 158.09 | 152.05 | 3.97 | | Add: Other un-allcoable | | -4.62 | 2.13 | PL | | 2.49 | -7.75 | LP | | PBIT Margin(%) | | Automotive Vehicles & Parts | | 6.25 | 7.05 | -79.96 | | 5.36 | 5.21 | 15.22 | | Automotive Components | | -7.94 | -2.10 | -583.36 | | -9.60 | -1.54 | -805.92 | | Others | | -70.66 | 4.98 | -7,563.89 | | -12.49 | 6.31 | -1,880.34 | | Financial Services | | 9.82 | 9.58 | 24.36 | | 5.40 | 4.67 | 72.60 | | PBT | 100.00 | 367.66 | 413.72 | -11.13 | 100.00 | 1,066.79 | 821.63 | 29.84 |
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