For
the quarter ending Dec 2023, consolidated Net sales (including other operating income) of TVS Motor Company has increased 25.39% to Rs 10113.94 crore compared to quarter ended Dec 2022. Sales of Automotive Vehicles & Parts segment has gone up 23.99% to Rs 8,509.45 crore (accounting for 83.31% of total sales). Sales of Automotive Components segment has gone down 7.81% to Rs 177.94 crore (accounting for 1.74% of total sales). Sales of Others segment has gone down 50.00% to Rs 0.01 crore (accounting for 0.00% of total sales). Sales of Financial Services segment has gone up 39.61% to Rs 1,527.14 crore (accounting for 14.95% of total sales). Inter-segment sales rose Rs 83.58 crore to Rs 100.60 crore. Profit before interest, tax and other unallocable items (PBIT) has jumped 57.81% to Rs 824.66 crore. PBIT of Automotive Vehicles & Parts segment rose 54.85% to Rs 589.85 crore (accounting for 71.53% of total PBIT). PBIT of Automotive Components segment fell 46.90% to Rs 6.00 crore (accounting for 0.73% of total PBIT). PBIT of Others reported loss of Rs 0.01 crore compared to profit of Rs 0.01 crore. PBIT of Financial Services segment rose 75.56% to Rs 228.82 crore (accounting for 27.75% of total PBIT).
PBIT margin of Automotive Vehicles & Parts segment rose from 5.55% to 6.93%. PBIT margin of Automotive Components segment fell from 5.85% to 3.37%. PBIT margin of Others segment fell from 50.00% to 100.00%. PBIT margin of Financial Services segment rose from 11.92% to 14.98%. Overall PBIT margin rose from 6.41% to 8.07%.
Operating profit margin has jumped from 12.67% to 14.71%, leading to 45.61% rise in operating profit to Rs 1,487.97 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 60.76% to 58.64%. Purchase of finished goods cost fell from 3.75% to 2.31%. Employee cost decreased from 8.80% to 8.68%. Other expenses rose from 14.16% to 15.29%. Other income rose 33.03% to Rs 11.88 crore. PBIDT rose 45.50% to Rs 1499.85 crore. Provision for interest rose 45.68% to Rs 494.44 crore.
PBDT rose 45.41% to Rs 1005.41 crore. Provision for depreciation rose 12.28% to Rs 242.42 crore.
Profit before tax grew 60.45% to Rs 762.99 crore. Share of profit/loss was 16.21% lower at Rs -12.76 crore. Provision for tax was expense of Rs 240.62 crore, compared to Rs 160.2 crore. Effective tax rate was 32.07% compared to 34.54%.
Minority interest increased 1,022.18% to Rs 30.86 crore. Net profit attributable to owners of the company increased 59.11% to Rs 478.75 crore. Promoters’ stake was 50.27% as of 31 December 2023 ,compared to 50.27% as of 31 December 2022 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of TVS Motor Company has increased 21.55% to Rs 29102.27 crore. Sales of Automotive Vehicles & Parts segment has gone up 18.91% to Rs 24,570.66 crore (accounting for 83.56% of total sales). Sales of Automotive Components segment has gone down 11.31% to Rs 562.13 crore (accounting for 1.91% of total sales). Sales of Others segment has gone down 98.69% to Rs 0.05 crore (accounting for 0.00% of total sales). Sales of Financial Services segment has gone up 46.25% to Rs 4,272.79 crore (accounting for 14.53% of total sales). Inter-segment sales rose Rs 280.41 crore to Rs 303.36 crore.
Profit before interest, tax and other unallocable items (PBIT) has jumped 40.20% to Rs 2,294.58 crore. PBIT of Automotive Vehicles & Parts segment rose 32.77% to Rs 1,704.22 crore (accounting for 74.27% of total PBIT). PBIT of Automotive Components reported profit of Rs 26.30 crore compared to loss of Rs 22.74 crore. PBIT of Others segment fell 99.56% to Rs 0.03 crore (accounting for 0.00% of total PBIT). PBIT of Financial Services segment rose 52.86% to Rs 564.03 crore (accounting for 24.58% of total PBIT).
PBIT margin of Automotive Vehicles & Parts segment rose from 6.21% to 6.94%. PBIT margin of Automotive Components segment rose from negative 3.59% to 4.68%. PBIT margin of Others segment fell from 179.00% to 60.00%. PBIT margin of Financial Services segment rose from 12.63% to 13.20%. Overall PBIT margin rose from 6.76% to 7.80%.
Operating profit margin has jumped from 12.59% to 13.95%, leading to 34.68% rise in operating profit to Rs 4,058.44 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 62.86% to 60.14%. Purchase of finished goods cost fell from 3.13% to 2.85%. Employee cost decreased from 8.83% to 8.57%. Other expenses rose from 12.68% to 14.59%. Other income rose 110.77% to Rs 149.35 crore. PBIDT rose 36.42% to Rs 4207.79 crore. Provision for interest rose 45.91% to Rs 1414.76 crore.
PBDT rose 32.08% to Rs 2793.03 crore. Provision for depreciation rose 12.65% to Rs 706.41 crore.
Profit before tax grew 40.26% to Rs 2,086.62 crore. Share of profit/loss was 5.93% higher at Rs -34.09 crore. Provision for tax was expense of Rs 685.52 crore, compared to Rs 475.74 crore. Effective tax rate was 33.40% compared to 32.82%.Net profit attributable to owners of the company increased 30.91% to Rs 1,299.39 crore.
Promoters’ stake was 50.27% as of 31 December 2023 ,compared to 50.27% as of 31 December 2022 .
Full year results analysis.
Net sales (including other operating income) of TVS Motor Company has increased 31.28% to Rs 31973.99 crore. Sales of Automotive Vehicles & Parts segment has gone up 28.79% to Rs 27,368.31 crore (accounting for 84.59% of total sales). Sales of Automotive Components segment has gone up 25.36% to Rs 826.21 crore (accounting for 2.55% of total sales). Sales of Others segment has gone down 77.80% to Rs 3.82 crore (accounting for 0.01% of total sales). Sales of Financial Services segment has gone up 51.30% to Rs 4,156.35 crore (accounting for 12.85% of total sales). Inter-segment sales rose Rs 318.08 crore to Rs 380.70 crore. Profit before interest, tax and other unallocable items (PBIT) has jumped 78.04% to Rs 2,176.37 crore. PBIT of Automotive Vehicles & Parts segment rose 47.38% to Rs 1,679.47 crore (accounting for 77.17% of total PBIT). PBIT of Automotive Components segment rose 75.66% to Rs -15.39 crore (accounting for -0.71% of total PBIT). PBIT of Others reported profit of Rs 3.30 crore compared to loss of Rs 2.15 crore. PBIT of Financial Services segment rose 243.38% to Rs 508.99 crore (accounting for 23.39% of total PBIT).
PBIT margin of Automotive Vehicles & Parts segment rose from 5.36% to 6.14%. PBIT margin of Automotive Components segment rose from negative 9.60% to negative 1.86%. PBIT margin of Others segment rose from negative 12.49% to 86.39%. PBIT margin of Financial Services segment rose from 5.40% to 12.25%. Overall PBIT margin rose from 4.95% to 6.73%.
Operating profit margin has jumped from 11.31% to 12.72%, leading to 47.66% rise in operating profit to Rs 4,067.38 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 64.75% to 62.58%. Purchase of finished goods cost rose from 2.35% to 2.77%. Employee cost increased from 8.63% to 9.00%. Other expenses fell from 13.08% to 12.98%. Other income rose 319.84% to Rs 138 crore. PBIDT rose 50.87% to Rs 4205.38 crore. Provision for interest rose 45.49% to Rs 1367.89 crore. Loan funds declined from Rs 15,827.21 crore as of 31 March 2022 to Rs 13,311.50 crore as of 31 March 2023. Inventories rose to Rs 1,921.51 crore as of 31 March 2023 from Rs 1,642.36 crore as of 31 March 2022. Sundry debtors were higher at Rs 1,232.20 crore as of 31 March 2023 compared to Rs 1,155.24 crore as of 31 March 2022. Cash and bank balance rose to Rs 1,879.11 crore as of 31 March 2023 from Rs 1,535.61 crore as of 31 March 2022. Investments rose to Rs 967.25 crore as of 31 March 2023 from Rs 604.56 crore as of 31 March 2022 .
PBDT rose 53.60% to Rs 2837.49 crore. Provision for depreciation rose 15.62% to Rs 858.86 crore. Fixed assets increased to Rs 5,894.43 crore as of 31 March 2023 from Rs 4,835.86 crore as of 31 March 2022. Intangible assets declined from Rs 1,690.31 crore to Rs 597.05 crore.
Profit before tax grew 79.16% to Rs 1,978.63 crore. Extraordinary items were increased to Rs -1.87 crore. Provision for tax was expense of Rs 626.57 crore, compared to Rs 335.91 crore. Effective tax rate was 32.36% compared to 31.49%.
Minority interest increased 25.94% to Rs -19.21 crore. Net profit attributable to owners of the company increased 75.56% to Rs 1,328.67 crore.
Equity capital stood at Rs 47.51 crore as of 31 March 2023 to Rs 47.51 crore as of 31 March 2022. Per share face Value remained same at Rs 1.00.
Promoters’ stake was 50.27% as of 31 March 2023 ,compared to 50.81% as of 31 March 2022 .
Cash flow from operating activities decreased to negative Rs -4,404.83 crore for year ended March 2023 from negative Rs -1,560.16 crore for year ended March 2022. Cash flow used in acquiring fixed assets during the year ended March 2023 stood at Rs 1,340.77 crore, compared to Rs 984.86 crore during the year ended March 2022.
Other Highlights
The Company reported total two-wheeler
sales at 10.63 Lakh units in December 2023 quarter as against 8.36 Lakh units
in the quarter ended December 2022. Two-wheeler exports registered 2.16 Lakh
units as against 2.07 Lakh units in December 2022.
Two-wheeler sales including exports grew by
13% registering 30.13 Lakh units in the nine months ended December 2023 as
against 26.74 Lakh units registered in the nine months ended December 2022. The
Company recorded two-wheeler exports of 6.52 Lakh units in the nine months
ended December 2023 as against 7.54 Lakh units in the nine months ended
December 2022.
Motorcycle sales grew by 10% registering
14.79 Lakh units in the nine months ended December 2023 as against 13.45 Lakh
units in nine months ended December 2022. Scooter sales grew by 18% registering
11.74 Lakh units as against the sales of 9.94 Lakh units in the nine months
ended December 2022.
Total three-wheelers registered sales of
0.38 Lakh units in the quarter ended December 2023 as against 0.43 Lakh units
in the quarter ended December 2022.
Total three-wheeler sales are at 1.16 Lakh
units for the nine months ended December 2023 as against 1.40 Lakh units during
nine months ended December 2022.
Electric vehicles registered sales of 0.48
Lakh units in the quarter ended December 2023 as against 0.29 Lakh units during
the quarter ended December 2022.
Electric vehicles registered sales of 1.44
Lakh units for the nine months ended December 2023 as against 0.54 Lakh units
during the nine months ended December 2022.