TVS Motor: 'Pep' restricts the damage - Views on News from Equitymaster

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TVS Motor: 'Pep' restricts the damage

Mar 3, 2004

TVS Motor (formerly TVS Suzuki), the third largest two-wheeler manufacturer in the country, announced its 3QFY04 results last month. If the YoY growth is any indication, the company seems to have experienced pressure on both its topline as well as bottomline during the period under consideration. While the topline of the company has suffered a YoY decline of 5%, the bottomline has fallen at a faster rate (down 15% YoY).

(Rs m) 3QFY03 3QFY04 Change 9mFY03 9mFY04 Change
Net sales 7,068 6,721 -4.9% 20,418 20,991 2.8%
Other income 66 98 49.8% 125 275 119.9%
Expenditure 6,451 6,224 -3.5% 18,624 19,215 3.2%
Operating profit (EBDITA) 617 497 -19.4% 1,795 1,776 -1.0%
Operating profit margin (%) 8.7% 7.4%   8.8% 8.5%  
Interest (7) (13) 74.0% 27 12 -55.1%
Depreciation 160 181 13.0% 446 539 21.0%
Profit before tax 530 427 -19.4% 1,447 1,499 3.6%
Tax 205 152 -25.7% 546 534 -2.1%
Profit after tax/(loss) 325 275 -15.4% 901 966 7.2%
Net profit margin (%) 4.6% 4.1%   4.4% 4.6%  
No. of shares (m) 231.0 231.0   231.0 231.0  
Diluted earnings per share (Rs)* 5.6 4.8   5.2 5.6  
P/E ratio (x)   21.8     18.7  
(* annualised)            

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Oct 1, 2020 01:21 PM

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