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TVS: Underperformance continues

May 31, 2005

TVS motors, the third largest manufacturer of motorcycles in India, announced its results for the fourth quarter and FY05 yesterday. For FY05, the topline grew by mere 2% YoY. Burdened by rising input costs and wage bill, the bottomline for the full year declined by 1% YoY. The results for the final quarter are not comparable as 4QFY04 includes the operations of the engine component business of erstwhile Lakshmi Auto Components Limited (LAC) for the period April 03 to March04, pursuant to merger of the same with the company.

(Rs m) 4QFY04 4QFY05 Change FY04 FY05 Change
Net sales 7,211 7182.7 -0.4% 28,202 28,759 2.0%
Expenditure 6,393 6833 6.9% 25,608 26,643 4.0%
Operating Profit (EBDITA) 818 350 -57.2% 2,594 2,116 -18.4%
Operating Profit Margin (%) 11.3% 4.9%   9.2% 7.4%  
Other Income 88 512 482.0% 362 793 119.1%
Interest 0 0 12 8 -34.2%
Depreciation 260 239 -8.3% 799 896 12.2%
Profit before Tax 646 623 -3.5% 2,145 2,005 -6.6%
Extraordinary items - - - -
Tax 227 153 -32.5% 760 629 -17.3%
Profit after Tax/(Loss) 419 470 12.2% 1,385 1,376 -0.7%
Net profit margin (%) 5.8% 6.5%   4.9% 4.8%  
No. of Shares (m) 237.5 237.5   237.5 237.5  
Diluted earnings per share (Rs)* 7.1 7.9   5.8 5.8  
P/E ratio (x)         12.1  
(*annualised)            

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