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TVS Motors: Not quite cruising

Jun 28, 2004

TVS Motors, India's third largest manufacturer of motorcycles has experienced pressure at the topline levels in its FY04 results. It has grown at a modest 4% on a YoY basis. The bottomline has grown at a higher rate of 9%, thanks mainly to a significant 77% increase in other income. For the fourth quarter, while the topline grew by 9% YoY, there has been a 12% rise at the net profit levels. Though the net profit growth was above our estimate, margins and topline growth was in line with our projections.

(Rs m) 4QFY03 4QFY04 Change FY03 FY04 Change
Net sales 6,633 7,211 8.7% 27,051 28,202 4.3%
Other Income 80 88 9.8% 205 362 76.9%
Expenditure 5,966 6,393 7.1% 24,413 25,608 4.9%
Operating Profit (EBDIT) 667 818 22.7% 2,638 2,594 -1.7%
Operating Profit Margin (%) 10.1% 11.3%   9.8% 9.2%  
Interest 4 0 -97.6% 31 12 -61.3%
Depreciation 178 260 46.0% 801 799 -0.2%
Profit before Tax 564 646 14.4% 2,011 2,145 6.7%
Extraordinary items - - - - - -
Tax 189 227 20.0% 734 760 3.5%
Profit after Tax/(Loss) 375 419 11.6% 1,277 1,385 8.5%
Net profit margin (%) 5.7% 5.8%   4.7% 4.9%  
No. of Shares (m) 23.1 237.5   23.1 237.5  
Diluted earnings per share (Rs)* 6.3 7.1   5.4 5.8  
P/E ratio (x)         12.2  
(*annualised)            

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