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TVS Motor: Tumultuous times! - Views on News from Equitymaster
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TVS Motor: Tumultuous times!
Jun 29, 2007

TVS Motor, the smallest of the big three in the Indian two-wheeler space announced its FY07 and 4QFY07 results yesterday and as expected, especially after taking cues from the results of its bigger peers, has put up a rather disappointing show. Facing severe margin pressure, the company’s bottomline has tumbled by a huge 69% YoY on a 10% YoY growth in topline during the quarter. For the full year, the fall in bottomline has come at a little lower 43% YoY on the back of a sizeable 19% jump in topline. Here again, it is the 270 basis points fall in operating margins that has proved to be the main culprit.

(Rs m) 4QFY06 4QFY07 Change FY06 FY07 Change
Units sold 350,689 369,464 5.4% 1,342,203 1,528,665 13.9%
Net sales 8,393 9,199 9.6% 32,350 38,550 19.2%
Expenditure 7,911 9,098 15.0% 30,305 37,177 22.7%
Operating profit (EBDITA) 482 101 -79.1% 2,045 1,373 -32.9%
EBDITA margin (%) 5.7% 1.1%   6.3% 3.6%  
Other income 214 270 26.3% 710 732 3.1%
Interest (net) 46 113 148.0% 131 321 144.5%
Depreciation 240 154 -35.8% 939 876 -6.7%
Profit before tax 410 103 -74.8% 1,685 909 -46.1%
Tax 120 13 -89.1% 515 243 -52.9%
Profit after tax/(loss) 291 90 -68.9% 1,170 666 -43.1%
Net profit margin (%) 3.5% 1.0%   3.6% 1.7%  
No. of shares (m) 237.5 237.5   237.5 237.5  
Diluted earnings per share (Rs)* 4.9 1.5   4.9 2.8  
Price to earnings ratio (x)**         22.8  

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