TVS MOTORS Announces Quarterly Results (3QFY20); Net Profit Down 32.1%

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TVS MOTORS Announces Quarterly Results (3QFY20); Net Profit Down 32.1%
Wed, 5 Feb

TVS MOTORS has announced its results for the quarter ended December 2019. Here is a detailed performance review of the same:

TVS MOTORS Quarterly Financials

No. of Mths
Qtr. Ending
3
Dec-18*
3
Sep-19*
3
Dec-19*
QoQ ChangeYoY Change
Net SalesRs m46,64043,47841,255-5.1%-11.5%
Other incomeRs m7499-81.8%36.9%
TurnoverRs m46,64643,52741,264-5.2%-11.5%
ExpensesRs m42,88339,65937,622-5.1%-12.3%
Gross profitRs m3,7574,5802,872-37.3%-23.6%
DepreciationRs m1,0121,2411,213-2.3%19.8%
InterestRs m167285211-25.8%26.7%
Profit before taxRs m2,5853,1031,457-53.0%-43.6%
TaxRs m801553247-55.4%-69.2%
Profit after taxRs m1,7842,5501,211-52.5%-32.1%
Gross profit margin%8.110.57.0
Effective tax rate%31.017.816.9
Net profit margin%3.85.92.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster


Year-on-Year Performance:
  • The company's operating income during the quarter fell 11.5% on a year-on-year (YoY) basis. The expenses were down by 12.3% YoY during the same period.
  • The company's operating profit declined by 23.6% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 7.0% in 3QFY20 as against 8.1% in 3QFY19.
  • Depreciation charges increased by 19.8% and finance costs increased by 26.7% YoY, respectively.
  • Other income increased by 36.9% YoY during the quarter.
  • Net profit for the quarter declined by 32.1% YoY. Net profit margins during the quarter declined from 3.8% in 3QFY19 to 2.9% in 3QFY20.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter fell 5.1% on a quarter-on-quarter (QoQ) basis. The expenses were down by 5.1% QoQ during the same period.
  • The company's operating profit declined by 37.3% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 7.0% in 3QFY20 as against 10.5% in 2QFY19.
  • Net profit for the quarter declined by 52.5% QoQ, while net profit margins declined from 5.9% in 2QFY19 to 2.9% in 3QFY20.

To see how TVS MOTORS has performed over the last eight quarters,please visit here.

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TVS MOTORS Share Price Performance

Over the last one year,TVS MOTORS share price has moved down from Rs 497.8 to Rs 470.0, registering a Loss of Rs 27.8 or around 5.6%.

Meanwhile, the S&P BSE AUTO Index is trading at Rs 18,351.1 (up 0.9%). Over the last one year it has moved down from 19,049.4 to 18,351.1, a gain of 698 points (down 3.7%).

Overall, the S&P BSE SENSEX is up 12.1% over the year.

Current Valuations

At the current price of Rs 470.0, the price to earnings (P/E) ratio of TVS MOTORS stands at 34.2 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 7.0 times.

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For the quarter ended March 2020, TVS MOTORS has posted a net profit of Rs 739 m (down 44.8% YoY). Sales on the other hand came in at Rs 35 bn (down 20.6% YoY). Read on for a complete analysis of TVS MOTORS's quarterly results.

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