TVS Motor Company Financial Statements

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Y/e 31 Mar Mar-2020 Mar-2018 Mar-2017 Mar-2016
Growth matrix (%)        
Revenue growth 15.70 30.70 9.54 10.90
Op profit growth 51.90 72.30 6.45 34.80
EBIT growth 39.50 76.80 11.20 44
Net profit growth (4.30) 27.60 19.10 30.70
Profitability ratios (%)        
OPM 12.10 9.19 6.97 7.17
EBIT margin 9.38 7.78 5.76 5.67
Net profit margin 3.31 4 4.10 3.77
RoCE 14 18.20 20.60 22.30
RoNW 5.24 6.67 6.34 6.83
RoA 1.23 2.34 3.67 3.71
Per share ratios ()        
EPS 13.60 14 10.20 8.28
Dividend per share 3.50 3.30 2.50 2.50
Cash EPS 1.44 5.87 4.09 3.51
Book value per share 69.10 56.40 46.60 38.30
Valuation ratios        
P/E 21.80 44.10 42.30 39
P/CEPS 206 105 105 91.80
P/B 4.30 10.90 9.25 8.43
EV/EBIDTA 10.50 22 21 18
Payout (%)        
Dividend payout 32.10 28.90 28 48.60
Tax payout (24) (29) (23) (26)
Liquidity ratios        
Debtor days 24.40 19.90 17.50 14.50
Inventory days 21.70 24.80 29.90 30.50
Creditor days (65) (58) (57) (55)
Leverage ratios        
Interest coverage (2.10) (3.80) (12) (9.20)
Net debt / equity 3.12 2.52 0.57 0.57
Net debt / op. profit 4.51 4.51 1.45 1.27
Cost breakup ()        
Material costs (65) (69) (72) (71)
Employee costs (8.20) (7.10) (6.60) (6.40)
Other costs (14) (14) (15) (16)
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Y/e 31 Mar( In .Cr) Mar-2020 Mar-2018 Mar-2017 Mar-2016
Revenue 18,849 16,295 12,463 11,377
yoy growth (%) 15.70 30.70 9.54 10.90
Raw materials (12,317) (11,292) (8,936) (8,027)
As % of sales 65.30 69.30 71.70 70.60
Employee costs (1,539) (1,150) (828) (731)
As % of sales 8.17 7.06 6.64 6.43
Other costs (2,720) (2,356) (1,829) (1,803)
As % of sales 14.40 14.50 14.70 15.80
Operating profit 2,273 1,497 869 816
OPM 12.10 9.19 6.97 7.17
Depreciation (556) (374) (317) (262)
Interest expense (855) (338) (60) (70)
Other income 51.80 145 165 91.40
Profit before tax 914 930 658 575
Taxes (219) (266) (149) (151)
Tax rate (24) (29) (23) (26)
Minorities and other (22) (12) 1.95 0.51
Adj. profit 674 652 511 424
Exceptional items (40) -- -- --
Net profit 625 652 511 429
yoy growth (%) (4.30) 27.60 19.10 30.70
NPM 3.31 4 4.10 3.77
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Y/e 31 Mar ( In .Cr) Mar-2020 Mar-2018 Mar-2017 Mar-2016
Profit before tax 914 930 658 575
Depreciation (556) (374) (317) (262)
Tax paid (219) (266) (149) (151)
Working capital 5,644 2,925 (60) (26)
Other operating items -- -- -- --
Operating cashflow 5,784 3,216 133 136
Capital expenditure 4,613 2,787 1,491 973
Free cash flow 10,398 6,003 1,623 1,108
Equity raised 3,411 2,809 2,627 2,629
Investments 150 103 807 504
Debt financing/disposal 11,057 6,671 1,085 1,096
Dividends paid 166 157 119 173
Other items -- -- -- --
Net in cash 25,183 15,742 6,262 5,511
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Y/e 31 Mar ( In .Cr) Mar-2020 Mar-2019 Mar-2018 Mar-2017
Equity capital 47.50 47.50 47.50 47.50
Preference capital -- -- -- --
Reserves 3,235 3,123 2,630 2,169
Net worth 3,282 3,170 2,677 2,216
Minority interest
Debt 11,350 9,298 6,928 1,311
Deferred tax liabilities (net) 260 333 312 283
Total liabilities 15,213 13,047 10,098 3,819
Fixed assets 4,817 4,111 3,407 2,426
Intangible assets
Investments 371 440 421 1,155
Deferred tax asset (net) 173 236 258 154
Net working capital 8,745 8,054 5,839 32
Inventories 1,188 1,292 1,056 1,162
Inventory Days 23 -- 23.70 34
Sundry debtors 1,454 1,546 1,071 702
Debtor days 28.20 -- 24 20.60
Other current assets 10,342 9,102 7,062 632
Sundry creditors (3,210) (3,216) (2,699) (1,982)
Creditor days 62.20 -- 60.50 58
Other current liabilities (1,030) (670) (651) (482)
Cash 1,108 206 173 51.30
Total assets 15,213 13,047 10,098 3,819
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Particulars ( Rupees In Crores.) Sep-2020 Mar-2020 Sep-2019 Mar-2019 Sep-2018
Gross Sales 7,194 8,871 9,979 10,077 10,083
Excise Duty -- -- -- -- --
Net Sales 7,194 8,871 9,979 10,077 10,083
Other Operating Income -- -- -- -- --
Other Income 21.90 (39) 90.60 12.70 14.50
Total Income 7,216 8,832 10,069 10,090 10,097
Total Expenditure ** 6,494 7,780 8,845 9,006 8,994
PBIDT 722 1,052 1,224 1,084 1,104
Interest 452 446 408 350 313
PBDT 270 606 816 734 791
Depreciation 256 290 266 227 214
Minority Interest Before NP -- -- -- -- --
Tax 20 120 175 187 176
Deferred Tax (4.10) (42) (34) (23) 16.80
Reported Profit After Tax (1.40) 239 408 342 383
Minority Interest After NP (1.90) 14 8.15 (0.20) 20.90
Net Profit after Minority Interest 0.56 225 400 342 362
Extra-ordinary Items 0.53 (116) 51.80 -- --
Adjusted Profit After Extra-ordinary item 0.03 341 348 342 362
EPS (Unit Curr.) 0.01 4.73 8.42 7.21 7.63
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 47.50 47.50 47.50 47.50 47.50
Public Shareholding (Number) -- -- -- -- --
Public Shareholding (%) -- -- -- -- --
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares -- -- -- -- --
Non Encumbered - % in Total Promoters Holding -- -- -- -- --
Non Encumbered - % in Total Equity -- -- -- -- --
PBIDTM(%) 10 11.90 12.30 10.80 10.90
PBDTM(%) -- -- -- -- --
PATM(%) -- 2.69 4.09 3.40 3.80