TVS Motor Company Ltd

₹ 2,414 1.08%

22 Nov - close price

About

TVS Motor Company Ltd (TVSM) is engaged in manufacturing two-wheelers and its accessories; it currently manufactures a wide range of two-wheelers and three-wheelers. ^[1]

Key Points

Overview^[1]
TVSM is one of the leading players in the two-wheeler industry and is the only company to have a presence in all the three categories, i.e., motorcycles, scooters, and mopeds, catering to both domestic and international
markets. TVSM is also the only company to have a presence in the moped segment for the domestic market.

Website BSE NSE

Market Cap ₹ 1,14,701 Cr.
Current Price ₹ 2,414
High / Low ₹ 2,958 / 1,799
Stock P/E 49.5
Book Value ₹ 187
Dividend Yield 0.33 %
ROCE 30.6 %
ROE 28.6 %
Face Value ₹ 1.00

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Pros

Company has reduced debt.
Company has delivered good profit growth of 24.0% CAGR over last 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 25.9%
Company has been maintaining a healthy dividend payout of 18.0%

Cons

Stock is trading at 12.9 times its book value

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Automobile Industry: Automobiles - Motorcycles / Mopeds

Part of BSE 500 BSE 100 BSE 200 BSE Dollex 200 Nifty Next 50 Nifty 500 BSE Auto Nifty 100 Nifty India Consumption Nifty Auto Nifty 200 Nifty Alpha 50 Nifty 100 Equal Weight BSE Allcap BSE LargeCap BSE Consumer Discretionary BSE SENSEX Next 50 BSE 250 LargeMidCap Index BSE Dividend Stability Index BSE Momentum Index BSE 100 LargeCap TMC Index Nifty LargeMidcap 250 Nifty 500 Multicap 50:25:25 Nifty100 ESG Nifty India Manufacturing Nifty Total Market Nifty Alpha Low-Volatility 30 Nifty200 Alpha30

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	5,619	5,706	5,530	6,009	7,219	6,545	6,605	7,218	8,145	8,245	8,169	8,376	9,228
	5,057	5,138	4,973	5,409	6,483	5,886	5,925	6,454	7,245	7,321	7,243	7,415	8,148
Operating Profit	563	568	557	599	737	659	680	764	900	924	926	960	1,080
OPM %	10%	10%	10%	10%	10%	10%	10%	11%	11%	11%	11%	11%	12%
	3	6	8	22	1	6	70	58	46	73	-29	36	30
Interest	35	28	33	38	35	32	36	47	52	45	37	37	32
Depreciation	154	155	159	152	154	158	167	164	170	178	189	176	181
Profit before tax	377	391	373	432	549	475	547	610	724	775	672	783	897
Tax %	26%	26%	26%	26%	26%	26%	25%	23%	26%	23%	28%	26%	26%
	278	288	274	321	407	353	410	468	537	593	485	577	663
EPS in Rs	5.84	6.07	5.78	6.75	8.58	7.42	8.64	9.84	11.29	12.49	10.22	12.15	13.95
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
	7,169	7,966	10,042	11,105	12,135	15,175	18,210	16,423	16,751	20,791	26,378	31,776	34,018
	6,760	7,484	9,436	10,291	11,276	14,000	16,775	15,077	15,320	18,829	23,703	28,262	30,127
Operating Profit	409	482	607	813	859	1,175	1,435	1,346	1,430	1,962	2,675	3,514	3,891
OPM %	6%	6%	6%	7%	7%	8%	8%	8%	9%	9%	10%	11%	11%
	-67	27	30	100	171	99	6	-0	31	-11	101	149	111
Interest	48	25	27	49	44	57	81	102	142	126	141	182	151
Depreciation	130	132	153	236	288	339	399	489	494	611	631	700	724
Profit before tax	164	353	456	629	699	879	961	754	826	1,213	2,003	2,781	3,127
Tax %	29%	26%	24%	22%	20%	25%	30%	21%	26%	26%	26%	25%
	116	262	348	489	558	663	670	592	612	894	1,491	2,083	2,319
EPS in Rs	2.44	5.51	7.32	10.30	11.75	13.95	14.11	12.47	12.88	18.81	31.38	43.84	48.81
Dividend Payout %	49%	25%	26%	24%	21%	24%	25%	28%	27%	20%	16%	18%

Compounded Sales Growth
10 Years:	15%
5 Years:	12%
3 Years:	24%
TTM:	19%

Compounded Profit Growth
10 Years:	22%
5 Years:	24%
3 Years:	48%
TTM:	31%

Stock Price CAGR
10 Years:	26%
5 Years:	40%
3 Years:	51%
1 Year:	34%

Return on Equity
10 Years:	23%
5 Years:	23%
3 Years:	26%
Last Year:	29%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
Equity Capital	48	48	48	48	48	48	48	48	48	48	48	48	48
Reserves	1,177	1,368	1,598	1,911	2,361	2,833	3,300	3,571	4,123	4,775	6,000	7,684	8,830
	634	528	970	924	1,107	1,189	1,400	2,132	1,230	1,963	2,663	1,964	1,555
	1,276	1,622	1,989	2,069	2,389	3,087	3,622	3,604	4,797	5,118	5,281	6,368	7,295
Total Liabilities	3,136	3,565	4,605	4,952	5,905	7,156	8,369	9,353	10,197	11,902	13,992	16,062	17,727
	1,011	1,126	1,330	1,720	1,984	2,372	2,579	2,900	3,010	3,307	3,596	3,772	4,624
CWIP	36	48	89	31	62	131	257	285	279	424	628	930	371
Investments	869	896	1,012	1,215	1,588	2,035	2,301	2,606	3,315	4,716	5,684	6,991	7,744
	1,219	1,495	2,173	1,987	2,271	2,618	3,232	3,562	3,594	3,455	4,085	4,369	4,987
Total Assets	3,136	3,565	4,605	4,952	5,905	7,156	8,369	9,353	10,197	11,902	13,992	16,062	17,727

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	433	524	85	941	724	1,297	1,098	1,394	2,561	1,498	1,993	3,617
	-107	-260	-493	-608	-748	-1,131	-1,002	-1,289	-921	-2,141	-2,312	-1,896
	-322	-198	331	-306	-73	-75	81	271	-1,196	113	225	-1,470
Net Cash Flow	4	66	-78	27	-97	91	177	375	445	-530	-94	251

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	16	15	18	19	22	23	28	28	19	17	14	15
Inventory Days	36	35	41	32	40	32	31	31	33	26	23	21
Days Payable	57	64	74	71	77	82	77	87	112	93	75	80
Cash Conversion Cycle	-5	-14	-15	-20	-15	-27	-18	-27	-60	-50	-39	-43
Working Capital Days	-5	-8	7	-7	-2	-12	-5	-13	-43	-33	-22	-28
ROCE %	16%	20%	21%	23%	23%	24%	24%	17%	17%	22%	27%	31%

Shareholding Pattern

Numbers in percentages

	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	52.26%	50.81%	50.81%	50.81%	50.27%	50.27%	50.27%	50.27%	50.27%	50.27%	50.27%	50.27%
	12.86%	11.97%	9.85%	12.64%	14.45%	17.02%	18.13%	18.51%	19.27%	20.83%	21.05%	22.33%
	25.46%	28.51%	30.74%	27.61%	26.85%	24.39%	23.41%	23.10%	21.79%	20.26%	20.13%	19.02%
	9.42%	8.72%	8.60%	8.96%	8.44%	8.33%	8.19%	8.12%	8.68%	8.64%	8.56%	8.33%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.07%
No. of Shareholders	1,98,576	2,01,415	1,83,563	1,93,411	1,94,305	1,94,347	1,98,002	2,02,558	2,42,094	2,60,618	2,69,776	2,69,030

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
	57.40%	57.40%	57.40%	57.40%	57.40%	50.81%	50.27%	50.27%	50.27%
	18.50%	20.18%	15.92%	11.37%	12.34%	11.97%	17.02%	20.83%	22.33%
	12.49%	10.59%	15.83%	21.20%	20.84%	28.51%	24.39%	20.26%	19.02%
	11.61%	11.83%	10.85%	10.04%	9.42%	8.72%	8.33%	8.64%	8.33%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.07%
No. of Shareholders	1,06,281	1,22,637	1,38,397	1,31,903	1,40,569	2,01,415	1,94,347	2,60,618	2,69,030

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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