TVS Motor Company Ltd

₹ 2,392 -2.76%

20 Dec - 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 ₹ 1,13,627 Cr.
Current Price ₹ 2,392
High / Low ₹ 2,958 / 1,873
Stock P/E 60.2
Book Value ₹ 163
Dividend Yield 0.33 %
ROCE 14.7 %
ROE 26.6 %
Face Value ₹ 1.00

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Pros

Company has reduced debt.
Company has delivered good profit growth of 18.2% CAGR over last 5 years
Company has been maintaining a healthy dividend payout of 21.3%

Cons

Stock is trading at 14.6 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 Nifty 500 Multicap 50:25:25 BSE 100 LargeCap TMC Index Nifty India Manufacturing BSE Auto Nifty 100 Nifty India Consumption Nifty Auto Nifty 200 Nifty Alpha 50 Nifty 100 Equal Weight BSE Allcap BSE LargeCap Nifty Alpha Low-Volatility 30 BSE Consumer Discretionary BSE Dividend Stability Index Nifty LargeMidcap 250 BSE 250 LargeMidCap Index Nifty100 ESG BSE Momentum Index Nifty Total Market Nifty200 Alpha30 BSE 500 BSE SENSEX Next 50 BSE 100 BSE 200 BSE Dollex 200 Nifty Next 50 Nifty 500

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	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
	6,483	6,597	6,585	7,316	8,561	8,066	8,031	9,056	9,933	10,114	10,042	10,407	11,302
	5,744	5,828	5,760	6,420	7,490	7,055	6,982	7,852	8,588	8,639	8,567	8,960	9,678
Operating Profit	740	770	826	896	1,071	1,011	1,049	1,204	1,345	1,475	1,476	1,447	1,624
OPM %	11%	12%	13%	12%	13%	13%	13%	13%	14%	15%	15%	14%	14%
	8	14	12	31	30	8	67	87	51	12	-44	41	32
Interest	223	234	263	292	338	339	398	437	483	494	513	503	509
Depreciation	182	190	207	199	212	216	232	227	237	242	269	246	259
Profit before tax	343	359	368	436	550	464	486	627	676	750	650	739	888
Tax %	32%	34%	25%	32%	32%	35%	31%	30%	38%	32%	37%	34%	34%
	234	237	275	297	373	304	336	441	416	510	412	485	588
EPS in Rs	5.10	5.21	5.84	6.43	8.13	6.33	7.07	9.14	8.13	10.08	8.15	9.70	11.80
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	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
	7,510	8,384	10,256	11,377	12,463	16,340	20,160	18,849	19,421	24,355	31,974	39,145	41,865
	7,072	7,892	9,650	10,558	11,591	14,769	17,997	16,585	17,189	21,601	27,947	33,645	35,844
Operating Profit	438	492	605	819	871	1,571	2,163	2,264	2,232	2,755	4,027	5,500	6,021
OPM %	6%	6%	6%	7%	7%	10%	11%	12%	11%	11%	13%	14%	14%
	130	44	80	93	163	71	25	12	36	-5	136	106	41
Interest	103	80	62	70	60	338	663	855	881	940	1,368	1,928	2,019
Depreciation	176	149	179	262	317	374	442	556	565	743	859	975	1,017
Profit before tax	290	307	444	580	658	931	1,083	865	822	1,067	1,936	2,703	3,027
Tax %	32%	39%	28%	26%	23%	29%	33%	25%	26%	31%	32%	34%
	198	187	328	429	509	665	725	647	608	731	1,309	1,779	1,994
EPS in Rs	4.16	3.92	6.91	9.03	10.76	13.73	14.83	13.15	12.51	15.93	27.97	35.50	39.73
Dividend Payout %	30%	37%	28%	28%	23%	24%	24%	27%	28%	24%	18%	23%

Compounded Sales Growth
10 Years:	17%
5 Years:	14%
3 Years:	26%
TTM:	19%

Compounded Profit Growth
10 Years:	25%
5 Years:	18%
3 Years:	39%
TTM:	29%

Stock Price CAGR
10 Years:	25%
5 Years:	39%
3 Years:	57%
1 Year:	22%

Return on Equity
10 Years:	23%
5 Years:	22%
3 Years:	24%
Last Year:	27%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	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	851	1,113	1,277	1,771	2,169	2,630	3,123	3,235	3,779	4,352	5,457	6,736	7,712
	1,068	728	1,119	1,091	1,311	6,928	9,298	11,591	12,179	15,827	22,376	26,006	14,619
	1,415	1,743	2,126	2,236	2,601	3,586	4,228	4,399	5,859	6,692	7,144	9,235	22,568
Total Liabilities	3,381	3,632	4,570	5,146	6,128	13,190	16,696	19,272	21,865	26,919	35,025	42,024	44,946
	1,593	1,517	1,637	2,038	2,362	3,094	3,367	3,811	4,221	5,975	5,748	5,891	6,851
CWIP	36	48	93	47	64	313	745	1,006	1,041	552	743	1,033	417
Investments	348	439	539	943	1,155	421	440	371	468	605	967	1,123	1,166
	1,404	1,628	2,301	2,118	2,547	9,362	12,145	14,085	16,135	19,788	27,566	33,977	36,512
Total Assets	3,381	3,632	4,570	5,146	6,128	13,190	16,696	19,272	21,865	26,919	35,025	42,024	44,946

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	464	470	83	936	689	354	-918	373	1,151	-1,575	-4,405	-1,253
	-120	-235	-415	-605	-709	-1,095	-1,104	-1,090	-882	-1,471	-1,308	-1,001
	-402	-216	261	-319	-59	897	2,210	1,619	264	2,918	6,118	2,759
Net Cash Flow	-58	19	-71	12	-79	156	188	902	532	-128	406	505

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	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	15	15	15	16	21	24	28	28	19	18	14	17
Inventory Days	43	41	51	40	47	34	34	35	39	37	34	34
Days Payable	58	64	76	74	80	86	83	94	121	105	89	99
Cash Conversion Cycle	1	-7	-11	-18	-12	-28	-21	-31	-63	-50	-41	-48
Working Capital Days	-7	-7	6	-8	-2	34	58	47	21	81	97	100
ROCE %	14%	19%	21%	22%	22%	19%	16%	13%	11%	11%	13%	15%

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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