Sep 9, 2010

Live BSE Quotes

3:38:00 PM
Price Open (Rs) High (Rs) Low
(Rs) 77.95 79.50 (Rs)
76.90 76.50
% Volume Value (Rs) 52-
Change 369,945 28,448,771 Week
0.13 H/L
151.90
/ 51.65

Sep 9, 2010
Live NSE Quotes
3:29:38 PM
Price Open (Rs) High (Rs) Low
(Rs) 78.00 79.40 (Rs)
76.95 76.65
% Volume Value (Rs) 52-
Change 1,553,526 121,190,563 Week
-0.26 H/L
151.70
/ 51.00

Valuation
EPS (Rs)* P/E Ratio (x) Market Cap (Rs P/BV (x)
3.09 24.87 m) 6.72
36,533.65
http://www.indiainfoline.com/Markets/Company/Background/Products-Services/TVS-
Motor-Company-Ltd/532343

Live BSE Quotes

76.90

0.10 (0.13%)

BSE : Sep 09, 16:02

Open Price 77.95 Volume 372316

High Price 79.50 52 Wk High 79.70
Low Price 76.50 52 Wk Low 26.40
Prev. Close 76.80

Bid offer
Price 76.90 0.00
Quantity 715.00 0

Live NSE Quotes

77.00 -0.15 (-0.19%)

NSE : Sep 09, 16:28

Open Price 78.00 Volume 1555406

High Price 79.40 52 Wk High 151.70
Low Price 76.65 52 Wk Low 50.10
Prev. Close 77.15

Bid offer
Price 0.00 0.00
Quantity 0 0

Company Profile:
TVS Motor Company Ltd, the flagship company of TVS Group is the third largest two-
wheeler manufacturer in India. The company manufactures a wide range of two-wheelers
from mopeds to racing inspired motorcycles. The company has their manufacturing
plants at Hosur in Tamilnadu, Mysore in Karnataka and Solan in Himachal Pradesh.
Their subsidiaries include Sundaram Auto Components Ltd, TVS Motor Company
(Europe) BV, TVS Motor (Singapore) Pte Ltd and PT TVS Motor Company, Indonesia.
TVS Motor Company Ltd is a part of Sundaram Clayton group in TVS group of
companies. In the year 1979, Sundaram-Clayton Ltd started Moped Division at Hosur to
manufacture TVS 50 mopeds. In the year 1982, the company entered into a technical
know-how and assistance agreement with Suzuki Motor Co Ltd of Japan and in the year
1985, they incorporated a new company Lakshmi Auto Components Pvt Ltd for the
manufacture of critical engines and transmission parts. In the year 1986, the company
acquired the assets of the moped division from Sundaram Clayton Ltd. Also, the name of
the company was changed from Indo Suzuki Motorcycles Ltd to TVS Suzuki Ltd. In the
year 1992, they launched two modes of motor cycles namely, Samurai and Shogun and in
the year 1993, they launched TVS Scooty. During 1999-2000, TVS Suzuki Ltd was
amalgamated with Sundaram Auto Engineers Ltd, an unlisted group company which was
incorporated in the year 1992. As per the scheme, all the assets and liabilities of erstwhile
TVS Suzuki Ltd together with all obligations and contingent liabilities were vested in
Sundaram Auto Engineers (India) Ltd with effect from April 22, 1999. This merged
entity was later renamed TVS Suzuki Ltd. The TVS group and Suzuki Motor Corporation
parted ways from their 15-year-old joint venture on September 27, 2001. The shares held
by the Suzuki Motor Corporation were acquired by Anusha Investments Ltd, a wholly
owned subsidiary of Sundaram-Clayton Ltd for Rs 9 crore. Thus, the company became a
subsidiary of Sundaram-Clayton Ltd with effect from November 15, 2001. Since, Suzuki
Motor Corporation ceased to be a shareholder of the company, the company cannot use
the word 'Suzuki' as the part of their name and hence the name of the company was
changed to TVS Motor Company Ltd. During the year 2002-03, the new stylish TVS
Scooty Pep and the upgraded version of Fiero was launched in the market. In April 1,
2003, the subsidiary company namely, Lakshmi Auto Components Ltd acquired the
entire paid up capital of Sundaram Auto Components Ltd. Consequently, Sundaram Auto
Components Ltd became a subsidiary company with effect from April 1, 2003. In
October 2003, the company entered into a scheme of arrangement with Lakshmi Auto
Components Ltd and Sundaram Auto Components Ltd. As per the scheme, all the assets
and liabilities of the rubber and plastic businesses of Lakshmi Auto Components Ltd
were transferred to Sundaram Auto Components Ltd on slump sale basis on April 1, 2003
for a consideration of 12.25 crores. The remaining business of Lakshmi Auto
Components Ltd, namely engine components division together with their investments in
other bodies corporate was transferred to the company with effect from April 2, 2003.
During the year 2003-04, the company launched new products such as TVS Centra, New
Victor GL, Fiero F2 & Fx and Scooty Pep. During the year 2004-05, they launched new
products such as TVS Star, New Victor GLX, New Victor GX and Scooty Pep 'Splash'
series. During the year 2005-06, the company entered into a joint venture with
Columbian party for exploring opportunities in Columbian market with an equity
investment of Rs 5 million. The company incorporated TVS Motor Company (Europe) B
V in Netherlands as a wholly owned subsidiary of the company with an investment of Rs
91.63 crore. During the year, TVS Motor Singapore Pte Ltd, Singapore became a wholly
owned subsidiary of the company with an investment of Rs 30.51 crore. PT TVS Motor
Company Indonesia was incorporated in Indonesia to manufacture motorcycles and parts
with an investment of USD 27.60 million and became subsidiary of the company in view
of it being the subsidiary of TVS Motor Company (Europe) B V, which holds 75% of the
share capital. The remaining 25% was held by TVS Motor Singapore Pte Ltd. PT TVS
Motor Company Indonesia has acquired lands in Indonesia for setting up a facility for
manufacturing two wheelers. During the year 2006-07, the company has established a
new plant in Himachal Pradesh with an annual production capacity of 4,00,000 units
scalable to 6,00,000 units. PT TVS Motor Company Indonesia, a subsidiary of the
company, established a manufacturing facility at Karawang, near Jakarta in Indonesia
with production capacity of 3 lakh vehicles per annum. During the year, the company
launched multiple new products and variants such as, StaR City ES, StaR Sport, Scooty
Teenz and 99 Colors on Scooty PEP. During the year 2007-08, the company commenced
commercial production from its Nalagarh Plant located in Himachal Pradesh. They
commenced their commercial production from their state-of-the art plant located at
Karawang in Indonesia and launched TVS Neo, which is exclusively developed for the
Indonesian market. During the year, the company launched various new products and
variants such as TVS Flame, Apache RTR, StaR Sport, StaR City 110 cc, Scooty TeenZ
Electric, TVS Tru4 Oil. In March 2008, the company launched their three wheeler, TVS
King in two variants, namely two stroke petrol and two stroke LPG. The company won
the Team Tech 2007 Award of Excellence for Integrated use of Advanced Computer
Aided Engineering Technologies in product development. They also won the prestigious
SAP ACE 2007 Awards for Customer Excellence in the Most Innovative Netweaver
Category for several SAP implementations that are put in place. In June 2008, the
company entered into a contract manufacturing arrangement with Mahabharat Motors
Manufacturing Pvt Ltd whereby TVS motor cycles will be manufactured at the latter's
two-wheeler manufacturing facility that is located on the outskirts of Kolkata. TVS
would help Mahabharat Motors to set up the factory and provides engineering support to
them. The production would commence from June 2009. The company plans to introduce
four stroke version in Petrol, LPG and CNG fuels for domestic and export markets during
2008-09. Also, they plan to launch new variants of Scooty and Apache RTR during the
year 2008-09.
Products & Services

% Inst. Sales
% of Sales Sales
Product Name Unit Cap. Prod. Prodn (Rs.) /
Stock Qty (Cr.)
Util. Cap Unit
100. 636,75 637,89 2,046.2 32,077.8
Motor Cycles No 43.7 0
0 1 5 3 5
100. 571,06 571,26 16,673.2
Mopeds No 20.4 0 952.48
0 9 4 0
100. 312,64 309,51 26,558.7
Scooters No 17.6 0 822.03
0 3 4 3
Spares & Accessories &
NA 9.0 0.0 0 0 0 421.84 -
Provisi
Excise duty NA 6.8 0.0 0 0 0 316.48 -
100. 81,982.0
Three Wheelers No 2.6 0 14,849 14,702 120.53
0 4
Engine Oil NA 0.0 0.0 0 0 0 0.00

Equity Capital Structure

(Rs.in Cr)
Less : Calls
Year Authorised Issued Subscribed Called Up Forfeited Paid Up
in Arrears
2010 25.00 23.75 23.75 23.75 0.00 0.00 23.75
2009 25.00 23.75 23.75 23.75 0.00 0.00 23.75
2008 25.00 23.75 23.75 23.75 0.00 0.00 23.75
2007 25.00 23.75 23.75 23.75 0.00 0.00 23.75
2006 25.00 23.75 23.75 23.75 0.00 0.00 23.75
2005 25.00 23.75 23.75 23.75 0.00 0.00 23.75
2004 25.00 23.75 23.75 23.75 0.00 0.00 23.75
2003 25.00 23.10 23.10 23.10 0.00 0.00 23.10
2002 25.00 23.10 23.10 23.10 0.00 0.00 23.10
2001 25.00 23.10 23.10 23.10 0.00 0.00 23.10
2000 25.00 23.10 23.10 23.10 0.00 0.00 23.10
1999 0.08 0.01 0.01 0.01 0.00 0.00 0.01
Balance Sheet
(Rs. in Crores)
Particulars
Mar-10 Mar-09 Mar-08 Mar-07 Mar-06 Mar-05
SOURCES OF FUNDS :
Share Capital 23.75 23.75 23.75 23.75 23.75 23.75
Reserves Total 841.55 786.41 797.83 785.52 742.37 655.08
Total Shareholders Funds 865.30 810.16 821.58 809.27 766.12 678.83
Secured Loans 829.98 622.42 452.68 506.16 308.61 175.01
Unsecured Loans 173.31 283.56 213.66 127.40 76.43 11.83
1,003.2
Total Debt 905.98 666.34 633.56 385.04 186.84
9
1,868.5 1,716.1 1,487.9 1,442.8 1,151.1
Total Liabilities 865.67
9 4 2 3 6
APPLICATION OF FUNDS :
1,909.1 1,865.3 1,790.9 1,483.0 1,378.4 1,287.2
Gross Block
4 6 7 1 1 2
Less : Accumulated Depreciation 953.41 869.42 774.49 685.93 611.63 523.64
Less:Impairment of Assets 0.00 0.00 0.00 0.00 NA NA
1,016.4
Net Block 955.73 995.94 797.08 NA NA
8
Lease Adjustment 0.00 0.00 0.00 0.00 0.00 0.00
Capital Work in Progress 27.05 40.43 26.57 205.83 54.68 6.90
Investments 739.26 477.71 338.96 344.74 344.19 175.39
Current Assets, Loans & Advances
Inventories 289.73 320.55 405.38 396.56 357.90 233.23
Sundry Debtors 220.31 181.56 87.86 111.40 58.19 39.56
Cash and Bank 101.01 42.05 3.73 86.56 24.35 73.87
Loans and Advances 354.14 349.51 277.82 227.88 215.18 164.99
Total Current Assets 965.19 893.67 774.79 822.40 655.62 511.65
Less : Current Liabilities and
Provisions
Current Liabilities 667.29 553.31 505.76 577.02 524.46 452.19
Provisions 66.87 65.49 60.99 49.73 62.44 55.61
Total Current Liabilities 734.16 618.80 566.75 626.75 586.90 507.80
Net Current Assets 231.03 274.87 208.04 195.65 68.72 3.85
Miscellaneous Expenses not
30.09 75.33 52.77 58.54 65.80 64.46
written off
Deferred Tax Assets 56.84 77.60 65.05 38.19 18.50 15.62
Deferred Tax Liability 171.41 225.74 219.95 197.20 167.51 164.13
Net Deferred Tax -114.57 -148.14 -154.90 -159.01 -149.01 -148.51
1,868.5 1,716.1 1,487.9 1,442.8 1,151.1
Total Assets 865.67
9 4 2 3 6
Contingent Liabilities 264.58 301.96 211.98 255.75 197.82 159.31

Profit & Loss

(Rs. in Crores)
Particulars Mar-10 Mar-09 Mar-08 Mar-07 Mar-06 Mar-05
INCOME :
4,679.5 4,008.9 3,683.5 4,473.4 3,731.7 3,321.2
Sales Turnover
9 1 3 4 5 5
Excise Duty 316.48 337.99 464.03 618.48 496.79 445.34
4,363.1 3,670.9 3,219.5 3,854.9 3,234.9 2,875.9
Net Sales
1 2 0 6 6 1
Other Income 133.76 79.86 100.13 78.04 80.72 88.22
Stock Adjustments -1.95 -60.56 26.07 -37.72 60.70 3.18
4,494.9 3,690.2 3,345.7 3,895.2 3,376.3 2,967.3
Total Income
2 2 0 8 8 1
EXPENDITURE :
3,135.4 2,722.8 2,471.5 2,865.6 2,381.7 1,984.6
Raw Materials
0 3 8 5 9 0
Power & Fuel Cost 49.74 46.25 41.79 43.10 36.47 27.41
Employee Cost 251.25 204.52 176.19 171.39 155.20 139.73
Other Manufacturing Expenses 82.44 64.79 61.26 72.03 63.58 64.97
Selling and Administration
538.79 375.14 387.77 502.53 446.94 390.35
Expenses
Miscellaneous Expenses 183.24 78.10 65.68 27.08 9.05 61.84
Less: Pre-operative Expenses
0.00 0.00 0.00 0.00 0.00 0.00
Capitalised
4,240.8 3,491.6 3,204.2 3,681.7 3,093.0 2,668.9
Total Expenditure
6 3 7 8 3 0
Operating Profit 254.06 198.59 141.43 213.50 283.35 298.41
Interest 75.36 64.61 11.47 35.05 20.99 8.33
Gross Profit 178.70 133.98 129.96 178.45 262.36 290.08
Depreciation 102.53 102.88 94.59 87.60 93.91 89.63
Profit Before Tax 76.17 31.10 35.37 90.85 168.45 200.45
Tax 21.73 3.74 3.65 9.50 45.00 37.42
Fringe Benefit tax 0.00 3.04 4.06 4.75 NA NA
Deferred Tax -33.57 -6.76 -4.11 10.00 0.50 25.46
Reported Net Profit 88.01 31.08 31.77 66.60 117.00 137.57
Extraordinary Items -23.44 1.60 28.74 6.44 13.26 27.12
Adjusted Net Profit 111.45 29.48 3.03 60.16 103.74 110.45
Adjst. below Net Profit 0.00 0.00 0.00 -0.32 5.50 1.42
P & L Balance brought forward 33.02 31.40 29.09 35.50 38.21 34.43
Statutory Appropriations 0.00 0.00 0.00 0.00 0.00 0.00
Appropriations 86.91 29.46 29.46 72.69 125.21 135.21
P & L Balance carried down 34.12 33.02 31.40 29.09 35.50 38.21
Dividend 28.51 16.63 16.63 20.19 30.88 30.89
Preference Dividend 0.00 0.00 0.00 0.00 0.00 0.00
Equity Dividend % 120.00 70.00 70.00 85.00 130.00 130.00
Earnings Per Share-Unit Curr 3.52 1.19 1.22 2.68 4.74 5.61
Earnings Per Share(Adj)-Unit
1.76 0.60 0.61 1.34 2.37 2.81
Curr
Book Value-Unit Curr 36.43 34.11 34.59 34.07 32.26 28.58

Share Holding Pattern

 Jun-10 Mar-10 Dec-09
No of No of No of
Particulars % % %
Shares Shares Shares
Holdings Holdings Holdings
(Mn) (Mn) (Mn)
Promoter & Group
Foreign

Sub Total 0.00 0.00 0.00 0.00 0.00 0.00

Indian

Sub Total 143.59 60.45 143.59 60.45 143.59 60.45

Total
143.59 60.45 143.59 60.45 143.59 60.45
ShareHolding
Non Promotors / Public Shareholding
Institution

Financial
0.17 0.07 19.82 8.34 23.09 9.72
Institutions / Banks

Foreign
Institutional 16.94 7.13 13.02 5.48 9.68 4.08
Investors

Mutual Funds / 15.28 6.43 10.32 4.34 7.54 3.17

UTI

Sub Total 48.50 20.42 43.16 18.17 40.31 16.97

Non Institution
Bodies Corporate 10.43 4.39 12.04 5.07 11.96 5.03

NRIs/Foreign
Individuals/Foreign 0.80 0.34 1.19 0.50 1.00 0.42
Nationals

Individuals holding
nominal share
7.20 3.03 6.93 2.92 6.48 2.73
capital in excess of
Rs. 1 lakh
Individuals holding
nominal share
27.03 11.38 30.64 12.90 34.21 14.40
capital up to Rs. 1
lakh

Sub Total 45.45 19.13 50.80 21.39 53.65 22.58

Shares held by Custodians and against issued Depository Receipts

ADR 0.00 0.00 0.00 0.00 0.00 0.00

GDR 0.00 0.00 0.00 0.00 0.00 0.00
 Other Custodians 0.00 0.00 0.00 0.00 0.00 0.00
Total Shares 0.00 0.00 0.00 0.00 0.00 0.00
Grand Total 237.54 100.00 237.54 100.00 237.54 100.00

Key Ratios
Years
Mar-10 Mar-09 Mar-08 Mar-07 Mar-06
Debt-Equity Ratio 1.1 1.0 0.8 0.7 0.4
Long Term Debt-Equity Ratio 1.0 0.8 0.7 0.6 0.4
Current Ratio 1.0 1.0 1.0 0.9 0.8
Fixed Assets 2.5 2.2 2.3 3.1 2.8
Inventory 15.3 11.0 9.2 11.9 12.6
Debtors 23.3 29.8 37.0 52.8 76.4
Interest Cover Ratio 2.5 1.5 1.3 3.6 8.2
PBIDTM (%) 6.1 5.0 3.0 4.8 7.1
PBITM (%) 3.9 2.4 0.4 2.8 4.6
PBDTM (%) 4.5 3.3 2.7 4.0 6.5
CPM (%) 4.6 3.3 2.7 3.5 5.3
APATM (%) 2.4 0.8 0.1 1.5 2.8
ROCE (%) 10.6 6.2 1.1 10.2 18.2
RONW (%) 13.3 3.8 0.4 8.5 14.4
PE 23.3 19.0 28.7 22.2 29.6
EBIDTA 254.1 198.6 141.4 213.5 283.4
DivYield 1.5 3.1 2.0 1.4 0.9
PBV 2.3 0.7 1.0 1.8 4.3

FII Investments
Date PPIFII No of Shares
30-Jun-10 7.13 237,543,557
31-Mar-10 5.48 237,543,557
31-Dec-09 4.08 237,543,557
30-Sep-09 3.83 237,543,557
30-Jun-09 4.64 237,543,557
31-Mar-09 2.17 237,543,557
31-Dec-08 3.43 237,543,557
30-Sep-08 4.95 237,543,557
30-Jun-08 3.68 237,543,557
31-Mar-08 6.00 237,543,557
31-Mar-07 5.34 237,543,557
31-Dec-06 4.10 237,543,557
30-Sep-06 6.76 237,543,557
30-Jun-06 7.65 237,543,557
31-Mar-06 8.93 237,543,557
31-Dec-05 11.01 237,543,557

MF Investments
Amount
% Net Total NAV
Scheme Name Inv Date Invested
Assets [Cr.]
(Cr.)
Sundaram BNP Paribas S.M.I.L.E Fund (G) 31-Aug-10 44.68 5.6 795.16

Birla Sun Life Midcap Fund - Plan A (G) 31-Aug-10 37.73 2.0 1,917.96

Sundaram BNP Paribas Select Small Cap (G) 31-Aug-10 24.50 6.0 408.35

Sundaram BNP Paribas Select Focus - (G) 31-Aug-10 23.00 2.0 1,124.83

UTI-Retirement Benefit Pension Plan 31-Aug-10 6.29 0.9 698.43

Franklin India Smaller Companies Fund (G) 31-Aug-10 5.82 0.9 645.61

Sundaram BNP Paribas Balanced Fund - (G) 31-Aug-10 5.11 7.9 64.50

Sundaram BNP Paribas Energy Opportunities .. 31-Aug-10 4.89 0.3 1,634.00

UTI-Transportation & Logistics Fund (D) 31-Aug-10 4.57 6.9 65.89

Tata Equity Opportunities Fund - A (D) 31-Aug-10 3.90 0.9 432.57

Annual Results
Mar-10 Mar-09 Mar-08
Particulars
(Rs.Cr) (Rs.Cr) (Rs.Cr)
Gross Sales 4,363 3,671 3,220
Other Income 55 5 40
Total Income 4,485 3,741 3,310
Total Expenditure 4,243 3,552 3,178
PBIDT 242 189 132
Interest 63 55 2
PBDT 179 134 130
Depreciation 103 103 95
Tax -12 0 4
Deferred Tax 0 0 -4
Reported Profit After Tax 88 31 32
Extra-ordinary Items -47 -3 -11
Adjusted Profit After Extra-ordinary item 135 34 42

EPS (Unit Curr.) 3.7 1.3 1.3

EPS (Adj) (Unit Curr.) 1.9 0.7 0.7
Calculated EPS (Unit Curr.) 3.7 1.3 1.3
Calculated EPS (Adj) (Unit Curr.) 1.9 0.7 0.7
Calculated EPS (Ann.) (Unit Curr.) 3.7 1.3 1.3
Calculated EPS (Adj) (Ann.) (Unit Curr.) 1.9 0.7 0.7
Book Value (Unit Curr.) 0.0 0.0 0.0
Dividend (%) 120.0 70.0 70.0
Equity 24 24 24
Reserve & Surplus 841.6 786.4 797.8
Face Value 1.0 1.0 1.0

Non-Promoter Holding Shares 93,955,664 101,202,164 102,543,557

Non-Promoter Holding (%) 39.55 42.60 43.17

PBIDTM(%) 5.54 5.15 4.10

PBDTM(%) 4.10 3.65 4.04
PATM(%) 2.02 0.85 0.99