TVS Motor Company is a multinational motorcycle company headquartered at Chennai, India.

It
is the third largest motorcycle company in India with a revenue of over ₹20,000
crore (US$2.9 billion) in 2018-19. The company has an annual sales of 3 million units and an
annual capacity of over 4 million vehicles. TVS Motor Company is also the 2nd largest exporter
in India with exports to over 60 Countries.
TVS Motor Company Ltd (TVS Motor), a member of the TVS Group, is the largest company of
the group in terms of size and turnover.

TOOLS USED FOR ANALYSIS-VERTICAL ANALYSIS

Balance Sheet
Parameters MAR'18 MAR'17 MAR'16 MAR'15 MAR'14
(₹ Cr.) (₹ Cr.) %Change (₹ Cr.) %Change (₹ Cr.) %Change (₹ Cr.) %Chan
%Change
EQUITY AND
LIABILITIES
Share Capital 47.51 0.568 47.51 0.6639 47.51 0.805 47.51 0.9594 47.51 1.0318
Share
Warrants & 0.000 0 0 0
Outstanding 0
Shareholder's
3347.3 39.995 2880.42 40.2505 2408.3 40.79 1958.3 39.545 1645.36
Funds 35.733
Long-Term
0 0.000 0 0 0 0 0 0 0
Borrowings 0
Secured
410.27 4.902 135.02 1.88674 264.11 4.473 267.53 5.4023 230.08
Loans 4.9967
Unsecured
298.85 3.571 182.6 2.55162 204.65 3.466 226.7 4.5778 288.9
Loans 6.2741
Deferred Tax
Assets / 212.63 2.541 148.17 2.0705 125.7 2.129 143.74 2.9026 152.75
Liabilities 3.3173
Other Long
Term 0 0.000 0 0 0 0 0 0 0
Liabilities 0
Long Term
Trade 0 0.000 0 0 0 0 0 0 0
Payables 0
Long Term
58.61 0.700 53.76 0.75123 50.8 0.86 39.99 0.8075 43.73
Provisions 0.9497
Total Non-
Current 980.36 11.714 519.55 7.2601 645.26 10.93 677.96 13.69 715.46
Liabilities 15.538
Trade
2923.9 34.936 2485.96 34.7384 1859.4 31.49 1543.7 31.172 1478.5
Payables 32.109
Current
0.000 0 0 0
Liabilities 0
Other Current
389.31 4.652 488.94 6.83236 312.47 5.292 449.47 9.0762 260.54
Liabilities 5.6582
Short Term
668.82 7.991 719.35 10.0521 616.38 10.44 264.23 5.3356 399.76
Borrowings 8.6817
Short Term
59.65 0.713 62.02 0.86666 62.87 1.065 58.47 1.1807 105.03
Provisions 2.281
Total Current
4041.7 48.291 3756.27 52.4894 2851.1 48.29 2315.9 46.765 2243.83
Liabilities 48.73
Total
8369.4 100.000 7156.24 100 5904.7 100 4952.2 100 4604.65
Liabilities 100
Non-Current
0 0.000 0 0 0 0 0 0 0
Assets 0
ASSETS 0.000 0 0 0 0
Gross Block 5053.6 60.383 4545.43 63.517 3929 66.54 3465.1 69.972 2821.78 61.281
Less:
Accumulated 2474.3 29.564 2173.56 30.3729 1945.1 32.94 1745.6 35.248 1492.15
Depreciation 32.405
Less:
Impairment of 0 0.000 0 0 0 0 0 0 0
Assets 0
Net Block 2579.3 30.818 2371.87 33.1441 1983.9 33.6 1719.6 34.724 1329.63 28.876
Lease
Adjustment 0 0.000 0 0 0 0 0 0 0
A/c 0
Capital Work
116.64 1.394 91.74 1.28196 62.28 1.055 30.96 0.6252 89.36
in Progress 1.9406
Intangible
assets under 140.59 1.680 39.39 0.55043 0 0 0 0 0
development 0
Pre-operative
Expenses 0 0.000 0 0 0 0 0 0 0
pending 0
Assets in
0 0.000 0 0 0 0 0 0 0
transit 0
Non Current
2300.7 27.489 2035.38 28.442 1587.9 26.89 1214.9 24.532 1012.46
Investments 21.988
Long Term
Loans & 74.5 0.890 85.05 1.18847 80.8 1.368 97.39 1.9666 143.73
Advances 3.1214
Other Non
Current 2.75 0.033 2.84 0.03969 2.93 0.05 3.01 0.0608 0
Assets 0
Total Non-
Current 5214.5 62.304 4626.27 64.6467 3717.8 62.96 3065.8 61.908 2575.18
Assets 55.926
Total
3299.8 39.427 2832.91 39.5866 2360.8 39.98 1910.8 38.586 1597.85
Reserves 34.701
Current
Assets Loans 0.000 0 0 0
& Advances 0
Currents
0 0.000 0 0 0 0 0 0 0
Investments 0
Inventories 1175.9 14.051 964.39 13.4762 966.95 16.38 696.33 14.061 819.68 17.801
Cash and
43.86 0.524 10.9 0.15231 8.51 0.144 32.74 0.6611 5.39
Bank 0.1171
Other Current
464.79 5.553 470.96 6.58111 433.25 7.337 396.51 8.0068 283.2
Assets 6.1503
Short Term
Loans and 56.17 0.671 115.35 1.61188 54.41 0.921 182.76 3.6905 417.34
Advances 9.0634
Total Current
3154.9 37.696 2529.97 35.3533 2186.9 37.04 1886.4 38.092 2029.47
Assets 44.074
Net Current
Assets
(Including -886.8 -10.596 -1226.3 -17.136 -664.19 -11.25 -429.5 -8.6732 -214.36
Current
Investments) -4.655
Total Current
Assets
Excluding 3154.9 37.696 2529.97 35.3533 2186.9 37.04 1886.4 38.092 2029.47
Current
Investments 44.074
Miscellaneous
Expenses not 0 0.000 0 0 0 0 0 0 0
written off 0
Total Assets 8369.4 100.000 7156.24 100 5904.7 100 4952.2 100 4604.65 100
Contingent
289.29 3.457 227.26 3.17569 113.51 1.922 149.71 3.0231 579.31
Liabilities 12.581
Total Debt 1400 16.728 1189.19 16.6175 1107.2 18.75 924.39 18.666 964.14 20.938
 Book Value
0 0.000 0 0 50.69 0.858 41.22 0.8324 34.63
(in ₹) 0.7521
Adjusted
Book Value 70.46 0.842 0 0 50.69 0.858 41.22 0.8324 34.63
(in ₹) 0.7521

Interpretation of the balance sheets

There has been a relative increase in the Shareholders fund from 2014 to 2018.It was the lowest
in 2014 and increased as the years passed by. Total noncurrent liabilities has almost doubled in
the last 2 years. Total current liabilities have increased in a linear fashion.

In the case of assets, total current assets was the highest in 2018 and with respect to cash and
bank there has been a drop in an inconsistent manner.

Profit and Loss-

% %
Parameters MAR'18 %change MAR'17 %change MAR'16 MAR'15 %change MAR'14
change chan
(₹ Cr.) (₹ Cr.) (₹ Cr.) (₹ Cr.) (₹ Cr.)

Gross Sales 18210 100 102.262 13190 108.7 12091 108.88 10758 107
15,518.63
Less :Inter
0 0 0.000 0 0 0 0 0 0
divisional transfers -
Less: Sales
0 0 0.000 0 0 0 0 0 0
Returns -
Less: Excise 0 0 2.262 1054.8 8.692 986.26 8.8815 715.64 7.12
343.22
Net Sales 18210 100 100.000 12135 100 11105 100 10042.3 100
15,175.41
EXPENDITURE: 0 0.000 0 0 0
Increase/Decrease -
-75.37 -0.4139 -0.207 -58.73 -0.484 70.53 0.6351 -92.07 -0.9
in Stock 31.34
Raw Materials
13918 76.429 73.569 8912.1 73.44 7908.6 71.219 7389.2 73.5
Consumed 11,164.33
Power & Fuel Cost 110.08 0.6045 0.706 90.62 0.747 88.29 0.7951 91.29 0.90
107.17
Employee Cost 922.63 5.0666 5.720 745.64 6.144 652.39 5.8749 592.42 5.89
868.01
Other
Manufacturing 136.88 0.7517 0.900 121.4 1 111.65 1.0054 114
136.51 1.13
Expenses
General and
Administration 446.2 2.4503 4.515 498.11 4.105 428.84 3.8618 377.08
685.13 3.75
Expenses
Selling and
Distribution 751.4 4.1263 4.110 555.56 4.578 620.86 5.591 552.06
623.74 5.49
Expenses
Miscellaneous
567.21 3.1148 2.945 413.54 3.408 413.59 3.7245 411.73 4.1
Expenses 446.90
Expenses
0 0 0.000 0 0 0 0 0 0
Capitalised -
Total Expenditure 16777 92.129 92.257 11278 92.94 10295 92.707 9435.71 93.9
14,000.45
PBIDT (Excl OI) 1433.3 7.8707 7.743 857.07 7.063 809.87 7.2931 606.62 6.04
1,174.96
 Other Income 7.54 0.0414 0.653 173.37 1.429 103.85 0.9352 32.07 0.31
99.03
Operating Profit 1440.8 7.9121 8.395 1030.4 8.491 913.72 8.2283 638.69 6.36
1,273.99
Interest 80.56 0.4424 0.373 43.95 0.362 48.73 0.4388 29.2 0.29
56.62
PBDT 1360.2 7.4697 8.022 986.49 8.129 864.99 7.7894 609.49 6.06
1,217.37
Depreciation 399.27 2.1926 2.232 287.81 2.372 236.05 2.1257 153.33 1.52
338.73
Profit Before
Taxation & 960.96 5.2771 5.790 698.68 5.757 628.94 5.6637 456.16
878.64 4.54
Exceptional Items
Exceptional
Income / 0 0 0.000 0 0 0 0 0
- 0
Expenses
Profit Before Tax 960.96 5.2771 5.790 698.68 5.757 628.94 5.6637 456.16 4.54
878.64
Provision for Tax 290.82 1.597 1.424 140.6 1.159 139.66 1.2577 108.33 1.07
216.05
PAT 670.14 3.6801 4.366 558.08 4.599 489.28 4.4061 347.83 3.46
662.59
Extraordinary
0 0 0.000 0 0 0 0 0 0
Items -
Adj to Profit After
0 0 0.000 0 0 0 0 0 0
Tax -
Profit Balance B/F 1874.7 10.295 9.253 993.9 8.19 720.34 6.4868 481.76 4.79
1,404.25
Appropriations 2544.9 13.975 13.620 1552 12.79 1209.6 10.893 829.59 8.26
2,066.84
Equity Dividend
350 1.922 2.175 250 2.06 250 2.2513 190 1.89
(%) 330.00
Earnings Per
14.11 0.0775 0.092 11.75 0.097 10.3 0.0928 7.32 0.07
Share (in ₹) 13.95
Book Value (in ₹) 70.46 0.3869 0.400 50.69 0.418 41.22 0.3712 34.63 0.34
60.63

Interpretation of Profit and Loss-

The net sales of TVS motor has shown in increased trend for the past of 5 years. Similarly the
expenditure has increased in the past 5 years.
Operating Profit was highest in 2018 with a significant increase over the years.There was a
noticeable change in the percentage change in the PAT over the years .