TVSMOTOR · Automobile and Auto Components
TVS Motor Company Ltd. reported revenue of ₹11,302 cr for July to September 2024, +13.8% on the year and +9.6% on the quarter. It is the highest quarterly revenue in the last 6 quarters on record.
Operating profit (EBITDA) was ₹1,624 cr, a margin of 14.4%, +83 bps on the year and +49 bps on the quarter. Over the last 6 quarters the margin has ranged from 13.3% to 14.6%, averaging 14.0%. Operating costs grew +12.7% against revenue growth of +13.8%, so more of each rupee of sales reached operating profit.
Net profit was ₹588 cr, +41.3% on the year and +21.2% on the quarter, with earnings per share of ₹11.80. Profit before other income, one-offs and tax grew 37.0%, so 4 points of the headline growth came from outside the core business. The tax rate of 34% is in line with its recent average.
A vehicle maker's revenue is volumes times average price, and its margin moves with steel, aluminium and rubber costs and with the share of exports and premium models. The quarterly statements do not carry volumes, realisation per vehicle and the export share; those come with the filing read.
On earnings per share of ₹39.73 over the last four quarters, the stock at ₹4,081.80 trades at 102.7 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹10,114 cr | ₹9,942 cr | ₹10,314 cr | ₹11,302 cr | ₹11,035 cr | ₹11,542 cr | ₹12,210 cr | ₹14,051 cr | ₹14,756 cr | ₹15,053 cr | ₹16,296 cr | ₹19,474 cr |
| YoY | — | — | +14% | +14% | +9% | +16% | +18% | +24% | +34% | +30% | +33% | +39% |
| EBITDA margin | 14.6% | 14.6% | 13.9% | 14.4% | 14.8% | 16.5% | 14.8% | 15.0% | 15.4% | 14.4% | 14.4% | 14.0% |
| Other income, % of PBT | 2% | −5% | 7% | 4% | 8% | −6% | 4% | −1% | −5% | 1% | 10% | 5% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 32% | 36% | 34% | 34% | 33% | 31% | 34% | 32% | 33% | 37% | 32% | 32% |
| Net profit | ₹510 cr | ₹412 cr | ₹485 cr | ₹588 cr | ₹609 cr | ₹698 cr | ₹643 cr | ₹833 cr | ₹891 cr | ₹820 cr | ₹1,058 cr | ₹1,219 cr |
| YoY | — | — | +10% | +41% | +19% | +69% | +33% | +42% | +46% | +17% | +65% | +46% |
| Core profit YoY | — | — | +28% | +37% | +14% | +56% | +36% | +45% | +65% | +22% | +48% | +37% |
| EPS | ₹10.08 | ₹8.15 | ₹9.70 | ₹11.80 | ₹11.91 | ₹13.64 | ₹12.84 | ₹16.74 | ₹17.71 | ₹16.24 | ₹21.46 | ₹25.14 |
| Flags | · | · | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | 1 | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
TVS Motor Company Ltd. reported revenue of ₹11,302 cr (+13.8% on the year) and net profit of ₹588 cr (+41.3% on the year) for July to September 2024.
Profit before other income, exceptional items and tax moved +37.0% on the year, against +41.3% for reported profit.
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