3 February 2015
3QFY15 Results Update | Sector:
Automobiles
TVS Motor Company
BSE SENSEX
29,000
Bloomberg
Equity Shares (m)
M.Cap. (INR b) / (USD b)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
Avg Val (INRm)/Vol ‘000
Free float (%)
S&P CNX
8,757
TVSL IN
475.1
135.9/2.2
322/77
3/74/216
614/3,270
42.6
CMP: INR286
n
TP: INR326 (+14%)
Buy
EBITDA margin flat at 6%; PAT restricted by lower other income
EBITDA margin flat, adj. PAT grows ~31% YoY:
TVSL 3QFY15 performance was
in line with estimates, with EBITDA at ~INR1.6b. Net sales grew 38.9% YoY (-
1.1% QoQ) to INR26.5b (est. INR25.9b) driven by volume growth of 23% YoY (-
3% QoQ) to 655,571 units (est. 653,000 units). Realizations rose by 4.9% YoY
(2% QoQ) to ~INR40,495 (v/s est. ~INR39,733), driven by higher contribution of
Motorcycles and 3Ws. EBITDA margin was flat YoY, down 10bp QoQ to 6% (v/s
est. 6.3%). PAT grew ~31% YoY (-4.9% QoQ) to ~INR902m (v/s est. ~INR943m).
Earnings call highlights:
a) Overall market share in 2Ws at 13.5%, target of
14.5% by 4QFY15, b) blended 0.2% price increase in January 2015 apart from
the excise duty hike, c) 3Q/ 9MFY15 EBITDA margin impacted by 55bp due to
provision for VAT on stock transfers, d) inventory at 28-30 days, e) rural sales to
catch up post harvesting season, f) two new motorcycle launches postponed by
3/6 month to 1Q/2QFY16 to ensure adequate supplies for recent launches, g)
capacity expansion by 5,000 units in 3Ws to 15,000 units in next six months, h)
target of 18% market share in scooters (current 14%) and 20% market share in
domestic 3Ws (in addressed segment) from current 11%, i) Excise duty increase
to boost EBITDA margins by ~0.3%, due to excise exempt plant, and j) maintains
target of EBITDA breakeven in FY16 for Indonesia business.
Valuation and view:
We lower FY15E/16E EPS by 10.9%/8.3% to
~INR7.2/INR13.3 for a) volume cut in exports and b) delay in new product
launches to 1Q/2QFY16. TVSL trades at 21.5x/15.3x FY16E/17E EPS. We value
TVSL at ~17.5x FY17E EPS (~10% premium to peers BJAUT/HMCL for very strong
EPS CAGR of 60%). Maintain
Buy
with a target price of INR326 (17.5x S/A FY17E
EPS).
Financials & Valuation (INR Billion)
Y/E Mar
Net Sales
EBITDA
Adj PAT
EPS (INR)
Gr.(%)
BV/Sh.(INR)
RoE (%)
RoCE (%)
P/E (x)
P/BV (x)
2015E
100.8
6.1
3.4
7.2
32.1
34.9
22.4
25.3
39.4
8.2
2016E
132.9
10.2
6.3
13.3
83.2
45.6
33.0
39.2
21.5
6.3
2017E
158.7
13.9
8.8
18.6
40.3
61.3
34.9
43.5
15.3
4.7
n
n
Estimate change
TP change
Rating change
11/8%
Jinesh Gandhi
(Jinesh@MotilalOswal.com); +91 22 3982 5416
Investors are advised to refer through disclosures made at the end of the Research Report.
Motilal Oswal research is available on
www.motilaloswal.com/Institutional-Equities,
Bloomberg, Thomson Reuters, Factset and S&P Capital.

TVS Motor Company
Robust growth across portfolio drives 30% revenue growth
n
n
n
Net sales grew 30% YoY (-1.1% QoQ) to INR26.5b (est INR25.9b) driven by
volume growth of 23% YoY (-3.0% QoQ) to 655k units (est 653k units).
Scooters grew by 52.1% YoY, while 3Ws registered 38.1% YoY growth. Mopeds
and motorcycle also grew by 10.1% and 23.1% respectively.
Realizations went up by 4.8% YoY (2% QoQ) to ~INR40,495 (v/s est ~INR39,733),
higher contribution by Motorcycles and 3Ws.
Exhibit 2: ….contributed by entire portfolio
Growth (%)
676 656
Growth YoY (3QFY15)
52.1
38.1
23.1
10.1
Exhibit 1: Strong 23% volume growth….
Volumes ('000 units)
584
519 486 518 509 476 502 533 565
Motorcycles
Source: Company, MOSL
Scooters
Mopeds
3Ws
Source: Company, MOSL
Exhibit 3: Sequential change in mix in favor of scooters, 3Ws
3Ws
1.7
2.5
2.6
Mopeds
2.8
Scooters
Motorcycles
4.3 4.1 4.3
30.7 29.3 29.5
26.0 28.8 28.4
39.0 37.7 37.9
Exhibit 4: Robust ~29% YoY growth in net sales
Net sales (INR b)
Growth (%)
23.3
14.4
31.0 34.9 28.9
3.3 4.6 3.9 3.7
28.2 32.5 34.2
39.3 37.8 37.5 41.2
45.3
25.2 23.7 23.1
21.7 24.5 21.6 19.2
19.8
37.2 35.2 38.3 36.8 43.3 39.2 38.9 31.2
5.9
1.3
(14.0)
6.8
(4.8)
16.1
Source: Company, MOSL
Source: Company, MOSL
Margins remain stable at ~6%
n
n
n
n
n
n
EBITDA grew 30% YoY (-1.5% QoQ) to ~INR1.6b (in-line with est.).
EBITDA margins flat YoY, down 10bbp QoQ to 6% (v/s est 6.3%).
RM cost went up by 210bp YoY (+10bp QoQ), impacted by adverse mix. Also,
other expenses increased ~14.4% QoQ.
3Q/9MFY15 EBITDA margin were impacted by 55bp due to provision for VAT on
stock transfers, for which it is seeking clarification.
Interest cost went down by 0.6% YoY (+53.3% QoQ) to INR53mn (v/s est
INR30mn). Tax rate stood at 27.1% (v/s est 28%).
PAT grew 31.1% YoY (-4.9% QoQ) to ~INR902m (v/s est ~INR943m).
3 February 2015
2

TVS Motor Company
Exhibit 5: EBITDA margin up to 6% (down 10bp QoQ)
EBITDA (INR m)
5.8
5.9
5.9
5.4
5.6
5.9
EBITDA margin (%)
6.0
6.4
5.7
6.1
6.0
Exhibit 6: PAT growth restricted on lower other income
PAT
Growth (%)
31.2
(13.1)
(7.2)
1.6
1.5
29.6
41.4 39.4
61.9
31.1
(40.9)
Source: Company, MOSL
Source: Company, MOSL
Other key highlight from the conference call
n
n
n
n
n
n
n
n
n
n
Overall market share in 2Ws at 13.5%, target of 14.5% by 4QFY15
Blended 0.2% price increase in January 2015 apart from the excise duty hike
3Q/ 9MFY15 EBITDA margin impacted by 55bp due to provision for VAT on stock
transfers
Inventory at comfortable level of 28-30 days
Rural sales to catch up post harvesting season
Two new motorcycle launches postponed by 3/6 month to 1Q/2QFY16 to
ensure adequate supplies for recent launches
Capacity expansion by 5,000 units in 3Ws to 15,000 units in next six months
Target of 18% market share in scooters (current 14%) and 20% market share in
domestic 3Ws (in addressed segment) from current 11%
Excise duty increase to boost EBITDA margins by ~0.3%, due to excise exempt
plant
Maintains target of EBITDA breakeven in FY16 for Indonesia business.
Valuation and view
n
n
n
Recent launches driving resurgence; becomes 2nd and 3rd largest in scooters
and dom. 2Ws respectively:
Successful launch of Jupiter and Star City Plus are
driving customers back to TVS brand, after long time. Market share in both the
scooters and motorcycles are on rising trend, with TVS now the 2nd largest in
scooters and 4th largest in domestic 2W. Expect market share gains to continue
as recent launches (Star City+ and Scooty Zest) in Southern market (key market
for TVSL) gains traction.
Still 40% of the market unaddressed; Victor 110cc motorcycle re-launch could
give disproportionate benefit:
Recent launches have seen encouraging
customer response and have driven significant market share gains. Successful
launch of new launches could give disproportionate benefit led by improving
brand acceptance and wide distribution network (2nd best to HMCL). Recovery
in industry growth, ramp-up in production of recent launches and upcoming re-
launch of Victor motorcycle (in Executive segment which is ~40% of total 2W
industry) to drive 19% volume CAGR over FY15-17E.
EBITDA margins to improve 270bp over FY15-17E with improving market
position and scale, expect:
TVSL has been generally aggressive in pricing the
3
3 February 2015

TVS Motor Company
n
n
products due to its weak brand equity. Improving competitive positioning
together with operating leverage (particularly on marketing and employee cost)
to drive 270bp margin expansion to 8.7% over FY15-17E.
BMW Motorrad tie-up to give additional revenue stream, technological edge:
Not factored in our estimates:
We believe this tie-up would give TVSL an
additional revenue stream in the form of contract manufacturing for BMW
Motorrad. Moreover, it would give an aspiration value to TVSL products,
particularly premium ones. TVSL would invest EUR20m over CY13-15, with the
first product expected to be launched by 1QCY16. Due to inadequate details, we
have not factored the P&L implications; though have covered the investment
requirements on a conservative basis.
Valuation and view (new launches to watch out for):
Considering well
positioned scooter portfolio, robust product pipeline coupled with possibility of
disproportionate gains on new launch success, we continue to remain positive
on the stock. We downgrade our FY15E/FY16E EPS by 10.9%/8.3% to
~INR7.2/INR13.3 for a) volume cut in exports and b) delay in new product
launches to 1Q/2QFY16. TVSL trades at 21.5x/15.3x FY16E/17E EPS. We value
TVSL at ~17.5x FY17E EPS (~10% premium to peers BJAUT/HMCL for very strong
EPS CAGR of 60%). Maintain
Buy
with TP of INR326 (17.5x S/A FY17E EPS)
Exhibit 7: Revised forecast (Standalone)
(INR M)
Rev
Volumes
(units)
Net Sales
EBITDA
EBITDA (%)
Net Profit
EPS (INR)
FY15E
Old
Chg
(%)
Rev
FY16E
Old
Chg
(%)
Rev
FY17E
Old
Chg
(%)
2,548,877 2,691,417 (5.3) 3,173,867 3,314,075 (4.2) 3,602,895 3,694,329 (2.5)
100,788 106,153 -5.1 132,884 135,372 -1.8 158,697 156,188
1.6
6,090
6,651 -8.4 10,207
11,007 -7.3
13,856
13,559
2.2
6.0
6.3 -20bp
7.7
8.1 -50bp
8.7
8.7 0bp
3,444
3,867 -10.9
6,308
6,878 -8.3
8,849
8,586
3.1
7.2
8.1 -10.9
13.3
14.5 -8.3
18.6
18.1
3.1
Source: Company, MOSL
Exhibit 8: Valuations
trading
above historical average, reflecting improving fundamentals
32
24
16
8
0
12.6
11.5
10.4
P/E (x)
5 Yrs Avg(x)
13 Yrs Avg(x)
10 Yrs Avg(x)
8.0
23.0
6.0
4.0
P/B (x)
5 Yrs Avg(x)
13 Yrs Avg(x)
10 Yrs Avg(x)
6.7
2.4
2.0
0.0
1.7
1.5
Source: MOSL
Source: MOSL
3 February 2015
4

TVS Motor Company
Exhibit 9: Comparative Valuation
Auto OEM's
Bajaj Auto
Hero MotoCorp
TVS Motor
M&M
Maruti Suzuki
Tata Motors
Ashok Leyland
Eicher Motors#
Auto Ancillaries
Bharat Forge
Exide Industries
Amara Raja Batteries
# Nos. are on CY basis
CMP * Rating
(INR)
2,260 Buy
2,812 Buy
286 Buy
1,200 Neutral
3,608 Buy
602 Buy
65 Buy
16,320 Buy
1,089
198
910
Buy
Buy
Buy
TP
P/E (x)
(INR) FY16E
FY17E
2,832
14.9
12.8
3,222
16.4
14.0
326
21.5
15.3
1,319
15.3
12.2
4,616
20.9
15.7
744
8.0
6.8
87
18.3
10.9
16,473
41.8
26.1
1,233
241
1,093
25.8
21.3
28.4
19.9
17.8
20.8
EV/EBITDA (x)
FY16E
FY17E
9.4
7.6
11.3
9.3
13.4
9.5
13.1
10.7
11.1
8.7
3.4
2.7
9.1
5.8
25.1
16.4
13.6
13.2
16.1
10.5
10.8
12.0
RoE (%)
FY16E
FY17E
36.4
35.4
47.0
44.9
33.0
34.9
16.5
16.9
18.5
20.6
25.2
23.3
18.0
26.0
36.8
41.4
26.9
16.8
28.8
27.7
17.5
31.0
RoCE (%)
FY16E
FY17E
50.4
48.8
67.5
64.6
39.2
43.5
17.9
18.8
23.2
26.1
27.3
26.9
17.9
26.9
39.8
48.3
27.7
31.1
23.6
24.5
40.7
44.1
Source: Company, MOSL
3 February 2015
5

TVS Motor Company
Story in charts: Robust ~60% EPS CAGR over FY15-17E
Exhibit 10: Expect volume CAGR of 19% over FY15-17E
Volumes (units)
Growth (%)
24.6
23.0
8.2
2.4
13.6
13.5
12.7
Exhibit 11: Strong 26% CAGR in revenues over FY15-17E
Net sales (INR m)
Growth (%)
31.8
26.6
19.4
-7.5
FY12
FY13
FY14
FY15E
FY16E
FY17E
FY12
-1.1
FY13
FY14
FY15E
FY16E
FY17E
Source: Company, MOSL
Source: Company, MOSL
Exhibit 12: Strong franchise, operating leverage to drive
margins
EBITDA (INR m)
EBITDA margin (%)
8.7
7.7
6.6
5.8
6.0
6.0
Exhibit 13: Higher PAT growth with better margins, lower
interest cost
PAT (INR m)
Growth (%)
83.2
40.3
32.1
(27.3)
44.0
26.3
FY12
FY13
FY14
FY15E
FY16E
FY17E
FY12
FY13
FY14
FY15E
FY16E
FY17E
Source: Company, MOSL
Source: Company, MOSL
Exhibit 14: FCF to remain strong despite high capex plans
CFO (INR m)
Capex (INR m)
FCF (INR m)
10,979
8,856
7,529
3,906
Exhibit 15: Sharp improvement in return ratios
RoCE (%)
RoE (%)
33.0
23.0
15.1
19.7
20.3
22.4
39.2
25.3
43.5
34.9
4,440
2,672 3,303
2,536
-767
-1,768
FY12
FY13
5,184
5,703
2,803
2,604
19.8
-2,580
FY14
-2,900
FY15E
-4,950
FY16E
-3,450
FY17E
FY12
15.7
FY13
FY14
FY15E
FY16E
FY17E
Source: Company, MOSL
Source: Company, MOSL
3 February 2015
6

TVS Motor Company
Key operating metrics
Exhibit 16: Snapshot of Revenue model
units
Motorcycle
Growth (%)
% of total vols
Scooter
Growth (%)
% of total vols
Moped
Growth (%)
% of total vols
Total 2Ws
Growth (%)
% of total vols
3Ws
Growth (%)
% of total vols
Domestic
Growth (%)
% of total vols
Exports
Growth (%)
% of total vols
Total volumes
Growth (%)
ASP (INR/unit)
Growth (%)
Net Sales (INR m)
Growth (%)
36,709
14.0
FY09
635,889
3.0
48.0
247,756
-4.7
18.7
436,767
6.2
33.0
2.4
99.7
4,613
5,814.1
0.3
-1.8
85.4
193,337
41.1
14.6
2.8
27,705
FY10
640,801
0.8
41.7
309,462
24.9
20.1
571,489
30.8
37.2
15.2
99.0
15,116
227.7
1.0
21.0
89.1
167,130
-13.6
10.9
16.0
28,390
2.5
43,631
18.9
FY11
836,831
30.6
41.2
452,006
46.1
22.2
703,167
23.0
34.6
30.9
98.0
39,860
163.7
2.0
30.5
88.0
244,551
46.3
12.0
32.2
30,947
9.0
62,880
44.1
FY12
843,114
0.8
38.4
529,091
17.1
24.1
785,942
11.8
35.8
8.3
98.2
39,792
-0.2
1.8
6.9
86.9
287,713
17.6
13.1
8.2
32,492
5.0
71,415
13.6
FY13
749,429
-11.1
36.9
441,552
-16.5
21.7
792,069
0.8
39.0
-8.1
97.6
49,190
23.6
2.4
-6.5
87.9
245,233
-14.8
12.1
-7.5
34,765
7.0
70,650
-1.1
FY14
793,479
5.9
38.1
475,668
7.7
22.9
730,172
-7.8
35.1
1,999,319
0.8
96.1
80,842
64.3
3.9
1,765,142
-1.2
84.9
315,019
28.5
15.1
2,080,161
2.4
38,275
10.1
79,619
12.7
FY15E
952,622
20.1
37.2
723,000
52.0
28.3
776,700
6.4
30.4
2,452,322
22.7
95.9
106,167
31.3
4.1
2,170,589
23.0
84.8
387,900
23.1
15.2
2,558,489
23.0
39,393
2.9
100,788
26.6
FY16E
1,330,322
39.6
41.7
865,200
19.7
27.1
869,730
12.0
27.3
3,065,252
25.0
96.2
122,091
15.0
3.8
2,742,893
26.4
86.1
444,450
14.6
13.9
3,187,343
24.6
41,691
5.8
132,884
31.8
FY17E
1,544,981
16.1
42.7
994,980
15.0
27.5
939,500
8.0
26.0
3,479,461
13.5
96.2
139,297
14.1
3.8
3,093,008
12.8
85.5
525,750
18.3
14.5
3,618,758
13.5
43,854
5.2
158,697
19.4
1,320,412 1,521,752 1,992,004 2,158,147 1,983,050
1,131,688 1,369,738 1,787,313 1,910,226 1,787,007
1,325,025 1,536,868 2,031,864 2,197,939 2,032,240
Source: Company, MOSL
3 February 2015
7

TVS Motor Company
Corporate profile: TVS Motor Company
Company description
TVS Motor Company is 4
th
largest two-wheeler
company in India. TVS Motor Company is the
flagship company of the 100 year old six billion USD
TVS Group, which has some 40 companies and
holdings in the automotive sector. TVS Motor
Company offers the widest range of product in the
Indian two and three wheeler industry. TVS Motor
Company has international presence in more than
50 countries in Asia, Africa and Latin America.
Exhibit 17: Sensex rebased
Exhibit 18: Shareholding pattern (%)
Dec-14
Promoter
DII
FII
Others
57.4
12.1
13.1
17.4
Sep-14
57.4
11.8
11.6
19.1
Dec-13
57.4
17.7
3.4
21.6
Exhibit 19: Top holders
Holder Name
Reliance Capital Trustee Company Ltd
HSBC Bank (Mauritius Ltd)
TVS Motor Harita Employees Welfare Foundation Pvt
Life Insurance Corporation of India Ltd
Tree Line Asia Master Fund (Singapore)
% Holding
5.9
3.0
2.0
1.3
1.3
Note: FII Includes depository receipts
Exhibit 20: Top management
Name
Venu Srinivasan
Sudarshan Venu
K.N. Radhakrishnan
S.G. Murali
Designation
Chairman & Managing Director
Joint Managing Director
President & CEO
Executive Vice President - Finance
Exhibit 21: Directors
Name
Venu Srinivasan
Sudarshan Venu
C R Dua*
T Kannan*
K S Bajpai*
Name
H Lakshmanan
R Ramakrishnan
Prince Asirvatham*
Hemant Krishan Singh*
Lakshmi Venu
*Independent
Exhibit 22: Auditors
Name
V Sankar Aiyar & Co
A N Raman
Type
Statutory
Cost Auditor
Exhibit 23: MOSL forecast v/s consensus
EPS
(INR)
FY15
FY16
FY17
MOSL
forecast
7.2
13.3
18.6
Consensus
forecast
7.9
12.2
16.8
Variation
(%)
-8.7
9.2
10.7
3 February 2015
8

TVS Motor Company
Financials and valuations
Standalone - Income Statement
Y/E March
Volumes (units)
Growth (%)
Gross Revenues
Less: Excise Duty
Net Sales
Change (%)
Total Expenditure
EBITDA
Margin (%)
Depreciation
EBIT
Int. and Finance Charges
Other Income - Rec.
PBT bef. EO Exp.
EO Expense/(Income)
PBT after EO Exp.
Tax Rate (%)
PAT Adj for EO items
Change (%)
FY10
1533375
46,796
3,165
43,631
18.9
41,537
2,094
4.8
1,025
1,069
754
1,338
1,653
868
785
-15.1
1,902
512.0
FY11
2042587
33.2
68,211
5,331
62,880
44.1
58,926
3,954
6.3
1,073
2,882
723
356
2,515
34
2,481
21.6
1,972
3.7
FY12
2,185,616
7.0
77,277
5,861
71,415
13.6
66,722
4,694
6.6
1,175
3,518
571
217
3,165
0
3,165
21.3
2,491
26.3
FY13
2,044,000
(6.5)
77,329
6,679
70,650
-1.1
66,560
4,090
5.8
1,304
2,786
480
246
2,552
916
1,636
29.1
1,810
-27.3
FY14
2,073,000
1.4
86,521
6,902
79,619
12.7
74,838
4,781
6.0
1,317
3,465
254
302
3,513
-13
3,525
25.8
2,607
44.0
FY15E
2,548,877
23.0
108,530
7,742
100,788
26.6
94,697
6,090
6.0
1,468
4,622
188
332
4,766
0
4,766
27.8
3,444
32.1
FY16E
3,173,867
24.5
142,959
10,074
132,884
31.8
122,678
10,207
7.7
1,662
8,545
165
382
8,761
0
8,761
28.0
6,308
83.2
(INR Million)
FY17E
3,602,895
13.5
170,570
11,873
158,697
19.4
144,842
13,856
8.7
1,862
11,994
143
439
12,291
0
12,291
28.0
8,849
40.3
Standalone - Balance Sheet
Y/E March
Equity Share Capital
Total Reserves
Net Worth
Deferred Liabilities
Total Loans
Capital Employed
Gross Block
Less: Accum. Deprn.
Net Fixed Assets
Capital WIP
Total Investments
Curr. Assets, Loans&Adv.
Inventory
Account Receivables
Cash and Bank Balance
Loans and Advances
Curr. Liability & Prov.
Account Payables
Provisions
Net Current Assets
Appl. of Funds
FY10
238
8,416
8,653
1,146
10,033
19,832
19,091
9,534
9,557
271
7,393
9,652
2,897
2,208
1,010
3,537
7,342
6,673
669
2,310
19,832
FY11
475
9,519
9,994
957
7,678
18,629
19,723
10,347
9,376
574
6,611
12,014
5,279
2,706
60
3,969
9,946
9,453
494
2,068
18,629
FY12
475
11,221
11,696
976
8,311
20,982
21,545
11,289
10,256
525
9,309
11,055
5,846
2,080
130
2,998
10,163
9,585
577
892
20,982
FY13
475
11,772
12,247
931
6,345
19,523
22,479
12,365
10,115
361
8,688
12,029
5,097
3,005
175
3,752
11,670
11,136
534
359
19,523
FY14
475
13,678
14,153
1,247
4,424
19,824
24,723
13,466
11,257
481
8,959
14,950
5,482
3,341
826
5,302
15,823
14,612
1,211
-873
19,824
FY15E
475
16,121
16,596
1,247
3,924
21,768
27,723
14,935
12,789
381
9,959
18,341
6,939
4,230
940
6,233
19,703
18,492
1,211
-1,362
21,767
FY16E
475
21,178
21,653
1,247
3,424
26,325
32,723
16,597
16,126
331
10,959
24,494
9,149
5,577
1,930
7,838
25,585
24,374
1,211
-1,092
26,324
(INR Million)
FY17E
475
28,638
29,113
1,247
2,924
33,284
36,223
18,458
17,765
281
11,959
33,596
10,926
6,660
6,427
9,583
30,316
29,105
1,211
3,280
33,284
3 February 2015
9

TVS Motor Company
Financials and valuations
Ratios
Y/E March
Basic (INR) *
EPS
Growth (%)
Cash EPS
BV/Share
DPS
Payout (%)
Valuation (x) *
P/E
Cash P/E
P/BV
EV/Sales
EV/EBITDA
Dividend Yield (%)
Return Ratios (%)
RoE
RoCE
Working Capital Ratios
Asset Turnover (x)
Inventory (Days)
Debtor (Days)
Creditor (Days)
Working Capital (Days)
Leverage Ratio (x)
Current Ratio
Debt/Equity
* Adjusted for treasury stocks
FY10
8.0
12.3
36.4
0.6
36.4
35.7
23.2
7.8
3.3
69.1
0.2
22.7
13.4
2.2
24.2
17
56
11
1.3
1.2
FY11
4.2
6.4
21.0
1.1
31.1
68.8
44.6
13.6
2.3
36.2
0.4
21.2
17.8
3.4
30.6
14
55
12
1.2
0.8
FY12
5.2
26.3
7.7
24.6
1.3
28.8
54.5
37.0
11.6
2.0
30.7
0.5
23.0
19.8
3.4
29.9
10
49
4
1.1
0.7
FY13
3.8
-27.3
6.6
25.8
1.2
56.5
75.0
43.6
11.1
2.0
34.7
0.4
15.1
15.7
3.6
26.3
14
58
1
1.0
0.5
FY14
5.5
44.0
8.3
29.8
1.4
29.6
52.1
34.6
9.6
1.7
29.1
0.5
19.7
20.3
4.0
25.1
14
67
-8
0.9
0.3
FY15E
7.2
32.1
10.3
34.9
1.8
29.1
39.4
27.6
8.2
1.4
22.8
0.6
22.4
25.3
4.6
25.1
14
67
-8
0.9
0.2
FY16E
13.3
83.2
16.8
45.6
2.3
19.8
21.5
17.0
6.3
1.0
13.4
0.8
33.0
39.2
5.0
25.1
14
67
-8
1.0
0.2
FY17E
18.6
40.3
22.5
61.3
2.5
15.7
15.3
12.7
4.7
0.8
9.5
0.9
34.9
43.5
4.8
25.1
14
67
-7
1.1
0.1
Standalone - Cash Flow Statement
Y/E March
NP/ (Loss) bef Tax and EO
Depreciation
Interest & Finance Charges
Direct Taxes Paid
(Inc)/Dec in WC
CF from Operations
Others
CF from Operating incl EO
(inc)/dec in FA
(Pur)/Sale of Investments
Others
CF from Investments
(Inc)/Dec in Debt
Interest Paid
Dividend Paid
CF from Fin. Activity
Inc/Dec of Cash
Add: Beginning Balance
Closing Balance
FY10
762
840
632
277
1,087
3,044
345
3,389
75
-3,484
556
-2,853
2,023
-754
-389
880
1,417
-407
1,010
FY11
2,481
813
470
811
-674
2,279
63
2,341
-1,074
830
223
-21
-3,968
-703
-411
-3,271
-950
1,010
60
FY12
3,165
942
408
700
626
4,440
-31
4,409
-1,768
-2,699
658
-3,809
-778
-571
-659
-530
70
60
130
FY13
1,628
1,076
327
527
800
3,303
878
4,181
-767
-295
77
-985
-276
-517
-715
-3,152
45
130
175
FY14
3,485
1,317
4
1,234
1,613
5,184
54
5,238
-2,580
-276
257
-2,598
-1,069
-230
-690
-1,988
651
175
826
FY15E
4,766
1,468
188
1,323
603
5,703
-332
5,370
-2,900
-1,000
332
-3,568
-500
-188
-1,001
-1,688
114
826
941
FY16E
8,761
1,662
165
2,453
720
8,856
-382
8,474
-4,950
-1,000
382
-5,568
-500
-165
-1,251
-1,916
990
941
1,931
(INR Million)
FY17E
12,291
1,862
143
3,441
125
10,979
-439
10,540
-3,450
-1,000
439
-4,011
-500
-143
-1,390
-2,033
4,497
1,931
6,427
3 February 2015
10

TVS Motor Company
NOTES
3 February 2015
11

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TVS MOTOR CO LTD
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TVS Motor Company
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