TVS Holdings

₹10154.6 432.2 | 4.4%

WEBSITE BSE:520056 NSE : TVSHLTD 10 May, 16:01

Market Cap ₹20545 Cr.

Stock P/E 23.3

P/B 7.2

Current Price ₹10154.6

Book Value ₹ 1403.7

Face Value 5

52W High ₹10458.7

Dividend Yield 0.93%

52W Low ₹ 4067.8

Edit Ratio

TVS Holdings Research see more...

Overview Inc. Year: 1962Industry: Auto Ancillary

Sundaram-Clayton Ltd is a holding company engaged inside the production and distribution of aluminium alloy cast articles, together with components and additives. The Company manufactures elements and add-ons for motor vehicles, consisting of brakes, gearboxes, axles, suspension shock absorbers, radiators, clutches, steering wheels, steering columns and steerage boxes, among others. Its segments consist of Automotive additives, Motor Vehicles and Others. It manufactures aluminium pressure die castings for heavy industrial vehicles, passenger automobiles and two wheelers. Its product variety includes equipment housing, filter heads, air connectors, filtration module casting, faster charger and charge air pipe for the truck segment; cylinder head, case transaxle assembly, oil pan, chain case, cylinder head cover, adaptor oil filter out, fuel pump housing, fork equipment shift and starter housing for passenger vehicles, and crank case, cylinder barrel, wheel hub for powered wheelers and brake gadget valve bodies.

TVS Holdings Share Price

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Peer Comparison

TVS Holdings Quarterly Results

#(Fig in Cr.)	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Net Sales	6916	6902	7666	8963	8475	8523	9468	10473	9996	10125
Other Income	15	14	33	9	11	11	120	147	25	9
Total Income	6931	6916	7699	8972	8486	8534	9588	10620	10021	10134
Total Expenditure	6106	5998	6705	7811	7428	7372	8222	9113	8461	8578
Operating Profit	825	918	994	1161	1058	1162	1366	1507	1560	1556
Interest	245	275	302	350	354	418	477	517	516	534
Depreciation	215	234	222	238	250	275	265	252	244	270
Exceptional Income / Expenses	10	10	15	28	21	26	-3	-2	0	0
Profit Before Tax	374	419	484	601	474	494	621	736	801	753
Provision for Tax	127	107	149	190	174	166	201	269	255	279
Profit After Tax	248	312	335	410	299	328	420	468	546	473
Adjustments	-121	-149	-175	-198	-176	-175	-223	-240	-321	-241
Profit After Adjustments	127	164	160	212	124	154	196	228	224	232
Adjusted Earnings Per Share	62.9	80.8	79.1	104.9	61.2	75.9	97.1	112.6	110.8	114.7

TVS Holdings Profit & Loss

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Net Sales	8226	9344	11340	12464	13498	17512	21548	19859	20299	25591	33564	40062
Other Income	27	28	38	97	171	148	28	56	63	35	126	301
Total Income	8253	9372	11377	12561	13669	17660	21576	19915	20362	25625	33690	40363
Total Expenditure	7704	8763	10623	11510	12497	16002	19209	17448	17910	22603	29316	34374
Operating Profit	549	609	754	1051	1172	1658	2367	2467	2451	3022	4375	5989
Interest	148	115	99	102	88	372	719	910	929	985	1424	2044
Depreciation	226	214	238	317	377	447	534	649	643	845	986	1031
Exceptional Income / Expenses	106	41	61	6	2	0	0	-61	-22	-12	89	-5
Profit Before Tax	282	320	478	641	710	841	1118	845	854	1184	2013	2911
Provision for Tax	87	127	137	169	163	212	368	219	262	360	680	1004
Profit After Tax	194	193	341	472	547	629	750	627	592	824	1333	1907
Adjustments	1	-52	-129	-181	-217	-291	-318	-289	-268	-384	-684	-1025
Profit After Adjustments	196	141	212	292	330	338	432	337	324	441	650	880
Adjusted Earnings Per Share	103.3	69.8	104.8	144.2	163.1	167.1	213.5	166.6	159.9	217.8	321	435.2

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	31%	19%	14%	15%
Operating Profit CAGR	45%	21%	21%	23%
PAT CAGR	62%	29%	16%	21%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	143%	46%	32%	30%
ROE Average	32%	25%	27%	28%
ROCE Average	14%	13%	13%	18%

TVS Holdings Balance Sheet

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Shareholder's Funds	894	1121	1289	1523	1867	2151	2474	2463	2905	5079	3241
Minority's Interest	328	397	439	769	928	1191	1426	1516	1759	2203	2804
Borrowings	976	614	667	608	623	2639	5293	5469	6635	7741	9863
Other Non-Current Liabilities	198	255	278	239	254	144	198	456	539	714	802
Total Current Liabilities	1888	2169	2854	3078	3645	8635	8779	10707	11472	14597	22334
Total Liabilities	4283	4555	5525	6216	7317	14761	18170	20612	23309	30334	39044
Fixed Assets	1980	1909	2040	2468	2819	3489	3892	4322	4713	6202	6794
Other Non-Current Assets	529	622	830	1224	1603	4190	5367	5952	7492	8250	12485
Total Current Assets	1774	2024	2655	2525	2896	7083	8910	10338	11104	15883	19765
Total Assets	4283	4555	5525	6216	7317	14761	18170	20612	23309	30334	39044

TVS Holdings Cash Flow

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Opening Cash & Cash Equivalents	-120	-170	-99	-247	-260	-300	-157	-107	1092	1588	1451
Cash Flow from Operating Activities	459	567	138	1075	838	324	-710	458	1215	-1548	-4111
Cash Flow from Investing Activities	-114	-22	-461	-715	-818	-1379	-1324	-1055	-979	-1705	-1439
Cash Flow from Financing Activities	-395	-474	179	-373	-61	1198	2085	1795	261	3116	5979
Net Cash Inflow / Outflow	-50	71	-144	-13	-40	143	51	1199	496	-137	429
Closing Cash & Cash Equivalent	-170	-99	-243	-260	-300	-157	-107	1092	1588	1451	1879

TVS Holdings Ratios

#	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Earnings Per Share (Rs)	103.26	69.78	104.8	144.2	163.14	167.06	213.51	166.56	159.92	217.76	320.97
CEPS(Rs)	221.72	201.21	286.22	390.09	456.78	531.35	634.22	630.04	610.09	824.64	1145.75
DPS(Rs)	14	19.25	19	41	31.5	15	36	31	26	44	59
Book NAV/Share(Rs)	471.6	512.59	610.2	752.37	922.44	1062.96	1222.23	1217.12	1435.07	2509.51	1601.28
Core EBITDA Margin(%)	5.8	5.72	5.89	7.01	6.8	8.43	10.85	12.14	11.77	11.68	12.66
EBIT Margin(%)	4.77	4.29	4.74	5.46	5.42	6.77	8.52	8.84	8.79	8.48	10.24
Pre Tax Margin(%)	3.13	3.15	3.93	4.71	4.82	4.7	5.19	4.26	4.21	4.63	6
PAT Margin (%)	2.16	1.9	2.8	3.47	3.71	3.51	3.48	3.16	2.92	3.22	3.97
Cash Profit Margin (%)	4.67	4.01	4.76	5.8	6.28	6.01	5.96	6.42	6.08	6.52	6.91
ROA(%)	4.58	4.38	6.76	8.05	8.08	5.7	4.55	3.23	2.7	3.07	3.84
ROE(%)	24.42	20.02	30	34.26	32.28	31.29	32.42	25.38	22.06	20.65	32.05
ROCE(%)	18.07	19.35	23.75	26.01	24.49	18.27	16.51	13.01	11.91	11.86	13.93
Receivable days	17.05	17.34	16.36	16.38	18.48	22	25.73	30.47	25.15	18.35	15.4
Inventory Days	34.88	30.6	31.05	31.29	31.16	28.68	25.75	28.33	28.12	26.26	23.63
Payable days	59.84	61.16	65.48	72.9	75.88	79.76	80.18	96.2	108.58	103.38	88.05
PER(x)	3.26	8.09	17.54	14.56	22.36	29.18	13.57	8.86	19.24	16.43	11.71
Price/Book(x)	0.71	1.1	3.01	2.79	3.96	4.59	2.37	1.21	2.14	1.43	2.35
Dividend Yield(%)	4.15	3.41	1.03	1.95	0.86	0.31	1.24	2.1	0.85	1.23	1.57
EV/Net Sales(x)	0.25	0.23	0.46	0.45	0.67	0.99	0.73	0.7	0.84	0.76	0.85
EV/Core EBITDA(x)	3.71	3.5	6.88	5.38	7.67	10.42	6.62	5.61	6.97	6.4	6.56
Net Sales Growth(%)	-0.86	13.59	21.36	9.92	8.3	29.73	23.05	-7.84	2.22	26.07	31.16
EBIT Growth(%)	7.42	1.42	32.46	28.81	7.33	51.97	51.43	-4.42	1.61	21.64	58.47
PAT Growth(%)	17.05	-0.56	76.28	38.57	15.81	14.94	19.24	-16.43	-5.5	39.25	61.7
EPS Growth(%)	17.83	-32.43	50.19	37.59	13.14	2.4	27.8	-21.99	-3.99	36.17	47.4
Debt/Equity(x)	1.66	1.05	1.21	0.96	0.89	3.53	4.05	4.88	4.32	3.16	7.72
Current Ratio(x)	0.94	0.93	0.93	0.82	0.79	0.82	1.01	0.97	0.97	1.09	0.88
Quick Ratio(x)	0.49	0.54	0.5	0.46	0.41	0.66	0.83	0.83	0.82	0.95	0.78
Interest Cover(x)	2.91	3.78	5.83	7.27	9.05	3.26	2.56	1.93	1.92	2.2	2.41
Total Debt/Mcap(x)	2.32	0.95	0.4	0.34	0.23	0.77	1.71	4.02	2.02	2.21	3.29

TVS Holdings Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	74.46	74.46	74.46	74.46	74.46	74.46	74.45	74.45	74.45	74.45
FII	1.14	1.12	1.18	1.23	1.27	0.81	0.97	0.99	1.13	2.32
DII	14.28	14.09	14.14	13.98	13.28	12.59	12.37	12.56	12.2	11.19
Public	10.12	10.33	10.22	10.33	10.98	12.13	12.21	11.99	12.22	12.04
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	1.51	1.51	1.51	1.51	1.51	1.51	1.51	1.51	1.51	1.51
FII	0.02	0.02	0.02	0.02	0.03	0.02	0.02	0.02	0.02	0.05
DII	0.29	0.28	0.29	0.28	0.27	0.25	0.25	0.25	0.25	0.23
Public	0.2	0.21	0.21	0.21	0.22	0.25	0.25	0.24	0.25	0.24
Others	0	0	0	0	0	0	0	0	0	0
Total	2.02	2.02	2.02	2.02	2.02	2.02	2.02	2.02	2.02	2.02

Pros

Company has a good return on equity (ROE) track record: 3 Years ROE 25%
Debtor days have improved from 103.38 to 88.05days.

Cons

Stock is trading at 7.2 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.