TVS Motors Q4FY23 PAT up 54.6% at Rs778 crore on 38% EBITDA growth

TVS Motors reported 21.96% growth in total revenues for the March 2023 quarter on consolidated basis at Rs8,031cr. On a sequential basis, the revenues were totally flat. The company saw growth across its automotive vertical and the financial services vertical while the auto components business saw flat growth. In terms of growth in operating profits, the operating numbers of financial services nearly doubled on a yoy basis.

Interestingly, it is the cumulative sales of EVs that crossed the 1 lakh mark during the quarter. For the full fiscal year FY23, the company achieved record sales revenues of Rs26,378 core and record profits of Rs2,003 crore. Operating EBTIDA was higher by 10.3% on a yoy basis in the fourth quarter. The overall sales in the fourth quarter also included exports of 8.7 lakh units. EV sales multiplied nearly 6 times on a yoy basis.

Financial highlights for Mar-23 compared yoy and sequentially

 TVS Motors    

Rs in Crore

Mar-23

Mar-22

YOY

Dec-22

QOQ

Total Income (Rs cr)

₹ 8,031

₹ 6,585

21.96%

₹ 8,066

-0.43%

Operating Profit (Rs cr)

₹ 707

₹ 606

16.66%

₹ 734

-3.71%

Net Profit (Rs cr)

₹ 336

₹ 277

21.14%

₹ 301

11.70%

 

 

 

 

 

 

Diluted EPS (Rs)

₹ 7.07

₹ 5.84

 

₹ 6.33

 

OPM

8.80%

9.20%

 

9.10%

 

Net Margins

4.18%

4.21%

 

3.73%

 

 

In terms of contribution to sales, bulk was contributed by automobile sales followed by financial services and auto components in that order. For the auto business, the net cash from operations on a standalone basis was higher yoy by 33% at Rs1,993 crore. Supply chain constraints are visible in the working capital management of the company.

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