TVS Holdings (520056) Q4 01/02 earnings summary

Executive summary

• FY2001-02 revenue including other income was ₹265.07 crore, up from ₹255.24 crore; standalone PAT rose to ₹21.85 crore from ₹17.74 crore.

• Consolidated results included TVS Motor Company and Lakshmi Auto Components only from 15 Nov 2001, limiting comparability with a full-year base.

Financial highlights

• Standalone sales rose to ₹246.82 crore from ₹240.61 crore; PBT increased to ₹29.37 crore from ₹23.89 crore.

• Standalone PAT was ₹21.85 crore versus ₹17.74 crore; the 2002 result included a ₹0.57 crore deferred-tax credit and ₹0.91 crore tax credit relating to earlier years.

• Consolidated revenue was ₹1,341.58 crore, PBT ₹75.23 crore and PAT ₹47.86 crore; consolidated EPS was ₹17.12.

• Consolidated cash flow from operations was ₹171.45 crore; cash and cash equivalents increased by ₹90.50 crore to ₹102.15 crore.

Outlook and guidance

• Air-brake sales were expected to remain near FY2001-02 levels in 2002-03 as commercial-vehicle production was projected to be flat; foundry sales target was 8,253 tonnes.

• Castings sales were forecast to grow ~30% in 2002-03; orders from Ford India, Cummins USA, Holset and Visteon were expected to contribute from 2003-04.

• Q1 2002-03 commercial-vehicle production grew 38% YoY, but slower growth later in the year was anticipated amid monsoon and economic concerns.