TVS Holdings (520056) Q4 02/03 earnings summary

Executive summary

• FY 2002-03 standalone net sales reached ₹29,911.71 lakh and PAT ₹3,604.68 lakh; both rose YoY, with PAT up from ₹2,184.95 lakh.

• Consolidated results expanded sharply, with net sales of ₹318,048.42 lakh and parent-attributable profit of ₹9,243.35 lakh; the enlarged subsidiary base makes prior-year comparison less meaningful.

Financial highlights

• Standalone total income was ₹32,327.67 lakh vs ₹26,506.58 lakh; PBT ₹4,829.40 lakh vs ₹2,936.95 lakh.

• Standalone PAT was ₹3,604.68 lakh vs ₹2,184.95 lakh; reported EPS rose to ₹19.00 from ₹11.52.

• Consolidated total income was ₹322,655.48 lakh vs ₹134,158.17 lakh; consolidated PBT ₹24,348.32 lakh vs ₹7,523.39 lakh.

• Consolidated profit attributable to the parent was ₹9,243.35 lakh vs ₹3,247.83 lakh; consolidated EPS was ₹48.75 vs ₹17.11.

Outlook and guidance

• FY 2003-04 medium/heavy and light commercial vehicle sales were expected to maintain robust growth; management estimated 15% growth in heavy and medium vehicles, subject to anticipated better monsoon.

• Die-casting production target was 12,000 tonnes for FY 2003-04; casting sales were expected to grow ~30%, supported by domestic demand and a full-year impact of new orders.

• Motorcycle market recovery was expected in H2 FY 2003-04; brakes business outlook was linked to automotive-industry growth.