TVS Holdings (520056) Q4 03/04 earnings summary

Executive summary

• FY2003-04 delivered record results: sales of ₹417.35 crore and PBT of ₹66.36 crore, up from ₹299.12 crore and ₹48.29 crore, respectively, in FY2002-03.

• Export-led growth accompanied strong domestic vehicle demand; air-brake systems held over 90% share among Indian commercial-vehicle OEMs.

Financial highlights

• Standalone sales ₹417.35 crore, up 39% YoY; total income ₹445.78 crore versus ₹323.28 crore.

• Standalone EBITDA ₹82.13 crore versus ₹59.05 crore; PBT ₹66.36 crore versus ₹48.29 crore.

• Standalone PAT ₹46.87 crore versus ₹34.73 crore; after ₹0.87 crore tax relating to earlier years, profit available was ₹46.00 crore.

• Consolidated total income ₹3,528.26 crore and PAT ₹183.61 crore; ₹114.49 crore was attributable to the parent, with consolidated EPS of ₹60.36 versus ₹48.75.

Outlook and guidance

• FY2004-05 outlook anticipated further performance improvement, supported by expected growth in automotive sales and component sourcing from India.

• Die-casting division targeted sales tonnage of about 16,000 in FY2004-05, versus 11,215 in FY2003-04.

• Planned FY2004-05 die-casting investment of ₹73 crore to meet domestic and overseas demand, funded through internal accruals and buyers’ credit.