Company Name: TVS Motor Co Ltd

Company Ticker: TVSL IN
Date: 2014-04-29
Event Description: Y 2014 Earnings Call

Market Cap: 43,874.29
Current PX: 92.35
YTD Change($): +16.4
YTD Change(%): +21.593

Bloomberg Estimates - EPS
Current Quarter: N.A.
Current Year: 5.265
Bloomberg Estimates - Sales
Current Quarter: N.A.
Current Year: 86156.800

Y 2014 Earnings Call
Company Participants
• Pramod Kumar, Senior Vice President
• K N Radhakrishnan, President and Chief Executive Officer
• S.G. Murali, Chief Financial Officer

Other Participants















Unidentified Participant
Vasudev Banerjee, Analyst
Ameen Pirani, Analyst
Jinesh Gandhi, Analyst
Srinath Krishnan, Analyst
Ashwani Agarwalla, Analyst
Hitesh Goel, Analyst
Srinivas Rao, Analyst
Mukesh Saraf, Analyst
Sanjay Doshi, Analyst
Bhaumik Bhatia, Analyst
Arun Agarwal, Analyst
Nikhil Deshpande, Analyst
Kaushal Maroo, Analyst
Mohan Lal, Analyst
Samantha Khan, Analyst

Presentation
Operator
Ladies and gentlemen, good day and welcome to the TVS Motors' Q4 FY '14 Earnings Conference Call hosted by
IDFC Securities. As a reminder for the duration of this conference, all participant lines will be in the listen-only mode.
There will be an opportunity for you to ask questions after the presentation concludes. (Operator Instructions) Please
note that this conference is being recorded.
I now hand the conference over to Mr. Pramod Kumar from IDFC Securities. Thank you and over to you.

Pramod Kumar, Senior Vice President
Hey, thanks a lot, Mohsin. Good day, everyone. Welcome to the TVS Motor Conference Call hosted by IDFC
Securities. And we have with us today, Mr. K.N. Radhakrishnan, our President and CEO; and Mr. S.G. Murali, CFO
and Executive Vice President and we will start the call with a brief opening remark from the management, and then
we'll have a quick Q&A session.
Thank you. Over to you, sir.

Page 1 of 37

Company Name: TVS Motor Co Ltd
Company Ticker: TVSL IN
Date: 2014-04-29
Event Description: Y 2014 Earnings Call

Market Cap: 43,874.29
Current PX: 92.35
YTD Change($): +16.4
YTD Change(%): +21.593

Bloomberg Estimates - EPS
Current Quarter: N.A.
Current Year: 5.265
Bloomberg Estimates - Sales
Current Quarter: N.A.
Current Year: 86156.800

K N Radhakrishnan, President and Chief Executive Officer
Good afternoon and it is our pleasure to be talking to all of you. This is Radhakrishnan. The Q4 results, I'll give brief
highlights. I think, we are extremely happy that for Q4 2014, the revenue from operations grew by 21%, 1,775 crores to
2,155 crores. Primarily because of the two-wheeler sales growth of 12%, we have crossed about 5.42 lakhs as against
the 4.84 lakhs last year. And two-wheeler exports grew by 29%, which is 67,000 this year and two-wheeler domestic
sales grew by 20% [ph] which 4.7 lakhs unit and three-wheeler sales grew by 53% to 21,000 this year, because in last
year it was 14,000.
Now year as a whole, that is April to March, our revenue this year has grown by 11%, 7,962 crores is this year's
revenue vis-a-vis last year 7,169 crores. We have done 2 million two-wheelers and 80,000 three-wheelers, exports grew
by 15%. The profit for Q4 is 101 crores in comparison to 63 crores, a growth of 60%. And the overall, as a year, we
have done 351 crores PBT vis-a-vis last year's PBT of 254 crores. And Profit After Tax is 261 [ph] crores as against
116 crores of last year. Of course, we have provided in Q4 an extent of about 11 crores, this is to the compensation to
the dealers due to the excise duty revision from 12% to 8%.
Cash flow has been very good; we have generated about free cash flow 270 crores and interest bearing debt, that's net
of cash has come down over 165 crores. And I spoke last time last quarter, Jupiter is doing extremely well in the market
and we have won practically all awards for Jupiter. NDTV Car and Bike Awards, Scooter of the year Viewer's choice,
Jury choice. Scooter of the year from Zee, Scooter of the year from Motoring World and BBC TopGear India Magazine
Awards.
The new two products StaR City plus will be launched soon, and TVS Zest, Scooty Zest also will be launched soon.
Next year that is this year, April to March we are positive we want to gain market share this year that is our overall
plan. And Indonesia, we have done about 19,500 vehicles this year, that -- the response has been very good. And the
new product launches as per planned for 2014 and 2015.

S.G. Murali, Chief Financial Officer
Yeah Pramod, now, we will throw it open for question-and-answers.

Pramod Kumar, Senior Vice President
Yeah thanks a thanks a lot. Mohsin, can you please start.

Questions And Answers
Operator
Thank you very much. We will now begin the question-and-answer session. (Operator Instructions). We have the first
question from the line of Vasudev Banerjee from Quant Capital. Please go ahead.

Vasudev Banerjee, Analyst
Yeah. Congrats sir, for good set of numbers. Just had a query like if I adjust that 11 crores you gave for dealer
compensation. Still the significant margin improvement this quarter was primarily because of scale benefit as your
volumes moved up significantly being a seasonally good quarter.
So say, come Q2 and coming quarters were typically for seasonality volume tends to be on the lower side. Can we
expect margins to go back towards that 6% level or you are confident of sustaining around 6.5% going ahead?

Page 2 of 37

Company Name: TVS Motor Co Ltd
Company Ticker: TVSL IN
Date: 2014-04-29
Event Description: Y 2014 Earnings Call

Market Cap: 43,874.29
Current PX: 92.35
YTD Change($): +16.4
YTD Change(%): +21.593

Bloomberg Estimates - EPS
Current Quarter: N.A.
Current Year: 5.265
Bloomberg Estimates - Sales
Current Quarter: N.A.
Current Year: 86156.800

S.G. Murali, Chief Financial Officer
Vasu, I think -- thanks for the query Vasu, but and I don't think we need to look at the quarter-on-quarter or just the
quarterly margin, we need to look at a longer-term trend. And well like Radhakrishnan mentioned that we are launching
new products, we will be coming with Scooty Zest, we will be coming with the StaR City we will continuously
improve the portfolio quality and we'll continuously improve the top line. And we are confident that the overall
margins for the company will suddenly go up.

Vasudev Banerjee, Analyst
Sure. And sir, what was the quantum of CapEx in the standalone business this year?

S.G. Murali, Chief Financial Officer
Current year we have capital as around 250 crores.

Vasudev Banerjee, Analyst
And where was it allocated?

S.G. Murali, Chief Financial Officer
Basically we have a new paint plant and then of course, most of them in the new product development. And you saw
the Jupiter launched and then we have the R&D and (Technical Difficulty).

K N Radhakrishnan, President and Chief Executive Officer
And then the Jupiter capacity originally when we had the launch in December all of you will recollect it together with
Wego and Jupiter we want to do 25,000.

Vasudev Banerjee, Analyst
Yeah.

K N Radhakrishnan, President and Chief Executive Officer
But we are delighted that 25,000 we revised it to 35,000; now are revised to 45,000.

Vasudev Banerjee, Analyst
Sure. And sir, --

S.G. Murali, Chief Financial Officer
And we have capacity in place. Similarly, three-wheeler capacity has also been increased. So, it's basically gone
towards the expansion of R&D.

Page 3 of 37

but as and when the new products come. Thanks. Murali.35 YTD Change($): +16.593 Bloomberg Estimates . Page 4 of 37 . I think we will invest for those capacity expansion. sales doing well. Current Year: 5. we can expect 250 crore kind of CapEx to continue in next --? S.29 Current PX: 92. Vasudev Banerjee. If I have.800 Vasudev Banerjee.874.G. we look at it.4 YTD Change(%): +21. overall capacity. Analyst And one small clarification.G. with volume somewhere around this 2. Current Year: 86156. capacity. Vasudev Banerjee. the specific requirement for the new products will be met. Murali. Murali. Chief Financial Officer Console level. I'll come back to queue later. it is likely to continue.G.EPS Current Quarter: N. Murali. And by India the borrowings have actually come down by more than 150 crores and so. And we will keep investing for the new products and that's an virtuous growth we are talking about with the brands that were doing well. Vasudev Banerjee. and barring that only as a significant borrowing we have within Zen-PT TVS. Chief Financial Officer Well. What was this loans and advances.1 million.Sales Current Quarter: N. Chief Financial Officer Around that level.Company Name: TVS Motor Co Ltd Company Ticker: TVSL IN Date: 2014-04-29 Event Description: Y 2014 Earnings Call Market Cap: 43.8 million.265 Bloomberg Estimates . Analyst Okay sir. Where do you see your capacity utilization presently and what kind of CapEx plan you have for next year? S. the standalone borrowings from the Indian the TVS balance sheet has come down. short-term loans and advances figure in the console level shorter by 120 crore year-on-year. So that has gone out of the system. you know the energy has been divested. yeah. the loans and borrowings have come down because. Chief Financial Officer Sorry. Vasudev Banerjee. Analyst Short-term loans and advances was up by 120 crore year-on-year at a console level? S.A. Analyst So broadly. actually.A.G. Anything specific there? S. Analyst So broadly. we can produce about close to 2. 3 million two-wheelers.

And sir.800 S. Ameen Pirani. We have taken in our we approved for the diminishing of the value of the investment in Netherlands.Company Name: TVS Motor Co Ltd Company Ticker: TVSL IN Date: 2014-04-29 Event Description: Y 2014 Earnings Call Market Cap: 43. K N Radhakrishnan. And what was the -. Is that the only amount that you have put in Indonesia this year? S. EBITDA level is around $8 million. Ameen Pirani. Analyst Okay. I had a question on your investments in Indonesia. Chief Financial Officer Thank you.4 YTD Change(%): +21.874.A. Analyst Yeah. So in this quarter. Ameen Pirani.G. So the stage which will held through Netherlands. Ameen Pirani. Operator Thank you.35 YTD Change($): +16. Chief Financial Officer It is not a holding company. Sir.G. And it was established both the Netherlands and the Singapore subsidiaries of TVS Motor. Thanks sir.Sales Current Quarter: N. And they have decided to wind up the liquidate that company. the provision that you have taken up 33 crores of your European subsidiary.593 Bloomberg Estimates . cash loss or EBITDA loss in Indonesia for the full year sir? S. Please go ahead. Current Year: 5. Murali. Current Year: 86156. Chief Financial Officer Ameen. this subsidiary was the only company for the Indonesian business? S. okay. The next question is from the line of Ameen Pirani from Deutsche Bank. it's one of arm through which the investment in Indonesia was done when they planned to establish in 2006 and 2007. President and Chief Executive Officer Thank you.29 Current PX: 92. Chief Financial Officer Indonesia. okay. Murali. now held directly through TVS Pennant or? Page 5 of 37 . Murali. Analyst $8 million? Okay.G.G.A. But at that time there was a tax study we did in the Netherlands and Indonesia. Analyst Okay.EPS Current Quarter: N. but since that was not in placed we don't need to have this subsidiary. we have invested about 50 crores during the year. you have invested around 24 crores. Murali. Thanks for taking my question.whatever. But as we understand.265 Bloomberg Estimates .

Thank you sir.35 YTD Change($): +16.593 Bloomberg Estimates .874.29 Current PX: 92. Murali. Jinesh Gandhi.G. we hope that the product will well and going forward we expect the losses and then we share to continue. Operator Thank you. Understood sir.800 K N Radhakrishnan.9% is Japanese. Squbec[ph] which is the 70 plus more than or 70% of the market we just launch as Squbec product. Jinesh Gandhi. Current Year: 5.Sales Current Quarter: N. Analyst Right.EPS Current Quarter: N. the product keeps changing there. And we have already told about drive of the numbers. Analyst Okay. Jinesh Gandhi. any indication about what kind of investments would be required in Indonesia in coming year? S. Murali. so from the motor cycles of UBEC [ph].A. you know the market. Chief Financial Officer Well the expense allows to continue Indonesia. Analyst Hi. President and Chief Executive Officer Current investments are all going through TVS Motor directly. So that would be assuming that volumes improve quite meaningfully from here on. Then we come down substantially so it not be significant investment call from our side into Indonesia.G. K N Radhakrishnan. because as I have highlighted last time 99. Ameen Pirani.A. So from average of about? S. Page 6 of 37 . I'll come back for more questions later. Please go ahead. The next question is from the line of is Jinesh Gandhi Motilal from Oswal Securities. Analyst Okay. President and Chief Executive Officer Both we are looking at Indonesia. Chief Financial Officer We are focusing on improving the local sales as well as exports out of Indonesia.4 YTD Change(%): +21. President and Chief Executive Officer Thanks Ameen. sir. K N Radhakrishnan.265 Bloomberg Estimates . Current Year: 86156. Continuing on this Indonesia investments.Company Name: TVS Motor Co Ltd Company Ticker: TVSL IN Date: 2014-04-29 Event Description: Y 2014 Earnings Call Market Cap: 43.

Murali.29 Current PX: 92.593 Bloomberg Estimates .000 so local was about 19. second question pertains to CapEx for coming financial year. Jinesh Gandhi. Current Year: 5. The primary focus is to get the losses down significantly. because many markets where we are present. So we are focusing concurrently exports as well as the domestic. Analyst And how much did we do exports from Indonesia last year? S.EPS Current Quarter: N. 10. in terms of volumes? S. And sir. Analyst Okay. Murali. President and Chief Executive Officer Page 7 of 37 . And how is the export from Indonesia doing? K N Radhakrishnan.500 and 10. but this is the market where practically 100% is retail financing.G.G. Ameen Pirani.265 Bloomberg Estimates .800 K N Radhakrishnan. it is sold through retail financing.000 and was exports? S. Analyst No.35 YTD Change($): +16. Year-after-year it is growing. Chief Financial Officer Volume only I've said. Jinesh Gandhi. Chief Financial Officer Yeah.G. Analyst Okay.Company Name: TVS Motor Co Ltd Company Ticker: TVSL IN Date: 2014-04-29 Event Description: Y 2014 Earnings Call Market Cap: 43. Murali. Chief Financial Officer I think we've done more than 10 crores. FY '15. while it is taking little time to. President and Chief Executive Officer So.874. Ameen Pirani. Current Year: 86156. what kind of investment CapEx we should look at? K N Radhakrishnan. Analyst 10. President and Chief Executive Officer It is growing.000.Sales Current Quarter: N. We are looking at this point of time leveraging exports market.A. Jinesh Gandhi.4 YTD Change(%): +21.A. the best thing is the customers are extremely happy.

Jinesh Gandhi.29 Current PX: 92. Jinesh Gandhi. And sir lastly. President and Chief Executive Officer That is definitely helping us. President and Chief Executive Officer Last time. you mentioned about launch of StaR City and Scooty. Analyst Right. Current Year: 5. is it on track to be launched in second half or that plans are getting delayed? K N Radhakrishnan.Sales Current Quarter: N. Jinesh Gandhi.593 Bloomberg Estimates . Analyst Sure. the expansion of capacity and the demand for Jupiter. there are no delays in any of the new product launches. Jinesh Gandhi. when we launched Jupiter. Are new executive segment bike. President and Chief Executive Officer Otherwise.35 YTD Change($): +16.EPS Current Quarter: N. okay. There is no delay in any of the product launches.874.A. Page 8 of 37 . Sure.4 YTD Change(%): +21. no.265 Bloomberg Estimates .Company Name: TVS Motor Co Ltd Company Ticker: TVSL IN Date: 2014-04-29 Event Description: Y 2014 Earnings Call Market Cap: 43. Analyst For FY '15? K N Radhakrishnan. President and Chief Executive Officer No.A. Current Year: 86156. K N Radhakrishnan. Analyst Okay. Analyst Okay. President and Chief Executive Officer That's right. one model in the economy category or in the entry level executive category and we said the Scooty Zest will be coming. K N Radhakrishnan. we said we will be coming up with two models. we mentioned that just now around 250 crores is the kind of investment that we are looking at now as of now. Jinesh Gandhi. The good thing is. K N Radhakrishnan.800 Yeah.

265 Bloomberg Estimates . Are you seeing any cost benefits that in terms of sourcing at this point of time? K N Radhakrishnan.000 from similar engine family. Sir. sir. with about 50.EPS Current Quarter: N. which is Wego and Jupiter have at this point of time? And secondly.4 YTD Change(%): +21. okay. okay. Chief Financial Officer But the engine and all those details will -- K N Radhakrishnan. the StaR City engine is a motor-cycle engine. Murali.G. Understood sir. Please go ahead. this TVS StaR City which has a eco-thrust engine. I mean.35 YTD Change($): +16.874. Thanks and all the best. President and Chief Executive Officer One thing I can tell you. But there have been talks about launch of Victor or similar product in the second half? K N Radhakrishnan. S.29 Current PX: 92. Srinath Krishnan.000 to 60. Operator Thank you. Jinesh Gandhi.A.A. K N Radhakrishnan.taking the certifications. Jinesh. The next question is from the line of Srinath Krishnan from Sundaram Mutual Fund.Company Name: TVS Motor Co Ltd Company Ticker: TVSL IN Date: 2014-04-29 Event Description: Y 2014 Earnings Call Market Cap: 43. okay. Current Year: 86156. we'll have to wait for the launch. Srinath Krishnan. Analyst Okay. President and Chief Executive Officer Srinath. Srinath Krishnan. President and Chief Executive Officer That is second half. Thanks a lot for the opportunity. Analyst That is second half? Okay. Current Year: 5. Analyst Thank you. Little premature to talk about that technical details to date. Analyst Page 9 of 37 . President and Chief Executive Officer Thank you. for the -. Analyst Okay.593 Bloomberg Estimates .Sales Current Quarter: N. So will it have the same engine as which.800 Jinesh Gandhi.

You have done about 80. okay. but atleast in a yearly or one year outlook or exit. okay. fine. It is.000. that is what Murali said during the last time. Current Year: 86156. President and Chief Executive Officer We want to -. President and Chief Executive Officer No. K N Radhakrishnan. President and Chief Executive Officer Which we will. I'm sure we're not clicking at the quarterly run rate of margin. Is it because. President and Chief Executive Officer (inaudible) gear in motor cycles and all the Scooters are you know auto. what is your outlook sir for this year? K N Radhakrishnan.A.EPS Current Quarter: N. Srinath Krishnan. And you had increased three-wheeler capacity -- K N Radhakrishnan.593 Bloomberg Estimates . Mr. during last year's ATM [ph]. Srinath Krishnan.265 Bloomberg Estimates . okay. you had increased three wheeler capacity to about 1. Venu Srinivasan mentioned that next two years time will be at 8% margin. Current Year: 5. Srinath Krishnan.4 YTD Change(%): +21. we will disclose it but the engines are different. President and Chief Executive Officer The Scooter engine and motor-cycle engines are not similar.35 YTD Change($): +16.the engines are different but the technology principles are similar. Analyst Totally different.874.Company Name: TVS Motor Co Ltd Company Ticker: TVSL IN Date: 2014-04-29 Event Description: Y 2014 Earnings Call Market Cap: 43.we are looking at gaining market share next year.000 three-wheelers this year.A. Srinath Krishnan.Sales Current Quarter: N. And sir. But there won't be any. Page 10 of 37 .29 Current PX: 92. there are some new certicle [ph] that.800 Okay. Analyst Okay. it's a similar engine -- K N Radhakrishnan. I mean benefits as a result of similar technology and I think. Srinath Krishnan. this year that is our focus. Analyst Okay. So in terms of growth in three-wheeler segment. no.20. And sir. Analyst Okay. we have with a suggestion capacity to meet market share growth plan. So as of now. okay. if there is no cost benefit you will be -- K N Radhakrishnan. it is -. Analyst Fine. Sure sir.

President and Chief Executive Officer Thanks Srinath. President and Chief Executive Officer No. we said that it is our intension suddenly to get in your double-digit EBITDA.Company Name: TVS Motor Co Ltd Company Ticker: TVSL IN Date: 2014-04-29 Event Description: Y 2014 Earnings Call Market Cap: 43. I think what we said is the project is likely to be coming into the market by 2015. Analyst Sure. President and Chief Executive Officer Well. Please go ahead. The remaining details we will definitely give all of you at the time of launch.35 YTD Change($): +16. but we won't be able to give a guidance on these margin. (inaudible) tie up with BMW can you just update us on the timeline of the launch capital in queue so far and the branding. I said that all the incentives here on the course but we won't be able to tell you what can really be the margin on this quarter. Analyst Thanks. Operator Thank you. Analyst Sir in FY '15 are we going to infuse capital into that product development or capacity for that? Page 11 of 37 . I mean. we don't guidance on the margins Srinath. thanks sir.29 Current PX: 92. Kaushal Maroo. I'm just asking you does it stay or not? K N Radhakrishnan.Sales Current Quarter: N. Analyst And this was the guidance which was given last year sir. how is it all going to be? K N Radhakrishnan.800 can we have an 8% margin. that's what we mentioned. Srinath Krishnan.EPS Current Quarter: N.4 YTD Change(%): +21. Current Year: 5.593 Bloomberg Estimates . Thanks a lot.A. it will also grow. second half that is going as per that. but (Technical Difficulties) that we improved top line the portfolio quality improving and we improved thrust on the exports. The next question is from the line of Kaushal Maroo from Emkay Global. K N Radhakrishnan. Srinath Krishnan.A. Kaushal Maroo. no what we mentioned was. President and Chief Executive Officer I think project is going as per planned. does this guidance stay? K N Radhakrishnan.874.265 Bloomberg Estimates . Current Year: 86156. next quarter and that kind of a quarterly milestones we will not be able to tell you at this stage.

Murali. Latin America.EPS Current Quarter: N. what percentage of the sales costs with these geographies. Sir can you give us a breakup of your exports in major geographies. Analyst Okay and in three wheeler? K N Radhakrishnan.Sales Current Quarter: N. Analyst Two wheeler.874. little bit in Latin America. Murali. Kaushal Maroo. thank you sir. Kaushal Maroo.4 YTD Change(%): +21. Bangladesh. Southeast Asia. K N Radhakrishnan. Chief Financial Officer Two wheeler is mostly Africa.800 S. Analyst Okay. President and Chief Executive Officer Yeah. Analyst Okay. then Sri Lanka.35 YTD Change($): +16. All the related CapEx will be there last year this year and partly next year. S. Murali. President and Chief Executive Officer Three wheeler is also mostly Arica. Kaushal Maroo. President and Chief Executive Officer Page 12 of 37 .A. Chief Financial Officer In two wheeler or three wheeler? Kaushal Maroo. Current Year: 5. Current Year: 86156.Company Name: TVS Motor Co Ltd Company Ticker: TVSL IN Date: 2014-04-29 Event Description: Y 2014 Earnings Call Market Cap: 43. Africa. Kaushal Maroo.265 Bloomberg Estimates .593 Bloomberg Estimates . no already we also told you that the CapEx is going on. Chief Financial Officer No. but the product development is going manufacturing set up is going on.A.29 Current PX: 92. S. Analyst So can we say more than 70% of the exports is to Africa? K N Radhakrishnan. because it is not in that year 2015.G.G.G.

it is expanding and gaining market share this year.Company Name: TVS Motor Co Ltd Company Ticker: TVSL IN Date: 2014-04-29 Event Description: Y 2014 Earnings Call Market Cap: 43. Analyst Okay. so. overall.29 Current PX: 92. Analyst Okay. K N Radhakrishnan. we have entered last year. Analyst But any large markets you are planning to enter for both three-wheelers and two-wheelers? K N Radhakrishnan.800 Thanks --. Some markets we have entered last year but we'll be expanding in many of the markets. the same kind of market share gain.A. I think. Please go ahead. Okay sir. in this markets and we are looking at the markets which are not present today.593 Bloomberg Estimates . Nikhil Deshpande.G. Chief Financial Officer I think in momentum we will continue primarily because our products are extremely good at this and it is accepted very well in this market and we are -. we'll be entering.265 Bloomberg Estimates . Nikhil Deshpande. Current Year: 86156. some more markets.A. Nikhil Deshpande. Thank you.we will. Murali. President and Chief Executive Officer Two-wheeler.EPS Current Quarter: N. President and Chief Executive Officer I think most of the big markets. Operator Thank you. Current Year: 5. Analyst Sir. Operator Page 13 of 37 . K N Radhakrishnan. The next question is from the line of Nikhil Deshpande from Sharekhan. Nikhil Deshpande.4 YTD Change(%): +21. That's all from me.Sales Current Quarter: N.874. whatever that we have done this year will definitely continue next year. President and Chief Executive Officer Thank you. Some markets we have added last year. you have shown a very good run rate growth in exports both in two wheelers and three wheelers.35 YTD Change($): +16. Do you see this momentum continuing and further market you've enter in exports? S.

What is the growth of the industry which you're expecting for FY '15 and '16? K N Radhakrishnan. President and Chief Executive Officer We are -. Analyst Hi sir.35 YTD Change($): +16. President and Chief Executive Officer Hi Ashwani. Current Year: 86156. The next question is from the line of Ashwani Agarwalla from BOB Pioneer. Murali. K N Radhakrishnan.4 YTD Change(%): +21.EPS Current Quarter: N. Murali.A. President and Chief Executive Officer Okay. Chief Financial Officer Hi. Ashwani Agarwalla. K N Radhakrishnan. President and Chief Executive Officer Page 14 of 37 .Sales Current Quarter: N. Please go ahead.G. Ashwani Agarwalla. A year after? Ashwani Agarwalla.29 Current PX: 92. Analyst Wanted to know few basic question answers. Current Year: 5.Company Name: TVS Motor Co Ltd Company Ticker: TVSL IN Date: 2014-04-29 Event Description: Y 2014 Earnings Call Market Cap: 43. K N Radhakrishnan. as of now.G. Chief Financial Officer '15.800 Thank you.593 Bloomberg Estimates . Analyst Yes sir.874. S. (inaudible). S.A. that only you are asking. Analyst Yeah.265 Bloomberg Estimates . '16 or '14. '15. Ashwani Agarwalla. FY '15 and FY '16. K N Radhakrishnan.see. President and Chief Executive Officer So you are looking at this year and next year.

President and Chief Executive Officer I can't give a guidance on '15. either. in the last three months. that kind of a growth.29 Current PX: 92. we are expecting a moderate growth.Company Name: TVS Motor Co Ltd Company Ticker: TVSL IN Date: 2014-04-29 Event Description: Y 2014 Earnings Call Market Cap: 43. Ashwani Agarwalla. are you facing similar cost pressures and are you being able to pass on the cost in terms of pricing? K N Radhakrishnan. they too are facing cost pressures in terms of raw material cost.800 This year. Can you give a geographical wakeup that how much would be in urban areas and how much would be in rural areas? Both in terms of Motor Cycle.593 Bloomberg Estimates .874. Ashwani Agarwalla. Everywhere. Analyst Page 15 of 37 . President and Chief Executive Officer Yes Ashwin. Analyst And can we put on a number. Ashwani Agarwalla. '15. Ashwani Agarwalla.EPS Current Quarter: N. at this point of time. Analyst Okay.35 YTD Change($): +16. I think that should help us. '16. Moped. President and Chief Executive Officer Well. maybe 10% growth. President and Chief Executive Officer No. Hello? K N Radhakrishnan.OEMs. Analyst Okay.4 YTD Change(%): +21.A. it's in -. 15% or more than that? K N Radhakrishnan. Current Year: 86156. so far. Analyst Sir. And sir. of a total sales you have grown about 20 lakh vehicles. '16 in my opinion.265 Bloomberg Estimates . '15. We are planning here. we are looking at economy should do well in the second half. when we interacted with other automobile -. And sir. we can look at. we sell our products across all.whether it's the rural or urban. as we get good monsoon and good autonomous recovery. you can take an average growth of around 8% to 10%. economy.Sales Current Quarter: N. Ashwani Agarwalla. everyone has been behaving responsibly and we have been taking up judicious price increase every quarter based on the commodity. We will continuously keep a watch on the commodity and if warranted (inaudible) will be taken. we keep selling. I think this can be a great year. very early but it depends upon. '16 but this year.A. I think. Scooter and three-wheelers? K N Radhakrishnan. Once it starts doing well and if we get a reasonably good monsoon. Current Year: 5. there have been increase in prices of the raw materials because. the last two years.

Unidentified Participant Hello sir. on this two variants which are likely to be launched.35 YTD Change($): +16. that kind of details. just couple of clarifications. K N Radhakrishnan. Operator Thank you. Ashwani Agarwalla. We are cautious more on the strategic and long-term thing. one in Motor Cycle and Scooter. just we are not getting into individual numbers on marketing. sir? Would it be in the first quarter? K N Radhakrishnan. Ragunanthan [ph]. Analyst Okay sir. how -. Unidentified Participant Thank you very much for the opportunity.593 Bloomberg Estimates . When would this be. President and Chief Executive Officer Thank you.800 Okay. K N Radhakrishnan. President and Chief Executive Officer Whatever required for the brand. The next question is from the line of Jaya Karne [ph] from Mission Market Securities. We don't give into. K N Radhakrishnan. One is. President and Chief Executive Officer Yes. the StaR City Plus is a completely new product. Sir. President and Chief Executive Officer First of all. Page 16 of 37 .A. Current Year: 5. And sir.265 Bloomberg Estimates . Current Year: 86156. Analyst Okay sir.874.29 Current PX: 92. Ashwani Agarwalla.Company Name: TVS Motor Co Ltd Company Ticker: TVSL IN Date: 2014-04-29 Event Description: Y 2014 Earnings Call Market Cap: 43. we'll continue to spend.can we have the year advertisement cost or marketing expenses for this quarter and last two quarters? K N Radhakrishnan.Sales Current Quarter: N. Thanks. here. President and Chief Executive Officer No. Please go ahead.EPS Current Quarter: N.A.4 YTD Change(%): +21.

President and Chief Executive Officer Second half means post October.Sales Current Quarter: N. The next question is from the line of Hitesh Goel from Kotak Securities. K N Radhakrishnan. on the BMW thing. Just a clarification. Hitesh Goel. President and Chief Executive Officer Thank you. Sure sir. President and Chief Executive Officer And Zest is a completely new product. K N Radhakrishnan.593 Bloomberg Estimates . Chief Financial Officer Thank you. Unidentified Participant Yes sir. Please go ahead. can you breakup your exports in different countries in Africa. Thank you. When you said second half of 2015.A. Thank you. Murali.G. sir.Company Name: TVS Motor Co Ltd Company Ticker: TVSL IN Date: 2014-04-29 Event Description: Y 2014 Earnings Call Market Cap: 43. So I won't call it as a variant and you will see the launches very soon. Normally.35 YTD Change($): +16.EPS Current Quarter: N. Operator Thank you.A. Current Year: 5.874.29 Current PX: 92. Sir. we have April to March. Analyst Yeah. S. sir. Current Year: 86156. would it be calendar year or fiscal sir? K N Radhakrishnan.800 Unidentified Participant Okay. That's all from my side. Unidentified Participant Sure sir. Thank you. Unidentified Participant Okay. And second thing is.265 Bloomberg Estimates . President and Chief Executive Officer Our financial year. K N Radhakrishnan.4 YTD Change(%): +21. Just wanted to sense how much market share do you have in those market? Page 17 of 37 .

you can't really say country-wise market share because. how much is Nigeria or Tanzania or Congo.like India. Analyst Okay.874. again say that about 50% of our two-wheelers come from Africa.4 YTD Change(%): +21. that are Chinese -. And in terms of three-wheelers. Analyst Okay. K N Radhakrishnan. Last year overall. Hitesh Goel. Now. Hitesh Goel. But we know what we are exporting from India exactly. President and Chief Executive Officer Overall. So that was your biggest market. we were around 20%. overall in two-wheelers and in three-wheeler. Hitesh Goel. that's why I'm able to give the numbers. Current Year: 5. Nigeria would be the -- Page 18 of 37 . Hitesh Goel. Current Year: 86156. we have also about 13%. President and Chief Executive Officer West Africa. Analyst Okay. which is your largest market? Can you tell that? K N Radhakrishnan. we have a market share of -. What I wanted to know is. in your mix.from Indian exports about 14%.Sales Current Quarter: N.EPS Current Quarter: N. Analyst But. Egypt. No. I may not be able to tell you the details.35 YTD Change($): +16. So -- K N Radhakrishnan. which against the country-wise volumes.29 Current PX: 92. Hitesh Goel. so in your mix.Company Name: TVS Motor Co Ltd Company Ticker: TVSL IN Date: 2014-04-29 Event Description: Y 2014 Earnings Call Market Cap: 43. unfortunately. sir. President and Chief Executive Officer So we are looking at increasing that market share.265 Bloomberg Estimates . country-by-country. we don't have a syndicated the documents.A.A.800 K N Radhakrishnan.593 Bloomberg Estimates . President and Chief Executive Officer Market is West Africa. President and Chief Executive Officer That way. Analyst Sorry? K N Radhakrishnan. Now. if you look at country-wise. okay.

Hitesh Goel.35 YTD Change($): +16.4 YTD Change(%): +21. we are able to see growth in three-wheeler as well as in two-wheelers. There are few markets in West Africa. last year. Thank you. this number keep varying.A.EPS Current Quarter: N. Hitesh Goel. Analyst Okay. I'm not able to give you an exact number. we have gained step-throughs. Analyst Sorry.265 Bloomberg Estimates . Current Year: 5. Current Year: 86156.Company Name: TVS Motor Co Ltd Company Ticker: TVSL IN Date: 2014-04-29 Event Description: Y 2014 Earnings Call Market Cap: 43. in Africa or that demand remains the segment? K N Radhakrishnan. definitely. And finally. K N Radhakrishnan. Hitesh Goel. President and Chief Executive Officer Nigeria is the biggest market. Analyst Okay. Any two-wheeler have still down. Hitesh Goel. Analyst Okay.593 Bloomberg Estimates . the biggest market. Hitesh Goel. have you seen a shift from two-wheelers to three-wheelers in Nigeria? Are you seeing that trend? K N Radhakrishnan.Sales Current Quarter: N. it was little down but I'm not able to give an industry number because. After the ban on two-wheeler motor cycles in Nigeria.A. Okay. President and Chief Executive Officer Ban is there only in certain cities or the certain pockets.800 K N Radhakrishnan. President and Chief Executive Officer Nigeria is the biggest market. sir. Analyst Nigeria. if I'm right? Are you seeing a trend shift towards Motor Cycle in that market. K N Radhakrishnan. Page 19 of 37 . but I don't know this 20% data.874. last question on this topic. It is not completely banned. President and Chief Executive Officer So that is the reason. In our opinion. President and Chief Executive Officer I have not seen this 20% demand coming from step-throughs.29 Current PX: 92. And just one more question. This 20 odd percent demand also comes from Mopeds or step-throughs in Africa.

Sales Current Quarter: N. 10.000 numbers for a break-even in Indonesia.29 Current PX: 92. Analyst So total volumes was 19. Please go ahead. out of which. Operator Thank you. (Operator Instructions) The next question is from the line of Ameen Pirani from Deutsche Bank. Ameen Pirani.300. Ameen Pirani. Ameen Pirani.G. Ameen Pirani.what would be like the monthly run-rate or an annual volume run-rate for you to reach EBITDA break-even? S. you need to have a monthly sale of around 6.000 or was it 29.593 Bloomberg Estimates . Ameen Pirani.000? K N Radhakrishnan.Company Name: TVS Motor Co Ltd Company Ticker: TVSL IN Date: 2014-04-29 Event Description: Y 2014 Earnings Call Market Cap: 43.A. Hi. Current Year: 86156.000 this year. Analyst Yeah. Analyst Okay. Thanks for taking my question again.265 Bloomberg Estimates .G. so you mentioned that Indonesia volumes were around 19.000 per month? S.EPS Current Quarter: N. Analyst 6.000? K N Radhakrishnan. I just want to clarify.000 were exports or was it 19 plus 10. And sir. President and Chief Executive Officer 10.874. Analyst Page 20 of 37 . President and Chief Executive Officer 19. Chief Financial Officer That's right. Murali. Chief Financial Officer Well. Murali.800 K N Radhakrishnan. sir.000 was exports.35 YTD Change($): +16.A. President and Chief Executive Officer Thank you. can you give a broad -. Current Year: 5.4 YTD Change(%): +21.

G.593 Bloomberg Estimates .35 YTD Change($): +16. Srinivas. Ameen Pirani.increase of prices in the last quarter also done.EPS Current Quarter: N. Murali. Murali. Ameen Pirani. Thank you.G. there is no question of -. And current quarter. Operator Page 21 of 37 . Chief Financial Officer So.A.Company Name: TVS Motor Co Ltd Company Ticker: TVSL IN Date: 2014-04-29 Event Description: Y 2014 Earnings Call Market Cap: 43. we will launch the commodity and we will take a price hike. so. Murali.4 YTD Change(%): +21. Chief Financial Officer Thanks. sir. Ameen. last quarter. Chief Financial Officer Price has came down.874.A. Chief Financial Officer Thanks. did you take any price hikes in India in the last quarter or in the quarter.29 Current PX: 92. because of the (inaudible) election.Sales Current Quarter: N. Current Year: 5.G. I mean. My questions have been answered. which has just started? S. So then. Thank you. (Operator Instructions) The next question is from the line of Srinivas Rao from Deutsche Bank. S. Analyst Yeah.G. Analyst Thank you very much. Srinivas Rao. Please go ahead. sir. we dropped the price activity. and just lastly. if required. Analyst Okay sir. Analyst Yeah. Thank you. We have just dropped the prices. Sir. That's -- S. S.265 Bloomberg Estimates . Murali.800 Okay. Srinivas Rao. we reduce the prices. Operator Thank you. Current Year: 86156.

Operator Thank you. Analyst Okay. S. Mukesh Saraf. Actually.give us. Chief Financial Officer Current year. Chief Financial Officer Well. Murali.29 Current PX: 92. Current Year: 86156. Analyst So what was the total investment in FY '14. Murali.tell us. okay. I don't know if you have answered this. that one may not be significant the next year.800 Thank you. we compensated (inaudible) about 11 crores to the dealers on the consecutive sales duty reduction. Mukesh. Chief Financial Officer Yeah. Mukesh. And very. I just joined the call a bit later. Thanks sir. sir. Analyst Yes.G.G. Okay sir. Murali. we will have to invest something in TVS credit.874. Sanjay Doshi. Please go ahead.4 YTD Change(%): +21. So. Please go ahead. Sanjay Doshi.EPS Current Quarter: N.A. (Operator Instructions) The next question is from the line of Mukesh Saraf from Spark Capital. Murali. you gave us indicative CapEx for next year. Analyst Thanks for the opportunity and congrats for a good set of numbers.265 Bloomberg Estimates . Can you throw some light on possible investments for next year? S. Thank you for the opportunity.Company Name: TVS Motor Co Ltd Company Ticker: TVSL IN Date: 2014-04-29 Event Description: Y 2014 Earnings Call Market Cap: 43.G.G. which is a two-wheeler finance on Bharat. if -. Mukesh Saraf. if you actually compensated your dealers for some of the stock they held when you had cut the prices? S. Page 22 of 37 . That's all from me. That's a one-time charge that has already been fully observed in Q4. very small investment in Indonesia may not be significant as of now.Sales Current Quarter: N.593 Bloomberg Estimates .A. Sir. Chief Financial Officer Thanks. We mentioned this. the year which you ended? S. Current Year: 5.35 YTD Change($): +16. we had invested 50 crores in Indonesia. It's a good -. The next question is from the line Sanjay Doshi from Reliance Mutual Fund.

Sanjay Doshi.29 Current PX: 92.35 YTD Change($): +16. Sanjay Doshi. Chief Financial Officer And 75 crores in TVS Credit Services which is a two-wheeler financer. sir. Analyst And next year will be significantly lower than this number? Any -- S. Chief Financial Officer That is too early. it is depending on the requirement.Company Name: TVS Motor Co Ltd Company Ticker: TVSL IN Date: 2014-04-29 Event Description: Y 2014 Earnings Call Market Cap: 43. Murali.A. And -- S. Analyst Right.593 Bloomberg Estimates . Chief Financial Officer We'll see. we will do that because. Sanjay Doshi. Current Year: 5.874. Sanjay Doshi. S.800 Sanjay Doshi.G. Chief Financial Officer It is really.EPS Current Quarter: N.A. we will continue to invest that.G. Understood. Current Year: 86156. Murali. Indonesia could be 25? Great sir. S.G. So depending on the growth in business. Murali.G. Page 23 of 37 . Analyst And do we see a need to invest in financing in Indonesia to set-up a finance firm in Indonesia? S. Murali. That's was my questions. Thank you very much. Murali.Sales Current Quarter: N. Analyst Okay. Chief Financial Officer (inaudible) Sanjay Doshi. but Indonesia investment it may not be substantial. Analyst Okay. So next year. if it's required we will do that.G.4 YTD Change(%): +21. that is a two-wheeler finance number.265 Bloomberg Estimates . Analyst Okay sir.

it's already been launched or is it going to be launched in -- Page 24 of 37 . Murali. Operator Thank you.29 Current PX: 92. Murali.A. Murali.Sales Current Quarter: N.G. President and Chief Executive Officer Thank you.4 YTD Change(%): +21. Analyst And. Samantha Khan. Murali. but it will vary due to the extent of the exchange and division make there is a loss under the new reporting requirement. sir. Samantha Khan. Any particular reason for this sir? S. Analyst Good afternoon. so the real interest cost for the bank borrowing will be substantially lower. Chief Financial Officer Sorry.G. Samantha Khan. Analyst I'm doing good. it will get reported into the finance cost. but otherwise the interest cost have early come down. Chief Financial Officer Thank you. Chief Financial Officer Good afternoon.it's already been launched? S. K N Radhakrishnan. So the actual interest cost on the borrowings are substantially lower. so we will contribute to the reporting requirement.G. Samantha.265 Bloomberg Estimates . sir.35 YTD Change($): +16. you have been reducing debt. Thanks a lot. Earlier it used to be retrofitting the turnover. Please go ahead.800 S. Regarding the interest cost.874.EPS Current Quarter: N. Current Year: 86156.593 Bloomberg Estimates . the refresh version of Wego were suppose to be launched anytime -. Current Year: 5. How are you? Samantha Khan. The next question is from the line of Samantha Khan from ICICI Prudential.G. Chief Financial Officer No. Interest cost is all that based on the latest (inaudible) internal and finance cost includes the exchange that vision also. So currently as of now the borrowing as we mentioned is early about 100 crores of that loan which we've taken. you will find some numbers going up and down.Company Name: TVS Motor Co Ltd Company Ticker: TVSL IN Date: 2014-04-29 Event Description: Y 2014 Earnings Call Market Cap: 43. look like it has gone up slightly Y-on-Y and Q-on-Q and you have been saying that.A. Analyst Wego the fresh one supposed to be launched anytime -. S.

Chief Financial Officer Wego is starting off.800 S.they just drop down.A.29 Current PX: 92. Chief Financial Officer Sir.G.G. Sir. your margin this quarter would be like closer to 7%. Murali. just wanted to understand the 11 crore compensation which was there. Ragu here again. Samantha.G. Current Year: 5.G.Sales Current Quarter: N.4 YTD Change(%): +21.265 Bloomberg Estimates . Chief Financial Officer Yeah Ragu. So just wanted to understand from you. Unidentified Participant So basically -- S. Current Year: 86156. Unidentified Participant Thank you.35 YTD Change($): +16. Unidentified Participant Yeah sir. Thank you.874.A. Murali.593 Bloomberg Estimates .Company Name: TVS Motor Co Ltd Company Ticker: TVSL IN Date: 2014-04-29 Event Description: Y 2014 Earnings Call Market Cap: 43.EPS Current Quarter: N. Unidentified Participant So if I exclude this 11 crore then. S. how do you see this? Would this be a -. Okay sir. Murali. Analyst Okay. Samantha Khan. that is also from the turnover. Please go ahead. Operator Thank you. Thanks a lot.G. Murali. Chief Financial Officer It was a discount to that -.I mean. Murali. that is in which line item sir? S. The next question is from the line Jaya Karne [ph] from Mission Market Securities. Chief Financial Officer And thanks. The refresh on Wego will be starting off. I understand that if you don't want to make any forward Page 25 of 37 . sir. S.

6%. no. Bhaumik Bhatia.A. this quarter less that quarter is more. (Operator Instructions) The next question is from the line of Bhaumik Bhatia from IDBI Capital. Then. Murali.G. Thanks for the opportunity and I'm sorry.593 Bloomberg Estimates . (inaudible) percentage of sales will automatically come down. Analyst Page 26 of 37 . sir. When the top line keeps growing.Company Name: TVS Motor Co Ltd Company Ticker: TVSL IN Date: 2014-04-29 Event Description: Y 2014 Earnings Call Market Cap: 43.Sales Current Quarter: N. getting too much excited on the quarterly numbers whether. you're seeing the topline coming. S. Definitely.5%. So you are seeing the improvement in the sales of three-wheeler.G. Unidentified Participant So above the EBITDA line. Operator Thank you.874. Thank you. Murali.G. Bhaumik Bhatia. sorry.4 YTD Change(%): +21. this quarter has been a very good margin.35 YTD Change($): +16. Chief Financial Officer Ragu. it was a mix. right sir? This quarter? S. Chief Financial Officer No. Analyst Hi sir.A. Chief Financial Officer No. the focus on improving the profitability will be there. Thank you.EPS Current Quarter: N.800 statement? Just wanted to understand that from the levels of 5.what's that like. So is it sustainable? S. Current Year: 5. there were -. sir. So definitely. But there is no point of.29 Current PX: 92.G. Unidentified Participant Sure sir. But can you share the export's revenue number for Q4? S. The only thing is always the dealers otherwise it's not enough. But we need to look at more of the annual trend whether we are on the upward gross. Murali. sort of. That is what we need to see. there were no one-off or extra-ordinary. Please go ahead. the focus you see for the topline focus. Murali. Current Year: 86156. thank you. previous call. Chief Financial Officer What you want. if I missed the number. we have been mentioning in all the conferences.265 Bloomberg Estimates . This was very helpful. you are seeing the bigger Scooters and other things coming.

Current Year: 5.A. Murali.G. Murali.Sales Current Quarter: N. Current Year: 86156.A. Bhaumik. Bhaumik Bhatia. Bhaumik Bhatia. I'm done. Sure. Thank you. Chief Financial Officer 450 crores. Bhaumik Bhatia. S. Operator Mr. One minute. is the revenue on exports.593 Bloomberg Estimates . Chief Financial Officer Thank you. Murali. Arun Agarwal. Analyst Sorry. Bhaumik. Murali.265 Bloomberg Estimates . Operator Thank you. Chief Financial Officer Export's revenue numbers. Analyst Okay. Chief Financial Officer Yeah. The next question is from the line of Arun Agarwal from Kotak Securities. Analyst Yeah. Analyst Yeah.29 Current PX: 92.874.Company Name: TVS Motor Co Ltd Company Ticker: TVSL IN Date: 2014-04-29 Event Description: Y 2014 Earnings Call Market Cap: 43. sure.G. Thanks a lot. S.G.800 Export's revenue number? S. okay. Analyst Page 27 of 37 .EPS Current Quarter: N.35 YTD Change($): +16. Bhatia? Bhaumik Bhatia.G.4 YTD Change(%): +21. Please go ahead. 450 crores? S. I'm done.

so we have cash of about 80 crores. Chief Financial Officer 130 crores.A.593 Bloomberg Estimates . balance is about 450. Murali. Arun Agarwal. Arun Agarwal. Chief Financial Officer Yeah. Arun Agarwal. Chief Financial Officer Page 28 of 37 . So your gross debt basically would be 530 crores.265 Bloomberg Estimates . that is about close to 400 crores. Out of that 80 -- S. Okay sir. Murali. Arun Agarwal. Murali.4 YTD Change(%): +21.G.Sales Current Quarter: N.35 YTD Change($): +16.874. Chief Financial Officer Interest bearing debt on the standalone is about 138 crores.Company Name: TVS Motor Co Ltd Company Ticker: TVSL IN Date: 2014-04-29 Event Description: Y 2014 Earnings Call Market Cap: 43. Current Year: 5. Thank you. Current Year: 86156. S. Chief Financial Officer Non-interest.800 Yeah. you are saying.G.G. Analyst 138? S.G.G.G. Analyst And non-interest would be? S. Analyst All right. Murali. Murali. Murali. 530 out of which cash is about 80. Good evening.EPS Current Quarter: N. Analyst Okay. Analyst 400 crores. you are saying. So 50 is interest bearing debt.29 Current PX: 92.A. Chief Financial Officer Correct. Arun Agarwal. Sir basically. sir. could you just please share the debt figure on a standalone basis both for the interest bearing and the non-interest bearing debt? S. that's (inaudible) hardly about 50 crores of interest bearing debt. S.

Unidentified Participant May I know the other expenses pack. And so that. So can you explain me of what the other expense span or does it come down significantly this quarter? S. Chief Financial Officer See.874.29 Current PX: 92. Operator Thank you. There is no too much change in the other expenses per se. 45% variable in nature and it depends on the nature it exports is on -.593 Bloomberg Estimates . Murali. There is no significant in these other expense or otherwise. I don't know. was there any change in the mix? S. the last quarter it's around 349. sir. Unidentified Participant Okay. Current Year: 86156. et cetera. Operator Thank you. Unidentified Participant Yeah.G.265 Bloomberg Estimates .G. Murali.G. whether you have discussed this earlier or this lead to this call. your voice is not clearly. this quarter it's around 350. sorry. Murali.800 Thank you. Other expense was basically. Any specific reason for this other expenses? S. Senior Vice President Page 29 of 37 . Chief Financial Officer No.EPS Current Quarter: N. if you'd tell like.and that will be greater amount of prices that is effecting. (Operator Instructions) -- Pramod Kumar. as I mentioned in the past roughly about 40%. The next question is from the line of Meenal Yegappan [ph] from BNK Securities.Sales Current Quarter: N.A. Please go ahead. that is exactly the thing. Thank you.4 YTD Change(%): +21.35 YTD Change($): +16. Unidentified Participant And in the raw materials part.A. It has come down significantly this time. Chief Financial Officer Sorry. And balance amount is and therefore predominantly it is more about marketing cost and other things.Company Name: TVS Motor Co Ltd Company Ticker: TVSL IN Date: 2014-04-29 Event Description: Y 2014 Earnings Call Market Cap: 43. Current Year: 5.

Pramod Kumar. Senior Vice President 330 crores. can I ask few questions? Operator Please go ahead. What is the consolidated net debt number right now? Interest bearing. yes. your other expenditure will of course include your auto expo-related expenses as well. President and Chief Executive Officer Yes. Current Year: 5.29 Current PX: 92. this quarter? S. Sir. you shared your standalone debt number.A. Pramod Kumar. K N Radhakrishnan. we focus on the marketing cost. just want to understand. Senior Vice President Okay. Murali. Chief Financial Officer All expenses are under control. So we always focus on raw material cost selection. Pramod Kumar. yes. we focus on R&D.593 Bloomberg Estimates .Company Name: TVS Motor Co Ltd Company Ticker: TVSL IN Date: 2014-04-29 Event Description: Y 2014 Earnings Call Market Cap: 43. Pramod. Our continuous focus is on not only controlling the other expenses. We focus on the process. right? S. is it? S. it's always to improve the margins. yes.265 Bloomberg Estimates . Chief Financial Officer Yeah. Mohsin.G.Sales Current Quarter: N. Senior Vice President So to that extent.G. All expenses are constantly monitored and controlled. Murali.G. it has been pretty much under control. Senior Vice President Yeah. till then.35 YTD Change($): +16.800 Yeah. Chief Financial Officer Yes. And this things are on. I think. Chief Financial Officer Consolidated interest bearing debt is about 330 crores. Murali.A.874. S. Current Year: 86156.4 YTD Change(%): +21. Pramod Kumar.G. Page 30 of 37 . Murali.EPS Current Quarter: N.

how much was this and was it for the full year or was it the forex. Chief Financial Officer We are not able to hear you at all.Company Name: TVS Motor Co Ltd Company Ticker: TVSL IN Date: 2014-04-29 Event Description: Y 2014 Earnings Call Market Cap: 43. there would have forex part there. now. the voice is breaking. I just want to understand. Pramod Kumar.4 YTD Change(%): +21.G. Murali. It was not there. Pramod Kumar. that's right.265 Bloomberg Estimates . Senior Vice President And other thing was on such.A. Pramod Kumar. it was only for pertaining to 4Q? S. Current Year: 86156. Pramod Kumar. So if you can just quantify.874.593 Bloomberg Estimates . S. Murali.EPS Current Quarter: N. The interest quarter pertains are on that 5 crores. sir. Chief Financial Officer Again. Chief Financial Officer No. Senior Vice President 3 crores of interest. Current Year: 5. you said there is of.G. President and Chief Executive Officer No. Still. Murali. Exchange verification will always be there. Chief Financial Officer That's right.G. Senior Vice President And interest expenses. Pramod.G.29 Current PX: 92. is Jupiter. Chief Financial Officer Page 31 of 37 . Murali.A. Murali.800 Pramod Kumar. Senior Vice President Yeah.Sales Current Quarter: N.G. gross margin that will the working of the margin (Technical Difficulty) -- S. right? S. S.35 YTD Change($): +16. Senior Vice President So can you hear me now. the forex related non-cash expenses. the voice is breaking. sir? K N Radhakrishnan. exchange verification were on that 3 crores.

Pramod Kumar back to the call. Pramod Kumar. Okay. okay. (Technical Difficulty). Chief Financial Officer That's right. And this was basically the excise compensation that you have given to the dealers? S. Kumar. this is Pramod here.A. Just give me a moment.G.29 Current PX: 92. you were mentioning about dealer compensation or store like. Page 32 of 37 . Operator Mr. Murali. Unidentified Participant Yes sir.265 Bloomberg Estimates . So meanwhile.G.Company Name: TVS Motor Co Ltd Company Ticker: TVSL IN Date: 2014-04-29 Event Description: Y 2014 Earnings Call Market Cap: 43. Current Year: 86156. Chief Financial Officer It's 11 crores. Pramod Kumar. Fine. while we connect Mr.800 Not audible at all.874. we'll have to reconnect you. I think. Unidentified Participant Okay. this is Mohsin. Current Year: 5. Unidentified Participant Reduced from the turnover. Murali. Chief Financial Officer Yeah. Chief Financial Officer Thank you. Sir. S. I missed some number regarding some. Just want to know like.593 Bloomberg Estimates .A. Please go ahead.4 YTD Change(%): +21.Sales Current Quarter: N. Senior Vice President Yeah. we'll take the next question from the line of Bharat Kanani [ph] from Reliance Securities. So kindly wait.G. Murali.35 YTD Change($): +16.EPS Current Quarter: N. that's right. Thank you. Murali. what was the amount of that and it is included in which line item of expenses? S. Am I audible now? S. sir. Thank you so much. Senior Vice President Yeah. It's reduced from the turnover.G.

G.29 Current PX: 92. just wanted to understand. you talked about improvements. But what is the importance of companies to improve the obsolete margins. So it is suddenly adding lot of value to the portfolio. obsolete market is a number of units sold into the margin per unit. Unidentified Participant And so on your market share aspirations.593 Bloomberg Estimates . Murali.A. Sir. which are better than the segments. we don't get in the individual product wise margin. sir. 10. Wego.EPS Current Quarter: N. and other things. so does that make it a margin dilutive or the gross margin level for you or you see. So all details in certainly add to that bottom line ultimately. We won't be able to get into the debit. Chief Financial Officer We are looking at picking up to another couple of points in the overall market share.000. So within the few months of launch.5% market share in the total two wheelers.000 Jupiter plus 15. Unidentified Participant So was the 12%. 000 Wego. and not only that. are there any other questions? Page 33 of 37 .5% market share? And sir how much of this will range on the new executive bike which has come in second half or you are saying largely coming in from the current portfolio itself? S. we want to liberate our existing model Star City+ is various group of products that we want to really leverage that. it's a great product.Scooty Pep. Murali. Current Year: 86156. see. Murali. Radhakrishnan mentioned that plus the (inaudible) sales for further.874. So what is important is to make sure that the product is price that delivers the value for the customers and we're able to increase the sales.G. Jupiter has been a big success for you and there are lot of features which you have added. is also bring lot more traffic into the showroom.Company Name: TVS Motor Co Ltd Company Ticker: TVSL IN Date: 2014-04-29 Event Description: Y 2014 Earnings Call Market Cap: 43. and that is the other launches that we -.Sales Current Quarter: N. it is (inaudible) product is that. for example. Chief Financial Officer (inaudible) even before that the existing. so if you can -- S. there is lot of value add or cost reduction which helps out platform advantage which helps you to still make better margin than the rest of the portfolio? S. Now you heard Mr. Pramod Kumar. so try to gain as much as momentum even in the first half itself. We are aiming for about 14% to 14. we are looking at somewhere like 14% and 14.265 Bloomberg Estimates .G. we have already crossed more than 1 lakh sales on the Jupiter. We are confidence that we will be able to improve the sales of the scooter portfolio. obsolete profit of the variable is not looking at the variable market. But the pricing is pretty competitive but. We're extremely happy where it is going to 45.35 YTD Change($): +16.800 Pramod Kumar. Senior Vice President Yeah. So likewise. both in motor cycles and scooters for FY15. Chief Financial Officer Pramod.A. like we mentioned. And thanks a lot and that's all and mostly.4 YTD Change(%): +21. Current Year: 5. Senior Vice President Sounds good. And all of you have seen our Zest.

EPS Current Quarter: N. Unidentified Participant Okay. there is a Wego refresh. Unidentified Participant Okay. will happen in the next three months from now to within the next three months. I'm just checking with Mohsin.29 Current PX: 92. Mohsin. And we will see the new creative which will come in the next month.Company Name: TVS Motor Co Ltd Company Ticker: TVSL IN Date: 2014-04-29 Event Description: Y 2014 Earnings Call Market Cap: 43. sir. President and Chief Executive Officer And also that we will have our executive motor cycle. Please? Unidentified Participant Sir just a follow up question like if you can give us a timeline of the new product launches so that would be great? K N Radhakrishnan. Current Year: 86156. Scoot Pep.Sales Current Quarter: N. K N Radhakrishnan.35 YTD Change($): +16. President and Chief Executive Officer Shall we close the call. President and Chief Executive Officer Of course.A. we can take that as the last one.800 K N Radhakrishnan.874. Operator We have a question from Bharat Kanani [ph] from Reliance securities. President and Chief Executive Officer Timeline.4 YTD Change(%): +21. which is coming end of the year. which is we're getting launched into the market this month. if there are any other any further question.A. Unidentified Participant Page 34 of 37 . Star City. Current Year: 5. K N Radhakrishnan. Senior Vice President Yeah. K N Radhakrishnan. President and Chief Executive Officer Yeah.593 Bloomberg Estimates .265 Bloomberg Estimates . So I think it is a very busy year. I think? Pramod Kumar. this year from our side. and there is also bigger motor cycle.

President and Chief Executive Officer Yeah.800 Okay. are there any further questions? Operator We have one question now from Mohan Lal. How is it rapping up certain.874. Mohsin. Unidentified Participant Page 35 of 37 . Thank you.okay. So that is our internal plan even in Maharashtra.A. President and Chief Executive Officer (inaudible) Pramod Kumar.Company Name: TVS Motor Co Ltd Company Ticker: TVSL IN Date: 2014-04-29 Event Description: Y 2014 Earnings Call Market Cap: 43. you will do aspects have -- K N Radhakrishnan. Fair enough. Fair enough. Thanks a lot sir and on behalf of IDFC Securities -.EPS Current Quarter: N. President and Chief Executive Officer Our aim is to look at about 20%.265 Bloomberg Estimates . fair enough. Current Year: 5. Unidentified Participant So even in Maharashtra. President and Chief Executive Officer Yes please.35 YTD Change($): +16. Please go ahead. 25% market share in the domestic three-wheeler space. Senior Vice President Okay. Unidentified Participant And sir before I let you go. Mohan Lal from Elara Capital. would you like to take it? K N Radhakrishnan. what kind of market share do you see for this particular permits are coming in Maharashtra? K N Radhakrishnan. just one question on the Bombay three wheeler permit market or the Maharashtra three-wheeler format. K N Radhakrishnan.593 Bloomberg Estimates .29 Current PX: 92. sir and all the best. sir.A.Sales Current Quarter: N.4 YTD Change(%): +21. Current Year: 86156. Operator Mr.

Chief Financial Officer As EBITDA levels. EBITDA is moved up from 6.G. Analyst EBITDA level. S. So I don't think that will reveal the correct story. Mohan Lal. Chief Financial Officer See. Murali. Murali. Chief Financial Officer We mentioned that is about $9 billion. Analyst No. Mohan Lal. That is only improving. Analyst Sure.2% gross margin and If I add 11 crore to top line then my gross margin is 27. So you can't be -.G. we're seeing only the EBITDA has gone up.265 Bloomberg Estimates . Current Year: 86156. also what is the thing depend on mobiles and scooters and motor cycles. I thank for this. Murali.G.EPS Current Quarter: N. the EBITDA has improved substantially. Sir just wanted to know two things. the raw material cost is the positive thing. Analyst $9 million? S. so you can see all the numbers in the consolidate itself. Chief Financial Officer Everyone. Mohan Lal.29 Current PX: 92. so Q3 had 28. I'm asking sequentially. so we don't understand that how our thing has come down.Sales Current Quarter: N.Company Name: TVS Motor Co Ltd Company Ticker: TVSL IN Date: 2014-04-29 Event Description: Y 2014 Earnings Call Market Cap: 43. Murali.593 Bloomberg Estimates .35 YTD Change($): +16. Murali. And last question was what was the loss in the Indonesian venture for this full year effort?.what it depends on the mix is not only within the portfolio. sir? S.800 Sir.7% to 7% [ph] kind of things so that is a level you are looking at. Chief Financial Officer (inaudible) published. Page 36 of 37 . one is that even if I look at the 11 crore and add back.A. And so just wanted to understand how much of it was due to product mix and how much due to the input cost? S.G. TAT level. even then there is a gross fall this quarter about 60 bit.G. So you are looking at a macro number of all put together.4 YTD Change(%): +21. sir. will always depend on the mix.6 for this quarter its 60 bit lower. S. And the margins in the last few quarters have been 28% on average. Current Year: 5.A.874. All these said. Mohan Lal.

S. Current Year: 86156. Senior Vice President Thanks a lot. thanks a lot. K N Radhakrishnan. Good (Ends Abruptly) This transcript may not be 100 percent accurate and may contain misspellings and other inaccuracies. Bloomberg retains all rights to this transcript and provides it solely for your personal.265 Bloomberg Estimates . its suppliers and third-party agents shall have no liability for errors in this transcript or for lost profits. K N Radhakrishnan. non-commercial use. Bye. redistribution or retransmission is expressly prohibited. incidental. indirect.Company Name: TVS Motor Co Ltd Company Ticker: TVSL IN Date: 2014-04-29 Event Description: Y 2014 Earnings Call Market Cap: 43. consequential. Thanks sir. losses.29 Current PX: 92. without express or implied warranties of any kind. Mohsin. Any reproduction. Appreciate it.874. Pramod Kumar. Murali.A. Any opinion expressed in the transcript does not necessarily reflect the views of Bloomberg LP.593 Bloomberg Estimates . Chief Financial Officer Bye. President and Chief Executive Officer Bye-bye. Analyst Okay. Bloomberg. Chief Financial Officer Thank you.Sales Current Quarter: N. performance or use of such transcript. Pramod Kumar.A. or direct.EPS Current Quarter: N. Murali.G. Senior Vice President Thanks a lot sir. President and Chief Executive Officer Thank you --. Neither the information nor any opinion expressed in this transcript constitutes a solicitation of the purchase or sale of securities or commodities. BLOOMBERG LP. This transcript is provided "as is". All rights reserved. © COPYRIGHT 2014. S. Page 37 of 37 . Current Year: 5. and I would like to thank you all the participants for taking time have a great evening.800 Mohan Lal.4 YTD Change(%): +21. special or punitive damages in connection with the furnishing.35 YTD Change($): +16.G.