COMPARATIVE INCOME STATEMENT OF TVS MOTORS

PARTICULAR 2018 2019

Revenue from operations 15,518.63 18,209.92
Other income 99.03 7.54
Total income 15617.66 18217.46
Expenses:
Cost of material consumed 10,909.92 13,672.80
Purchase of stock-in-trade 254.41 244.84
Changes in inventories of finished goods
stock-in-trade and work-in-progress -31.34 -75.37
Excise duty 343.22
Employee benefits expense 868.01 922.63
Finance costs 56.62 80.56
Depreciation and amortisation expense 338.73 399.27
Other expenses 1,999.45 2,011.77
Total expenses 14739.02 17256.5
Profit before exceptional items and tax 878.64 960.96
Exceptional items
Profit before tax 878.64 960.96
Tax expense
Current tax 197.06 276.76
Deferred tax 18.99 14.06
Profit for the year 662.59 670.14
Other comprehensive income
A. Items that will not be classiffied as profit or loss
Remeasurements of post employment benefit obligations -5.82 8.73
Change in fair value of equity instruments 0.43 -10.12
Income tax relating to these items 4.36 -2.18
B. Items will be reclassiffied to profit or loss
Income tax relating to these item -2.82 0.48
Other comprehensive income for the year, net of tax 0.98 -0.17
Other comprehensive income for the year, net of tax -2.87 -3.26
Total comprehensive income for the year 659.72 666.88
Earnings per equity share (Face value of Re.1/- each) Basic & Diluted earnings per share 13.95 14.11
Common size analysis Rupees in crores
2018 2019 CHANGE % change
99.37 99.96 2,691.29 17.34232
0.63 0.04 -91.49 -92.38615
100 100 2599.8 16.64654
0.00
69.86 75.05 2,762.88 25.32448
1.63 1.34 -9.57 -3.761645

-0.20 -0.41 -44.03 140.4914

2.20 0.00 -343.22 -100
5.56 5.06 54.62 6.292554
0.36 0.44 23.94 42.28188
2.17 2.19 60.54 17.87264
12.80 11.04 12.32 0.616169
94.37 94.73 2517.48 17.08038
5.63 5.27 82.32 9.369025

5.63 5.27 82.32 9.369025

1.26 1.52 79.70 40.44453

0.12 0.08 -4.93 -25.96103
4.24 3.68 7.55 1.139468

-0.04 0.05 14.55 -250

0.00 -0.06 -10.55 -2453.488
0.03 -0.01 -6.54 -150

-0.02 0.00 3.30 -117.0213

0.01 0.00 -1.15 -117.3469
-0.018377 -0.017895 -0.39 13.58885
4.2241924 3.660664 7.16 1.085309
0.089322 0.077453 0.16 1.146953
 Comparative balance sheet of TVS motors
Particulars AMOUNT as on 2018
ASSETS
Non-current assets
Property, plant and equipment 2,315.46
Capital work-in-progress 91.74
Other intangible assets 56.41
Intangible assets under development 39.39
Financial assets
i. Investments 2,035.38
ii. Others (Bank deposits) 0.13
Non-Current tax assets (Net) 23.02
Other non-current assets 64.74
Total non current asset 4,626.27
Current assets
Inventories 964.39
Financial assets
i. Trade receivables 968.37
ii. Cash and cash equivalents 6.49
iii. Bank balances other than (ii) above 4.41
iv. Other financial assets 14.23
Current tax assets (Net) 60.43
Other current assets 511.65
Tota current asset 2529.97
Total asset 7,156.24

EQUITY AND LIABILITIES

Equity
Equity share capital 47.51
Other equity 2,832.91
Total equity 2880.42
Liabilities
Non-current liabilities
Financial liabilities
Borrowings 317.62
Provisions 53.76
Deferred tax liabilities (Net) 148.17
Total non current liability 519.55
Current liabilities
i. Borrowings 719.35
ii. Trade payables
a. Total outstanding dues of micro and small enterprises 71.7
b. Total outstanding dues of other than (ii) (a) above 2,414.26
iii. Other financial liabilities 210.4
Provisions 62.02
Other current liabilities 278.54
Total current Liability 3756.27
Total liability 4275.82
Total equity and liability 7156.24
Rupees in crores
AMOUNT as on 2019
Change %chane 2018 2019

2,526.29 210.83 9.105318 32.35581814 30.18498

116.64 24.90 27.14192 1.281958123 1.393655
53.02 -3.39 -6.009573 0.78826311 0.633501
140.59 101.20 256.918 0.550428717 1.679818

2,300.67 265.29 13.03393 28.44203101 27.4892

0.15 0.02 15.38462 0.001816596 0.001792
16.78 -6.24 -27.10686 0.321677305 0.200493
60.32 -4.42 -6.827309 0.90466502 0.720724
5,214.46 588.19 12.71413 64.64665802 62.30417

1,175.94 211.55 21.93615 13.47621097 14.05054

1,414.14 445.77 46.03302 13.53182677 16.89663

39.12 32.63 502.7735 0.090690083 0.467419
4.74 0.33 7.482993 0.06162454 0.056635
14.47 0.24 1.686578 0.198847439 0.172893
22.94 -37.49 -62.03872 0.844437861 0.274095
483.55 -28.10 -5.492036 7.149704314 5.777622
3,154.90 624.93 24.70108 35.35334198 37.69583
8,369.36 1,213.12 16.95192 100 100

47.51 0.00 0 0.663896124 0.567666

3,299.81 466.90 16.48129 39.5865706 39.42727
3347.32 466.90 16.20944 40.25046673 39.99493

709.12 391.50 123.2605 4.438364281 8.47281

58.61 4.85 9.021577 0.751232491 0.700292
212.63 64.46 43.50408 2.07050071 2.540577
980.36 460.81 88.69406 7.260097481 11.71368

668.82 -50.53 -7.024397 10.05206645 7.991292

74.57 2.87 4.002789 1.001922797 0.890988

2,849.33 435.07 18.02084 33.73643142 34.04478
94.37 -116.03 -55.14734 2.940091445 1.127565
59.65 -2.37 -3.821348 0.866656233 0.712719
294.94 16.40 5.887844 3.892267448 3.524045
4041.68 285.41 7.598229 52.48943579 48.29139
5022.04 746.22 17.45209 59.74953327 60.00507
8369.36 1,213.12 16.95192 100 100
 2018 2019
Particulars
(in Crores) (in Crores)
CASH FLOW FROM OPERATING ACTIVITIES:
Net profit before tax 878.64 960.96
Add: Depreciation and amortisation for the year 338.73 399.27
(Profit) / Loss on sale of fixed assets -2.72 1.91
Net (profit) / loss on sale of investments -18.97
Unrealised exchange (gain) / loss -5.08 7.3
Increase in fair value of investments -58.7
Dividend income -5.81 -3.28
Interest income -1.97 -3.29
Finance cost 56.62 80.56
Provisions -3.71 10.07

Operating profit before working capital changes 1177.03 1453.5

Adjustments for:
Trade receivables -238.13 -453.12
Inventories 2.56 -211.55
Other current assets -87.52 29.24
Other financial assets -0.72 -0.24
Trade payables 624.56 437.99
Other financial liabilities
(excluding current maturity of non-current borrowings) -0.25 1.54
Other current liabilities 68.91 16.4
Other non-current assets -2.66 54.02

Cash generated from operations 1543.78 1327.78

Direct taxes paid -246.46 -230
Net cash from operating activities (A) 1297.32 1097.78

B. Cash flow from investing activities

Purchase of property, plant and equipmen -718.28 -593.9
Purchase of intangible assets -30.22 -24.43
Sale of fixed assets 24.49 9.71
Payments for capital work-in-progress -29.46 -24.9
Payments for intangibles under development -39.39 -95.34
Adjustment for capital advances 23.1 -4.58
Payments towards acquisition of subsidiary -1.62
Investments in subsidiaries and associates -291.35 -246.21
Purchase of investments -76.41 -29.69
Sale / disposal of investments 0.49
Interest received 1.97 3.29
Dividends received 5.81 3.28

Net cash from / (used in) investing activities (B) -1131.36 -1002.28
C. Cash flow from financing activities
Borrowings:
Non-current borrowings availed / (repaid) -20.33 273.31
Current borrowings availed / (repaid) 191.69 93.85
Other bank balances -0.28 -0.35
Finance cost paid -58.19 -85.7
Dividend and dividend tax paid -187.63 -199.98

Net cash from / (used in) financing activities ( C ) -74.74 81.13

Total ( A+B+C ) 91.22 176.63
Cash and cash equivalent at the beginning of the year -228.84 -137.62
Cash and cash equivalent at the end of the year -137.62 39.01
Net increase / (decrease) in cash and cash equivalents 91.22 176.63
 Ratio Analysis Industry
Profitability ratio 2018 2019 2018 2019
Gross profit ratio 26.08 23.98 27.89 26.32
Opertaing ratio 94.94 94.76 89.008 89.4
operating profit ratio 5.66 5.28 5.89 6.02
Net profit margin ratio 4.27 3.68 5.63 7.36
Return on Capital employed 25.84 22.2 19.89 18.3
Return on propriters fund 22.58 19.67 9.51 11.18
Return on equity 16.19 13.8 16.51 14.38

Liquidity ratio
Current ratio 0.67 0.78 0.99 1.06
Acid test ratio 0.41 0.48 0.69 0.73 times

Turn over ratio

Inventory turnover ratio 11.93 12.91
Inventory holding period 32.3 28.27
Working Capital turnover ratio -12.56 -20.53 -23.05 -25.29
Current asset turnover ratio 6.13 5.77
Fixed asset turnover 3.35 3.49 4.59 5.38
Net asset/liability turnover 2.168 2.176 1.38 1.39

Leverage ratio
DE ratio 0.1 0.21 0.28 0.18
Proprietory ratio 0.41 0.47 0.49 0.57
Leverage ratio 15.64 17.03 16.59 19.18

Equity related ratio

Payout ratio 0.28 0.29 0.21 0.22
Earning yield 0.02 0.03
P/E ratio 44.15 33.39
EPS 14.11 13.95