#SALES GROWTH 5 Year CAGR: 14.2%
In FY24, the net sales was โน39,145 cr and increased by 22. 4% YoY, of this, sales from exports was โน7,585 cr and declined by 0.8% YoY. The growth was led by motorcycles (domestic) segment which grew by 15% YoY and scooters which expanded by 18% YoY. TVS Credit Services (its financial services arm) also contributed to strong growth (~39% increase on a YoY basis). It posted sales of 19.9 lakh motorcycles, 15.7 lakh scooters (incl EV sale of 1.94 lakh units), 4.9 lakh mopeds, and 1.6 lakh three-wheelers.
Of the overall sales of the company, rural market constitutes 45%-50% of domestic sales. This is expected to observe further momentum in the coming quarters.
In FY24, the net sales was โน39,145 cr and increased by 22. 4% YoY, of this, sales from exports was โน7,585 cr and declined by 0.8% YoY. The growth was led by motorcycles (domestic) segment which grew by 15% YoY and scooters which expanded by 18% YoY. TVS Credit Services (its financial services arm) also contributed to strong growth (~39% increase on a YoY basis). It posted sales of 19.9 lakh motorcycles, 15.7 lakh scooters (incl EV sale of 1.94 lakh units), 4.9 lakh mopeds, and 1.6 lakh three-wheelers.
Of the overall sales of the company, rural market constitutes 45%-50% of domestic sales. This is expected to observe further momentum in the coming quarters.
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#EBITDA GROWTH 5 Year CAGR: 20.7%
In FY24, the EBITDA was โน5,543 cr and expanded by 36.2% YoY. This increase can be attributed to softening of raw material cost, operating leverage benefits, better product mix and cost control measures.
In FY24, the EBITDA was โน5,543 cr and expanded by 36.2% YoY. This increase can be attributed to softening of raw material cost, operating leverage benefits, better product mix and cost control measures.
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#PAT GROWTH 5 Year CAGR: 20.7%
In FY24, the net profit stood at โน1,822 cr and grew by 35% YoY. The increase in net profit is mostly on account of expansion of operating profit
In FY24, the net profit stood at โน1,822 cr and grew by 35% YoY. The increase in net profit is mostly on account of expansion of operating profit
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#EBITDA MARGIN
In FY24, the EBITDA margin was 14.2% v/s 12.7% in FY23. The expansion in margin for two wheelers is owing to softening of raw material cost, better product mix and cost control measures. EBIT margin from auto & auto component business was 6.7% v/s 5.8% in FY23 and towards financial services the EBIT margin was 13.1% in FY24 v/s 13.7% in FY23.
In FY24, the EBITDA margin was 14.2% v/s 12.7% in FY23. The expansion in margin for two wheelers is owing to softening of raw material cost, better product mix and cost control measures. EBIT margin from auto & auto component business was 6.7% v/s 5.8% in FY23 and towards financial services the EBIT margin was 13.1% in FY24 v/s 13.7% in FY23.
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#DEBT TO EQUITY
The consolidated debt to equity ratio decreased on a YoY basis despite rise in debt as the net worth increased on a higher pace. The non-current borrowings was โน12,629 cr and current borrowings was โน12,657 cr. On a standalone basis, the non-current borrowings and current borrowings was โน987 cr and โน527crs
In TVS Credit Services, it had loan book (assets under management) of ~โน25,900 cr as on 31st March 2024 and grew by 26% YoY.
The consolidated debt to equity ratio decreased on a YoY basis despite rise in debt as the net worth increased on a higher pace. The non-current borrowings was โน12,629 cr and current borrowings was โน12,657 cr. On a standalone basis, the non-current borrowings and current borrowings was โน987 cr and โน527crs
In TVS Credit Services, it had loan book (assets under management) of ~โน25,900 cr as on 31st March 2024 and grew by 26% YoY.
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Company Future Outlook
During April 2024, the company has been awarded PLI (production linked incentive) scheme for current two-wheelers (EV portfolio). Some of the new EV products are in pipeline and shall be launched in the upcoming quarters some African regions demonstrated a strong recovery in sales, although certain areas still remain affected. Africa is expected to demonstrate muted growth in H1 FY24 and recovery from H2 FY25 onwards. Positive momentum is expected from LATAM and South East Asian markets. The electric three-wheelers would be launched in domestic & international markets in FY25. ltis expanding in international regions steadily.
During April 2024, the company has been awarded PLI (production linked incentive) scheme for current two-wheelers (EV portfolio). Some of the new EV products are in pipeline and shall be launched in the upcoming quarters some African regions demonstrated a strong recovery in sales, although certain areas still remain affected. Africa is expected to demonstrate muted growth in H1 FY24 and recovery from H2 FY25 onwards. Positive momentum is expected from LATAM and South East Asian markets. The electric three-wheelers would be launched in domestic & international markets in FY25. ltis expanding in international regions steadily.
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TVS Motor 2200-2400
Expected level 2800
Support1899
Expected level 2800
Support1899
โก22๐10โค2
5 high-growth stocks
Growth upside potential 40-50%
1. Zaggle
- Double revenue in the next 2 years, >40 % CAGR.
- Looking for inorganic acquisitions.
- Long-term margin guidance: 15-16%.
2. Ganesha Eco
- Management guidance FY25:
- Revenue growth: 50-60%.
- EBITDA margins: 15-16%.
- Higher PAT growth due to operating leverage.
- Long-term guidance: 25-30% CAGR.
- FY25 revenue contribution:
- New business: 50%.
- Legacy business: 50%.
3. Sky Gold
- Expected 3x revenue in the next 2 years.
- FY24 revenue: โน1745 Cr.
- Targeting โน5000 Cr by FY26.
- Export contribution to increase to 30% from current 12%.
- Recently acquired 2 B2B companies which will start contributing.
4. TRIL
- Revenue guidance:
- FY24: โน1291 Cr.
- FY25: โน2000 Cr.
- FY27: โน5000 Cr (4x growth).
- EBITDA margins: 14-15%.
- QIP: โน500 Cr raised at โน665 per share.
- Capex (โน360-400 Cr), debt reduction, working capital, and inorganic opportunities.
- Unexecuted order book stands at โน2582 Cr.
- Order inflows of โน2050 Cr as of March 2024.
- Goal to increase export share from 11% to 20-25% by FY27.
5. ZEN Tech
- FY24 revenue: โน440 Cr.
- FY25 revenue: โน900 Cr (2x growth).
- FY27 revenue target: โน2000 Cr.
- Strong demand momentum, focus on expanding product line.
Growth upside potential 40-50%
1. Zaggle
- Double revenue in the next 2 years, >40 % CAGR.
- Looking for inorganic acquisitions.
- Long-term margin guidance: 15-16%.
2. Ganesha Eco
- Management guidance FY25:
- Revenue growth: 50-60%.
- EBITDA margins: 15-16%.
- Higher PAT growth due to operating leverage.
- Long-term guidance: 25-30% CAGR.
- FY25 revenue contribution:
- New business: 50%.
- Legacy business: 50%.
3. Sky Gold
- Expected 3x revenue in the next 2 years.
- FY24 revenue: โน1745 Cr.
- Targeting โน5000 Cr by FY26.
- Export contribution to increase to 30% from current 12%.
- Recently acquired 2 B2B companies which will start contributing.
4. TRIL
- Revenue guidance:
- FY24: โน1291 Cr.
- FY25: โน2000 Cr.
- FY27: โน5000 Cr (4x growth).
- EBITDA margins: 14-15%.
- QIP: โน500 Cr raised at โน665 per share.
- Capex (โน360-400 Cr), debt reduction, working capital, and inorganic opportunities.
- Unexecuted order book stands at โน2582 Cr.
- Order inflows of โน2050 Cr as of March 2024.
- Goal to increase export share from 11% to 20-25% by FY27.
5. ZEN Tech
- FY24 revenue: โน440 Cr.
- FY25 revenue: โน900 Cr (2x growth).
- FY27 revenue target: โน2000 Cr.
- Strong demand momentum, focus on expanding product line.
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Order Book Water Infrastructure Companies
1. Thermax Ltd
M Cap: โน61,187 Cr.
Order Book: โน9,355 cr
2. Ion Exchange (India) Ltd:
M Cap: โน8,250 Cr.
Order Book: โน3,546 cr approx
3. Triveni Engineering and Industries Ltd:
M Cap: โน8,868 Cr.
Order Book: โน1223.4cr
4. EMS Ltd:
M Cap: โน 3,584 Cr.
Order Book: โน2,572.68+ cr approx
5. Jash Engineering Ltd:
M Cap: โน 2,818 Cr.
Order Book: โน816 cr
6.Vishnu Prakash R Punglia Ltd:
M Cap: โน 2,563 Cr.
Order Book: โน4,717 cr
7. NCC Ltd:
M Cap: โน 20,396 Cr.
Order Book: โนs 57,536 cr
8. Welspun Enterprises Ltd:
M Cap: โน 6,294 Cr.
Order Book: โน12,200cr
9. Kirloskar Brothers Ltd:
M Cap: โน 17,580 Cr.
Order Book: โน2,999cr
10. Welspun Corp Ltd:
M Cap: โน 14,380 Cr.
Order Book: โน9056cr
11. Shakti Pumps (India) Ltd:
M Cap: โน 6,872 Cr.
Order Book: โน2400+cr approx
12. Praj Industries Ltd:
M Cap: โน 12,455 Cr.
Order Book: โน38,550cr
13. Om Infra Ltd:
M Cap: โน 1,599 Cr.
Order Book: โน2,235cr
14. ITD Cementation India Ltd:
M Cap: โน 8,972 Cr.
Order Book: โน20,000cr
15. WPIL Ltd:
M Cap: โน 4,127 Cr.
Order Book: โน4580 Mn approx.
1. Thermax Ltd
M Cap: โน61,187 Cr.
Order Book: โน9,355 cr
2. Ion Exchange (India) Ltd:
M Cap: โน8,250 Cr.
Order Book: โน3,546 cr approx
3. Triveni Engineering and Industries Ltd:
M Cap: โน8,868 Cr.
Order Book: โน1223.4cr
4. EMS Ltd:
M Cap: โน 3,584 Cr.
Order Book: โน2,572.68+ cr approx
5. Jash Engineering Ltd:
M Cap: โน 2,818 Cr.
Order Book: โน816 cr
6.Vishnu Prakash R Punglia Ltd:
M Cap: โน 2,563 Cr.
Order Book: โน4,717 cr
7. NCC Ltd:
M Cap: โน 20,396 Cr.
Order Book: โนs 57,536 cr
8. Welspun Enterprises Ltd:
M Cap: โน 6,294 Cr.
Order Book: โน12,200cr
9. Kirloskar Brothers Ltd:
M Cap: โน 17,580 Cr.
Order Book: โน2,999cr
10. Welspun Corp Ltd:
M Cap: โน 14,380 Cr.
Order Book: โน9056cr
11. Shakti Pumps (India) Ltd:
M Cap: โน 6,872 Cr.
Order Book: โน2400+cr approx
12. Praj Industries Ltd:
M Cap: โน 12,455 Cr.
Order Book: โน38,550cr
13. Om Infra Ltd:
M Cap: โน 1,599 Cr.
Order Book: โน2,235cr
14. ITD Cementation India Ltd:
M Cap: โน 8,972 Cr.
Order Book: โน20,000cr
15. WPIL Ltd:
M Cap: โน 4,127 Cr.
Order Book: โน4580 Mn approx.
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โก๏ธTop 5 Electric Bus Manufacturing Stocks in India โก๏ธ
1๏ธโฃ Tata Motors
2๏ธโฃ Eicher Motors
3๏ธโฃ Ashok Leyland
4๏ธโฃ JBM Auto
5๏ธโฃ Olectra Greentech
๐ฎ These companies are well-positioned to capitalize on the growing demand for electric buses in India, driven by increasing environmental awareness and government initiatives to promote sustainable transportation.
1๏ธโฃ Tata Motors
2๏ธโฃ Eicher Motors
3๏ธโฃ Ashok Leyland
4๏ธโฃ JBM Auto
5๏ธโฃ Olectra Greentech
๐ฎ These companies are well-positioned to capitalize on the growing demand for electric buses in India, driven by increasing environmental awareness and government initiatives to promote sustainable transportation.
โก21๐18โค1๐ฅ1๐1
Equirus keeps long call on
PI Industries, target Rs 5,500
#1 PHC is a leading provider of novel patent-protected biological products to global markets
#2 Core patented products act as โvaccines for plantsโ, improving crop yield & quality
#3 Believe PI would also be able to transfer tech to manufacture biological products
#4 Biological products TAM could be of more than USD 10 billion
PI Industries, target Rs 5,500
#1 PHC is a leading provider of novel patent-protected biological products to global markets
#2 Core patented products act as โvaccines for plantsโ, improving crop yield & quality
#3 Believe PI would also be able to transfer tech to manufacture biological products
#4 Biological products TAM could be of more than USD 10 billion
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