initiating coverage report - tvs motor company ltd

TVS Motors

BUY

- 1 of 14 - Tuesday 1st Nov, 2011

This document is for private circulation, and must be read in conjunction with the disclaimer on the last page.

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Target Price ` 96 CMP ` 69 FY13 PE 8.8x

Index Details We initiate coverage on TVS Motor Company Limited (TVS) as a BUY with a Price Objective of ` 96 (target 12x FY13 P/E). At CMP of ` 68.8 the stock is trading at 11.6x and 8.8x its estimated earnings for FY2012E & FY2013E representing a potential upside of ~39.1% over a period of 18 months. While the two wheeler industry expected to sustain its growth over the medium term, we expect TVS Motors to grow faster than the industry. Accordingly, revenues and earnings are expected to grow to ` 9,229 crore (22.2% CAGR) and ` 373 crore (38.3% CAGR) respectively over the period FY11-13. Key drivers of this growth are a well diversified product portfolio, strong volume growth from new geographies, better realizations and drawdown of debt. Having established a base in over 50 countries, export revenues (currently 15% of total revenues) are expected to grow at a faster pace and become a significant contributor to the revenues in the long term.

Volume growth and diversified product mix augurs well for the company

TVS is expected to clock a volume growth of 18.1% CAGR over FY11-13 and reach 28.5 lakh units from the current levels of 20.4 lakh units leading to an overall revenue growth of 22.2% CAGR to ` 9,229 crore. Though the major surge in the volume growth is expected to come from scooters and mopeds, value growth will be contributed by motor cycles and three wheelers. TVSs new product portfolio and distribution network is on par with that of peers and should help ramp up volumes in the long term.

Exports strategy to aid in geographical diversification in the

medium to long term.

Having established a presence in over 50 countries, TVSs exports are expected to gain traction and become a significant contributor to the top line in the long term. Its wholly owned South Asian subsidiary PT TVS Motor Co, Indonesia has helped establish a foothold in the South East Asian markets and is expected to achieve cash breakeven in FY13.

Sensex 17,705

Nifty 5,327

BSE 100 9,197

Industry 2/3 Wheelers

Scrip Details

Mkt Cap (` cr) 3,268

BVPS (`) 21.0

O/s Shares (Cr) 47.5

Avg Vol (Lacs) 5.0

52 Week H/L 87/44

Div Yield (%) 1.6

FVPS (`) 1

Shareholding Pattern

Shareholders %

Promoters 59.3

DIIs 16.5

FIIs 4.7

Public 19.5

Total 100

TVS vs. Sensex

Key Financials (` in Cr)

Y/E Mar Net

Revenue EBITDA PAT EPS

EPS Growth (%)

RONW (%)

ROCE (%)

P/E (X) EV/

EBITDA(X)

2010 4363.1 120.3 88.0 1.9 185.0 10.2 13.6 37.1 33.7

2011 6179.5 281.5 194.6 4.1 121.1 19.5 23.8 16.8 14.4

2012E 7617.3 413.1 281.2 5.9 44.5 23.0 30.3 11.6 9.8

2013E 9229.0 503.0 372.1 7.8 32.3 24.3 35.5 8.8 8.0

- 2 of 14- Tuesday 1st Nov, 2011


Margins set to expand over the medium term. TVS has seen consistently improving margins despite cost inflationary pressures (+180 basis points to 4.6% in FY11) on the back of better utilization levels and improved product mix. Even a slight improvement in RM cost (currently at ~75% of total sales) will have a positive impact on the margins. Also its A&P spend being on par with that of its peers is expected to stay at the current levels going forward. While the management has guided to achieve double digit EBITDA margins in the medium to long term, we have not modeled the same and presents an upside risk to our estimates.

Lowering of debt to substantially reduce interest costs and improve profitability

With the company having ample spare capacity to cater to its long term growth, we do not anticipate any further investment in raising capacities. Further with the company generating significant cash, we expect TVS to repay its entire debt by FY14. This should lead to a sharp improvement in profitability and enhanced share holder return ratios.

Valuation At CMP of `69, the stock is trading at 11.6x and 8.8x its estimated earnings for FY2012E & FY2013E, respectively We initiate coverage on TVS Motors Limited as a BUY with a Price Objective of ` 96 (12x FY13 EPS) representing a potential upside of 39.1% over a period of 18 months. We have valued the stock at ~30% discount to one year forward P/E of its peer Hero Moto Corp. We expect the valuation discount to narrow over the medium term as the company consolidates its position in the two wheeler industry and repays debt.



Company Background

TVS Motor Company Ltd, the flagship company of the TVS Group is the third largest two-wheeler manufacturer in India. TVS manufactures a wide range of two-wheelers from mopeds to racing inspired motorcycles and has recently forayed in the three wheeler segment. TVS has manufacturing plants at Hosur in Tamilnadu, Mysore in Karnataka and Solan in Himachal Pradesh. It has a total capacity of 3 mn two wheelers and 90,000 three wheelers. TVS is gradually establishing its presence in the export markets and currently exports to over 50 countries, and even has a manufacturing capacity in Indonesia through its wholly owned subsidiary, PT. TVS Motor Co, Indonesia. TVS has also ventured into other businesses like Auto components, Wind energy and Housing through its subsidiaries.

Revenue Mix-Volumes 2011 Revenue Mix-Realizations 2011

40.5%

22.9%

34.6%

2.0%

Motorcycles Scooters Mopeds Three Wheelers

44.5%

21.7%

20.0%

5.1%8.7%

Motorcycles Scooters Mopeds

Three Wheelers Spares

Source: TVS, Ventura Research Estimates Source: TVS, Ventura Research Estimates

TVS-Company Structure

Source: TVS

TVS Motor Company

Subsidiaries

Sundaram Auto Components

Limited

TVS Energy Limited

TVS Wind Power Limited

TVS Wind Energy Limited

TVS Housing Limited

TVS Motor Co

(Amsterdam)

TVS Motor Pte Ltd,

Singapore

PT TVS Motor Co, Indonesia



Key Investment highlights

Volume growth and diversified product mix augurs well for the company

TVS is expected to clock a volume growth of 18.1% CAGR over FY11-13 and reach 28.5 lakh units from the current levels of 20.4 lakh units leading to an overall revenue growth of 22.2% CAGR to ` 9,229 crore. Though the major surge in the volume growth is expected to come from scooters and mopeds, value growth will be contributed by motor cycles and three wheelers. TVSs new product portfolio and distribution network is on par with that of peers and should help ramp up volumes in the long term.

Scooter sales to boost volumes

TVS Motorss revenue mix is well diversified across motor cycles (45%), scooters & mopeds (41%) and three wheelers (5%). In the main stay segment - scooters, the company enjoys a 22% market share and is the second largest player after Honda Motors and Scooters Ltd (HMSL). On the back of strong showing of TVS Wego it recorded a sharp spurt of ~ 50% in volumes in FY11 outgrowing the industry growth of 42%. The strong traction in volumes is expected to continue over the next couple of years in which we expect volumes to grow by 26.5% CAGR over FY11-13 and contribute 25% to the overall FY13 revenues. The growth momentum in the scooter segment is expected to continue on the back of increasing female population of riders, well positioned unisex products, increasing per capita GDP.

TVS Product Portfolio standing up to competition!!!

. TVS Hero Moto Corp Bajaj Auto

Entry Segment

Jive, Flame, Star City, Sport

CD Dawn, CD Deluxe, Glamour, Glamour Fi, Splendor Plus

Discover, Platina

Premium Segment

Apache RTR 160, Apache RTR 180, Apache RTR 180 ABS

Hunk, Karizma, Karizma ZMR

Pulsar 180, Pulsar 20, Avenger, Ninja

Scooters

TVS Wego, Scooty Streak, Scooty Pep+

Pleasure -

Three Wheelers TVS King - RE 2S (CNG/LPG), RE 4S (CNG/LPG)

Source: Ventura Research Estimates



Monopoly in the moped segment Post exit of Kinetic Motors and Majestic Auto from the moped segment, TVS has become the sole market player. The volumes in this segment are expected to grow at 16.5% CAGR over FY11-13, and contribute 20% to the overall revenues by FY13. TVS is expected to further consolidate its position in the segment aided by the launch of electric scooters in the near term.

Buoyant three wheeler sales expected on the back of new state permits The bulk of the revenue growth is expected to come from the three wheelers and motor cycles segments. With new permits expected to be issued by the states of Karnataka, the 3 wheeler segment is expected to clock a growth of 16.5% CAGR over FY11-13 in volume terms leading to 21% growth in net revenue to ` 1,804 crore. Within 2 years of launch of three wheelers, TVS has already captured a 5% market share and currently contributes 6% of total revenues of TVS. As the contribution from this segment to total sales increases, profitability is expected to further enhance as three wheelers is a high margin product.

TVS Mopeds-Volume and Growth

0%

5%

10%

15%

20%

25%

30%

35%

0

1

2

3

4

5

6

7

8

9

FY09 FY10 FY11 FY12E FY13E

un

its i

n lacs

Mopeds % Growth (RHS)

Source: TVS, Ventura Research Estimates

Market share of various Scooter players TVS Scooters-Volumes and growth

22%

43%

17%

11%

8%

TVS HMSI Hero Moto Corp Suzuki Mahindra

0%

10%

20%

30%

40%

50%

60%

0

1

2

3

4

5

6

7

8


units

in la

cs

Scooters % Growth (RHS)

Source: IAS, Ventura Research Estimates Source: TVS, Ventura Research Estimates



Motorcycles to contribute towards healthy realizations Motorcycle products - Jive, Star City, Apache 160 and Apache 180 are well received by the market and this segment is expected to experience a volume growth of 14.5% CAGR to 10.9 lakh units over FY11-13 leading to a healthy net revenue growth of 19% CAGR. The company currently faces competition from Hero Moto Corp and Bajaj Auto Ltd in the Entry and Premium Segment of motorcycles.

Strong dealer network, increasing geographical presence and flurry of new product launches to aid volume growth TVS which was earlier thought of as a regional player (on account of its concentration in south India) has rapidly established a national footprint by aggressively expanding its dealer network in the north Indian markets. Currently North India accounts for 44% if its total network of 650 dealers. This dealer network (aptly supported by more than 2000 sales and service points) is on par with that of its peers Hero Motors and Bajaj Auto. Having established a Pan India presence, we expect this network to substantially aid TVS to ramp up volumes in the long term.

Market share of various Motorcycle players TVS Motorcycles-Volumes and growth

48%

8%7%

32%

5%

Hero Motocorp Ltd. T V S

HMSI Bajaj Auto Ltd.

Others

-5%

0%

5%

10%

15%

20%

25%

30%

35%

0

2

4

6

8

10

12


un

its i

n lacs

Motor cycles % Growth (RHS)

Source: IAS, Ventura Research Estimates Source: TVS, Ventura Research Estimates

Market share of various Three wheeler players TVS Three wheelers-Volumes and growth

62.20%

5.70%

22.80%

9%

Bajaj Auto TVS Piaggio Vehicles Others

0.00

0.10

0.20

0.30

0.40

0.50

0.60

FY10 FY11 FY12E FY13E

Three Wheelers

Source: IAS, Venturaa Research Estimates Source: TVS, Ventura Research Estimates



Dealer Network of the major players

400

450

500

550

600

650

700

750

800

Bajaj Auto TVS Hero Moto Corp

Dealer Network


Exports strategy to aid in geographical diversification in the medium to long term.

TVS has been steadily establishing its presence in the global markets and currently exports to over 50 countries worldwide. It exported 2.23 lakh vehicles in FY11 (+37% yoy) driven by improved sales to South Asian Markets, Africa, Brazil and new forays into Mexico.

Indonesian Subsidiary on the growth track With a view to having a manufacturing presence in the South East Asian markets, TVS has set up a wholly owned subsidiary PT TVS Motor Company Indonesia at a capital investment of $27.6 million. While the company is currently making losses, it hopes to achieve cash break even in FY13. The companys recent product launches TVS Neo, TVS Rockz and a double disc version of Apache have received an encouraging response. While overall sales in FY2011 stood at 19,000 units, they were up 32% yoy, while Q1FY12 sales were up 22% yoy at 7,000 units clearly

Dealer Network 2003 465 Dealers Dealer Network 2011 641 dealers

16034%

16536%

14030%

North & East South West

27743%

22736%

13721%

North & East South West

Source: TVS, Ventura Research Estimates Source: TVS, Ventura Research Estimates



indicating that the growth momentum continues. We expect the subsidiary to post volume growth of ~30% to 25,000 units in FY12.

Margins set to expand over the medium term

TVS has seen consistently improving margins despite cost inflationary pressures (+180 basis points to 4.6% in FY11) on the back of better utilization levels and improved product mix. Even a slight improvement in RM cost (currently at ~75% of total sales) will have a positive impact on the margins. Also its A&P spend being on par with that of its peers is expected to stay at the current levels going forward. While the management has guided to achieve double digit EBITDA margins in the medium to long term, we have not modeled the same and presents an upside risk to our estimates.

Margins to enhance on the back of a well blended portfolio TVS has been gradually improving its margins and they were recorded at 4.6% in FY11 (+ 180 bps). The company has been improving its margins in spite of the increasing prices of raw material and inflationary pressures. While its peers, Hero Moto Corp and Bajaj Auto have seen erosion in margins, TVS has not only maintained margins but also enhanced them. We expect further improvement in margins through reduction in fixed costs and miscellaneous expenses and a judicious portfolio offering which will raise overall realizations. TVS has hinted at enhancing margins to double digits in the medium to long term, however we have not built the same in our model and this can surprise positively.

EBITDA (%) of the major players

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

22%

FY08 FY09 FY10 FY11

EB

ITD

A

TVS Bajaj Auto Hero Moto Corp


Since, RM costs are ~75-77% of total expenditure, even a slight softening of commodity prices in H2FY12 will directly result in improvement of margins and subsequently enhance the bottom line.

Sensitivity of EPS to RM Costs

-1% Base Case +1%

RM Cost 6,697.2 6,764.9 6,832.5

FY13 EPS 8.9 7.83 6.77

Change in EPS +13.6% - -15.65%



Advertising spends to remain firm at current levels

TVSs A&P spend at ` 367 crore is on par with that of its much larger peers Hero Moto Corp (` 382.6 crore in FY11) and Bajaj Auto (` 82 crore in FY11). Having established a firm presence in the two wheeler space we do not expect the company to significantly raise its advertising expenses from the current level. Subsequently, with increasing volumes, we expect the A&P spend per unit cost to decrease sharply resulting in higher profitability.

Absolute ad spend as a % of revenues

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

0

100

200

300

400

500

TVS Bajaj Hero

Rs i

n c

rore

Advertising expenses Ad spend as % of revenue


Thus, volume growth and improvement in the commodity prices will be the triggers for margin expansion. We expect the margins to expand by 90 basis points to 5.5% in FY13 from the 4.6% posted in FY11.

Improving EBITDA and PAT

0%

1%

2%

3%

4%

5%

6%

FY08 FY09 FY10 FY11 FY12E FY13E

EBITDA (%) PAT (%)


Lowering of debt to substantially reduce interest costs and improve profitability

With the company having ample spare capacity to cater to its long term growth, we do not anticipate any further investment in raising capacities. Further with the company generating significant cash, we expect TVS to repay its entire debt by FY14. This should lead to a sharp improvement in profitability and enhanced share holder return ratios.



TVS Motors standalone debt equity ratio of 0.80:1 is in sharp contrast to that of its peers which are debt free. The companys current capacity stands at 3 mn units for two wheelers and 90,000 three wheelers units. Its current capacity utilization of 67% in FY11 clearly indicates that the installed capacity is adequate to cater to growth in the medium term. Hence, we do not expect the company to incur major capex. With the company generating significant cash flows, we expect it to become debt free by FY14.

Improving D/E

0.0%

0.5%

1.0%

1.5%

2.0%

0.10

0.30

0.50

0.70

0.90

1.10

1.30

FY10 FY11 FY12E FY13E

D/E Interest as a % of Revenues (RHS)


Financial Performance (Standalone) On the back of higher volumes and realizations, TVS posted a revenue growth of 25.3% to ` 1,746 crore in Q1FY12. Operating profit was higher by 20% and stood at ` 79.1 crore over the same period. Increase in the operating profit was attributable to reduction in other expenses and higher realizations. EBITDA margins were recorded at 4.6% (-20 bps yoy) due to cost inflation. PAT showed a robust increase of 45.7% and was reported at ` 58.80 crore. Net sales for FY11 stood at ` 6179.5 crore higher by 41.6% yoy. Sales volumes were recorded at 20.4 lakhs in FY11 clocking a growth of 33% on account of higher scooter sales. EBITDA margins showed an improvement of 180 basis points and stood at 4.6%. Margins improved on account of substantial reduction in selling and distribution and miscellaneous expenses. Subsequently, net profit margins showed an improvement of 110 basis points and were reported at ` 194.6 crore higher by 121%.



Quarterly Financial Performance

Particulars Q1FY12 Q1FY11 FY11 FY10

Net Sales 1707.3 1369.6 6179.48 4363.11

Growth % 24.7

41.6

Total Expenditure 1628.9 1303.2 5898.0 4142.0

EBDITA 78.4 66.4 281.5 221.1

EBDITA Margin % 4.6 4.8 4.6 5.1

Depreciation 27.7 26.6 107.3 102.5

EBIT (EX OI) 50.7 39.8 174.2 118.6

Other Income 38.8 27.7 120.9 67.5

EBIT 89.5 67.5 295.1 186.1

Margin % 5.2 4.9 4.8 4.3

Interest 11.6 17.0 47.0 63.2

Exceptional items 0.0 0.0 0.0 -46.7

PBT 77.9 50.5 248.1 76.2

Margin % 4.6 3.7 4.0 1.7

Provision for Tax 19.1 10.1 53.5 -11.8

PAT 58.8 40.4 194.6 88.0

PAT Margin (%) 3.4 2.9 3.1 2.0


Financial Outlook Aided by higher volumes, and improved portfolio mix we expect revenues to grow at a CAGR of 22.2% to ` 9229.0 crore by FY13 from ` 6179.5 crore posted in FY11. Higher realizations and reduction in miscellaneous expenses should enhance the EBITDA margins of the company to 5.5% in FY13 (+90 basis points from FY11). Consequently, we expect the the PAT to grow at a CAGR of 38.3% to ` 372.14 crore as compared to ` 194.18 crore in FY11.

Valuation At CMP of ` 69, the stock is trading at 11.6x and 8.8x its estimated earnings for FY2012E & FY2013E, respectively We initiate coverage on TVS Motors Limited as a BUY with a Price

Objective of ` 96 (12x FY13 EPS) representing a potential upside of 39.1% over a period of 18 months. We have valued the stock at ~30% discount to one year forward P/E of its peer Hero Moto Corp. We expect the valuation discount to narrow over the medium term as the company consolidates its position in the two wheeler industry and repays debt.



P/E Bands

0

20

40

60

80

100

120

140

160

180

Mar-02 Mar-04 Mar-06 Mar-08 Mar-10 Mar-12

CMP 11.5X 15.25X 19X 22.75X 26.5X


P/B Bands

0

20

40

60

80

100

120

140


CMP 1X 2X 3X 4X 5X


Peer Comparison

(` in crore)

FY11 FY12E FY13E FY11 FY12E FY13E FY11 FY12E FY13E

Net Revenue 6,179.5 7,617.3 9,229.0 15,998.1 19,658.1 23,753.1 19,245.0 23,056.4 26,227.8

EBITDA 281.5 413.1 503.0 2,758.2 3,323.0 3,976.8 2,405.7 3,237.7 3,754.8

PAT 194.6 281.2 372.1 3,339.7 2,977.7 3,418.7 1,927.9 2,346.8 2,730.2

EPS 4.1 5.9 7.8 115.4 102.9 118.1 96.5 117 136.2

EPS Growth (%) 121.1% 44.5% 32.3% 96.0% -10.8% 14.8% -13.6% 21.2% 16.4%

RONW (%) 19.5% 23.0% 24.3% 68.0% 52.2% 45.8% 65.2% 68.6% 66.2%

P/E (X) 16.8 11.6 8.8 15.0 15.9 14.1 22.5 18.1 15.6

EV/EBITDA (X) 14.4 9.8 8.0 11.2 12.9 11.3 11.4 13.3 11.5

TVS* Bajaj Auto* Hero Moto Corp#

Source: *Ventura Research Estimates, #Bloomberg Estimates



EV/EBITDA Bands

0

1000

2000

3000

4000

5000

6000

7000

8000

9000

10000


EV 6X 10X 14X 18X 22X




Financials and Projections

Y/E March, Fig in Rs. Cr FY 2010 FY 2011 FY 2012e FY 2013e Y/E March, Fig in Rs. Cr FY 2010 FY 2011 FY 2012e FY 2013e

Profit & Loss Statement Per Share Data (Rs)

Net Sales 4363.1 6179.5 7617.3 9229.0 EPS 1.9 4.1 5.9 7.8

% Chg. 18.9 41.6 23.3 21.2 Cash EPS 4.0 6.4 8.4 10.4

Total Expenditure 4242.8 5898.0 7204.3 8726.0 DPS 1.2 1.1 1.1 1.1

% Chg. 19.4 39.0 22.1 21.1 Book Value 18.2 21.0 25.7 32.2

EBDITA 120.3 281.5 413.1 503.0 Capital, Liquidity, Returns Ratio

EBDITA Margin % 2.8 4.6 5.4 5.5 Debt / Equity (x) 1.2 0.8 0.5 0.2

Other Income 133.8 144.2 142.3 166.4 Current Ratio (x) 1.4 1.4 1.4 1.4

PBDIT 254.1 425.6 555.3 669.4 ROE (%) 10.2 19.5 23.0 24.3

Depreciation 102.5 107.3 117.5 124.0 ROCE (%) 13.6 23.8 30.3 35.5

Interest 75.4 70.3 62.8 49.2 Dividend Yield (%) 1.7 1.6 1.6 1.6

Exceptional items 0.0 0.0 0.0 0.0 Valuation Ratio (x)

PBT 76.2 248.1 375.0 496.2 P/E 37.1 16.8 11.6 8.8

Tax Provisions -11.8 53.5 93.7 124.0 P/BV 3.8 3.3 2.7 2.1

Reported PAT 88.0 194.6 281.2 372.1 EV/Sales 0.9 0.7 0.5 0.4

PAT Margin (%) 2.0 3.1 3.7 4.0 EV/EBIDTA 33.7 14.4 9.8 8.0

Raw Materials / Sales (%) 71.9 74.7 73.1 73.3 Efficiency Ratio (x)

Manpower cost / Sales (%) 5.7 5.2 5.5 5.4 Inventory (days) 24.2 31.2 31.0 31.0

Other opr Exp / Sales (%) 18.5 14.5 14.8 14.6 Debtors (days) 18.5 16.0 18.0 18.0

Tax Rate (%) -15.5 21.6 25.0 25.0 Creditors (days) 55.8 52.3 55.0 55.0

Balance Sheet Cash Flow statement

Share Capital 23.8 47.5 47.5 47.5 Profit After Tax 88.0 194.6 281.2 372.1

Reserves & Surplus 841.6 951.9 1172.6 1484.3 Depreciation 102.5 107.3 117.5 124.0

Minority Interest 0.0 0.0 0.0 0.0 Working Capital Changes 139.3 -69.4 -29.7 -52.5

Total Loans 1003.4 785.4 615.4 355.4 Others -34.4 -53.1 0.0 0.0

Deferred Tax Liability 0.0 0.0 0.0 0.0 Operating Cash Flow 295.4 179.4 369.1 443.7

Total Liabilities 1868.7 1784.8 1835.6 1887.2 Capital Expenditure -30.4 -93.4 -107.3 -117.5

Gross Block 1909.1 1972.3 2136.9 2254.4 Change in Investment -261.6 78.1 0.0 0.0

Less: Acc. Depreciation 953.4 1034.7 1152.2 1276.2 Cash Flow from Investing -292.0 -15.3 -107.3 -117.5

Net Block 955.7 937.6 984.7 978.2 Proceeds from equity issue 0.0 0.0 0.0 0.0

Capital Work in Progress 27.1 57.4 0.0 0.0 Inc/(Dec) in Debt 94.4 -218.0 -170.0 -260.0

Investments 739.3 661.1 661.1 661.1 Dividend and DDT -38.9 -41.1 -60.5 -60.5

Net Current Assets 231.1 224.4 285.4 343.5 Cash Flow from Financing 55.5 -259.1 -230.5 -320.5

Deferred Tax Assets -114.6 -95.7 -95.7 -95.7 Net Change in Cash 59.0 -95.0 31.4 5.6

Misc Expenses 30.1 0.0 0.0 0.0 Opening Cash Balance 42.1 101.0 6.0 37.4

Total Assets 1868.7 1784.8 1835.6 1887.2 Closing Cash Balance 101.0 6.0 37.4 43.0

Ventura Securities Limited Corporate Office: C-112/116, Bldg No. 1, Kailash Industrial Complex, Park Site, Vikhroli (W), Mumbai 400079 This report is neither an offer nor a solicitation to purchase or sell securities. The information and views expressed herein are believed to be reliable, but no responsibility (or liability) is accepted for errors of fact or opinion. Writers and contributors may be trading in or have positions in the securities mentioned in their articles. Neither Ventura Securities Limited nor any of the contributors accepts any liability arising out of the above information/articles. Reproduction in whole or in part without written permission is prohibited. This report is for private circulation.

initiating coverage report - tvs motor company ltd

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