TVSMOTOR - TVS Motor Company Ltd. Share Price

Automobiles

₹2730.50-7.40(-0.27%)

Market Open as of Apr 28, 2025, 14:20 IST

What does TVS Motor Company Ltd. do?

2/3 Wheelers•Automobile and AutoComponents•Large Cap

TVS Motor Co. is a prominent player in the 2/3 wheelers industry, with its stock ticker being TVSMOTOR. The company boasts a market capitalization of Rs. 110,833 Crores.

Based in Chennai, India, and incorporated in 1992, TVS Motor Company Limited operates alongside its subsidiaries to manufacture and sell various automotive vehicles and components, spare parts, and accessories domestically.

The company segments its operations into four main categories:

Automotive Vehicles and Parts
Automotive Components
Financial Services
Others

TVS offers a diverse range of products, including:

Motorcycles under brand names such as Apache RTR, Apache RR, Radeon, Ronin, RTE, Raider, StaR City+, and Sport
Scooters including models like Ntorq, Jupiter, Zest 110, and Scooty Pep+
Mopeds with the XL 100 brand name
Electric Vehicles including TVS X and TVS iQUBE
Three Wheelers branded as TVS King
E-mobility solutions offered under the brands Cilo, Simpel, Allegro, and Zenith-Bikes

Additionally, the company provides financing services for two-wheelers and serves markets in the Middle East, Africa, Southeast Asia, France, and Latin and Central America through a network of authorized dealers.

In terms of financial performance, TVS Motor Co. reported a trailing 12 months revenue of Rs. 42,980.3 Crores and has demonstrated impressive revenue growth of 79.6% over the past three years. The company also distributes dividends to its investors, with a current dividend yield of 0.34% per year and a recent dividend payout of Rs. 8 per share.

Overall, TVS Motor Company Limited operates as a subsidiary of TVS Holdings Limited, solidifying its presence in the automotive sector.

Industry Group:Automobiles

Employees:5,980

Website:www.tvsmotor.com

The Good, Bad and Ugly

Growth

Profitability

Size

Dilution Rank

Balance Sheet

Momentum

Technicals

Smart Money

Insider Trading

Category	TVSMOTOR	Automobiles
PE	62.12	19.83
PS	3.03	1.69
Growth	15.1 %	4.9 %

Summary of Latest Earnings Report from TVS Motor Co.

Summary of TVS Motor Co.'s latest earnings call, featuring management's outlook on business performance, financial results, and analyst Q&A sessions that highlight key strategic initiatives and market challenges.

Earnings Outlook

Last updated: Jan 25

The management outlook for TVS Motor Company highlights strong growth momentum driven by robust product performance, improving margins, and strategic expansions. Key points include:

Operational Performance: Achieved a record EBITDA margin of 11.9% (without PLI benefits) in Q3 FY25, driven by cost optimization and premiumization. Revenue grew 10% YoY to Rs.9,097 crore, with PBT up 22% YoY.
Product Strength:
- ICE Segment: New Jupiter 110 and existing models drove domestic two-wheeler ICE growth (+5% vs. industry +1%).
- EV Growth: iQube sales surged 57% YoY (76k units in Q3), supported by multiple battery variants. TVS King EV Max (three-wheeler) launched with 179 km range and rapid charging.
International Markets: Exports rose 26% YoY, with Africa, LatAm, and Middle East showing traction. Entry into Morocco and focus on Sri Lanka/Nepal recovery.
Outlook:
- Q4/FY25: Expects rural demand (10% growth YTD), infrastructure investments, and improved crop yields to drive growth. Targets outperforming industry in ICE and EV.
- EV Penetration: Aims to capitalize on EV three-wheeler growth (26% penetration in Q3).
- Margins: PLI benefits (retrospective from April 2024) to boost margins in Q4. Sustained focus on cost reduction and premium mix.
Investments: Capex of ~Rs.1,700 crore in FY25 for product development (Norton motorcycles, e-bikes) and global expansion.
TVS Credit: PBT surged 40% YoY (Rs.321 crore) with diversified lending and robust asset quality.

FY26 Vision: Optimism on rural recovery, premiumization, and international markets. Plans to leverage new products (e.g., CNG concepts, 300cc bikes) and EV tech partnerships (Hyundai for micro-mobility). Focus on maintaining double-digit industry growth and margin expansion.

Q&A Session

Last updated: Jan 25

Question 1: Chandramouli Muthiah (Goldman Sachs)
"My first question is on the OBD2B norms, which I expect to be introduced on 1st April 2025. What additional components might you need to add? Are there any price hikes we need to take? Is there any prebuy factor to factor in?"
Answer: OBD2B compliance preparations are underway, with product readiness by April 2025. Price increases will be competitive and affordable, likely lower than past transitions (e.g., BS IV to BS VI). Prebuy effects are not explicitly highlighted.

Question 2: Pramod Kumar (UBS)
"Employee/other costs grew 25% vs. 13% revenue growth. When will these expenses moderate to show operating leverage?"
Answer: Elevated costs reflect investments in R&D, software, and global capability-building for future products (EVs, ICE, international expansion). These are strategic investments, not mere costs, critical for long-term growth. Moderation isn't prioritized over sustaining innovation.

Question 3: Kumar Rakesh (BNP Paribas)
"Why did TVS increase stake in DriveX? What's the rationale for making it a subsidiary?"
Answer: DriveX aligns with TVS's used-vehicle strategy, offering synergies with core operations. The investment supports expanding into India's growing used-vehicle market, leveraging TVS's distribution and brand strength.

Question 4: Gunjan (Bank of America)
"What drove the INR 740cr investment in subsidiaries? Why have subsidiary losses reduced?"
Answer: Investments target Norton Motorcycles' product launches (planned FY25/26), e-bike development, and a Dubai hub for global expansion. Loss reduction reflects cost optimization in subsidiaries like e-bikes amid market challenges.

Question 5: Jay Kale (Elara Capital)
"What's needed for EV penetration to rise beyond 6%? What was EV revenue this quarter?"
Answer: EV growth hinges on customer acceptance, new product segments (e.g., motorcycles), and cost reductions from scale. iQube's success (INR ~800cr revenue in Q3) and expanded variants support penetration.

Question 6: Raghunandhan N.L. (Nuvama Research)
"How will margin improve further? What's the FY26 demand outlook?"
Answer: Margins will benefit from premiumization, cost control, and volume leverage. FY26 demand is positive, driven by rural recovery, strong monsoon, and infrastructure spending, with TVS outperforming industry growth.

Question 7: Jinesh Gandhi (Ambit Capital)
"Will Norton require more investments? Are financiers' delinquency concerns affecting TVS?"
Answer: Norton requires sustained investments for product launches and global expansion. TVS Credit maintains stringent lending norms, with delinquencies controlled (3% gross NPA) and no stress on financing availability.

Share Holdings

Understand TVS Motor Co. ownership landscape with insights into key distribution patterns, offering investors a clear view of stakeholder dynamics.

Holding Pattern

Major Shareholders

Share Holding Details

As of 2025-03-31

Shareholder Name	Holding %
TVS HOLDINGS LIMITED (Formerly known as Sundaram Clayton Limited)	50.26%
ICICI PRUDENTIAL MUTUAL FUND	7.35%
AXIS MUTUAL FUND	1.52%
NEW WORLD FUND INC	1.11%
EUROPACIFIC GROWTH FUND	1.09%
CANARA ROBECO MUTUAL FUND	1.05%
SBI MUTUAL FUND	1.03%
MALLIKA SRINIVASAN	0.01%
Sudarshan Venu	0%
VS Trustee Private Limited	0%
VEE ESS Trading Private Limited	0%
Venu Srinivasan Trustee Private Limited	0%
S. Venu Trustee Private Limited	0%
STPL Trading and Services Private Limited (Formerly known as Srinivasan Trading Private Limited)	0%
VS Trust (Mr Venu Srinivasan, Trustee)	0%
VS PTC Trust (Mr Venu Srinivasan, Trustee)	0%
VEE ESS Trust (Venu Srinivasan Trustee Private Limited, Trustee)	0%
Srinivasan Venu Trust (Mr Venu Srinivasan, Trustee)	0%
Srinivasan Trust (VS Trustee Private Limited, Trustee)	0%
VENU SRINIVASAN	0%

Overall Distribution

Distribution across major stakeholders

Ownership Distribution

Distribution across major institutional holders

Investor Care
Dividend Yield	0.37%
Dividend/Share (TTM)	10
Shares Dilution (1Y)	0.00%
Diluted EPS (TTM)	41.56

Financial Health
Current Ratio	1.04
Debt/Equity	3.06
Debt/Cashflow	-0.05

Valuation
Market Cap	1.3 LCr
Price/Earnings (Trailing)	62.12
Price/Sales (Trailing)	3.03
EV/EBITDA	20.48
Price/Free Cashflow	-47.27
MarketCap/EBT	40.03

Fundamentals
Revenue (TTM)	42.98 kCr
Rev. Growth (Yr)	10.61%
Rev. Growth (Qtr)	-1.18%
Earnings (TTM)	2.09 kCr
Earnings Growth (Yr)	19.57%
Earnings Growth (Qtr)	3.61%

Profitability
Operating Margin	7.56%
EBT Margin	7.56%
Return on Equity	24.37%
Return on Assets	4.66%
Free Cashflow Yield	-2.12%

Cash Flow for TVS Motor Co.

Standalone figures (in Rs. Crores) / View Consolidated Data

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022
Finance costs	29.3%	182	141	126
Change in inventories	-18.1%	-134.44	-113.68	29
Depreciation	11%	700	631	611
Unrealised forex losses/gains	2802.7%	11	0.63	-5.66
Dividend income	28.8%	2.61	2.25	3.81
Adjustments for interest income	245.5%	19	6.21	6.74
Net Cashflows from Operations	71.1%	4,233	2,475	1,808
Income taxes paid (refund)	27.6%	616	483	310
Net Cashflows From Operating Activities	81.5%	3,617	1,993	1,498
Cashflows used in obtaining control of subsidiaries	12.4%	1,338	1,191	1,376
Proceeds from sales of PPE	77.8%	33	19	13
Purchase of property, plant and equipment	7.2%	1,089	1,016	741
Dividends received	-21.6%	1.98	2.25	3.81
Interest received	308.2%	17	4.92	7.07
Net Cashflows From Investing Activities	18%	-1,896.26	-2,311.8	-2,141.04
Proceeds from borrowings	-211.2%	-729.49	658	482
Payments of lease liabilities	55.9%	107	69	55
Dividends paid	30.2%	380	292	190
Interest paid	56.6%	214	137	123
Other inflows (outflows) of cash	-163.2%	-39.47	65	-1.15
Net Cashflows from Financing Activities	-756.5%	-1,469.55	225	113
Net change in cash and cash eq.	362.1%	251	-94.4	-530.23

Consolidated figures (in Rs. Crores) / View Standalone Data

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022
Finance costs	37.2%	274	200	158
Change in inventories	-4.1%	-326.89	-313.99	-274.93
Depreciation	13.5%	975	859	743
Unrealised forex losses/gains	2802.7%	11	0.63	-5.65
Dividend income	64.3%	0.65	0.02	3.81
Adjustments for interest income	110%	22	11	8.16
Net Cashflows from Operations	92.3%	-293.25	-3,796.96	-1,194.01
Income taxes paid (refund)	57.8%	959	608	366
Net Cashflows From Operating Activities	71.5%	-1,252.67	-4,404.83	-1,560.16
Cashflows used in obtaining control of subsidiaries	219.8%	388	122	620
Proceeds from sales of PPE	61.9%	35	22	0
Purchase of property, plant and equipment	-14.6%	1,145	1,341	985
Proceeds from sales of investment property	-	0	0	14
Dividends received	-2%	0	0.02	3.81
Interest received	91.7%	24	13	7.88
Other inflows (outflows) of cash	-101.5%	0	69	228
Net Cashflows From Investing Activities	23.4%	-1,001.36	-1,307.74	-1,485.94
Proceeds from borrowings	-41.7%	3,844	6,588	3,353
Repayments of borrowings	-	182	0	0
Payments of lease liabilities	53.5%	196	128	82
Dividends paid	30.2%	380	292	190
Interest paid	155%	284	112	156
Other inflows (outflows) of cash	-173.7%	-43.96	62	-7.24
Net Cashflows from Financing Activities	-54.9%	2,759	6,118	2,918
Net change in cash and cash eq.	24.4%	505	406	-128.08

Income Statement for TVS Motor Co.

Standalone figures (in Rs. Crores) / View Consolidated Data

AnnualQuarterly

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022	Mar-2021	Mar-2020	Mar-2019
Revenue From Operations	20.5%	31,776	26,378	20,791	16,751	16,423	18,210
Other Income	48%	149	101	19	33	32	7.54
Total Income	20.6%	31,925	26,479	20,810	16,784	16,455	18,217
Cost of Materials	18.5%	23,244	19,610	15,547	12,507	11,855	13,673
Purchases of stock-in-trade	2.9%	389	378	286	224	259	245
Employee Expense	18.7%	1,596	1,345	1,136	948	938	923
Finance costs	29.3%	182	141	126	142	102	81
Depreciation and Amortization	11%	700	631	611	494	489	399
Other expenses	36.9%	3,237	2,365	1,884	1,650	2,003	2,012
Total Expenses	19.1%	29,144	24,475	19,566	15,957	15,669	17,256
Profit Before exceptional items and Tax	38.9%	2,781	2,003	1,243	826	787	961
Exceptional items before tax	-	0	0	-30.16	0	-32.33	0
Total profit before tax	38.9%	2,781	2,003	1,213	826	754	961
Current tax	39.4%	702	504	300	203	234	277
Deferred tax	-170.5%	-4.42	8.69	20	11	-71.74	14
Total tax	36.4%	698	512	320	214	162	291
Total profit (loss) for period	39.7%	2,083	1,491	894	612	592	670
Other comp. income net of taxes	27.7%	-19.74	-27.68	-64.31	107	-118.23	-3.26
Total Comprehensive Income	41%	2,063	1,463	829	719	474	667
Earnings Per Share, Basic	41%	43.84	31.38	18.81	12.88	12.47	14.11
Earnings Per Share, Diluted	41%	43.84	31.38	18.81	12.88	12.47	14.11
Debt equity ratio	-	-	03	0	006	-	-
Debt service coverage ratio	-	-	0.05	0	005	-	-
Interest service coverage ratio	-	-	-	0	007	-	-

Description	(%) Q/Q	Dec-2024	Sep-2024	Jun-2024	Mar-2024	Dec-2023	Sep-2023
Revenue From Operations	-1.4%	9,097	9,228	8,376	8,169	8,245	8,145
Other Income	-181.7%	-22.69	30	36	-28.67	73	46
Total Income	-2%	9,074	9,258	8,412	8,140	8,318	8,191
Cost of Materials	-1.9%	6,343	6,468	5,941	5,969	5,696	6,199
Purchases of stock-in-trade	5.8%	111	105	93	92	110	90
Employee Expense	0.4%	499	497	479	421	404	393
Finance costs	6.5%	34	32	37	37	45	52
Depreciation and Amortization	3.9%	188	181	176	189	178	170
Other expenses	-4.2%	1,006	1,050	956	878	841	824
Total Expenses	-1.5%	8,238	8,361	7,629	7,469	7,543	7,467
Profit Before exceptional items and Tax	-6.7%	837	897	783	672	775	724
Total profit before tax	-6.7%	837	897	783	672	775	724
Current tax	-16.8%	194	233	205	202	170	182
Deferred tax	14275%	24	1.16	1.02	-15.39	12	5.57
Total tax	-7.3%	218	235	206	186	182	187
Total profit (loss) for period	-6.8%	618	663	577	485	593	537
Other comp. income net of taxes	-95.2%	1.26	6.44	-15.52	-12.27	11	8.64
Total Comprehensive Income	-7.3%	620	669	562	473	604	545
Earnings Per Share, Basic	-7.2%	13.02	13.95	12.15	10.22	12.49	11.29
Earnings Per Share, Diluted	-7.2%	13.02	13.95	12.15	10.22	12.49	11.29
Debt equity ratio	-	-	-	-	-	-	-
Debt service coverage ratio	-	-	-	-	-	-	-

Consolidated figures (in Rs. Crores) / View Standalone Data

AnnualQuarterly

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022	Mar-2021	Mar-2020	Mar-2019
Revenue From Operations	22.4%	39,145	31,974	24,355	19,421	18,849	20,160
Other Income	-23.4%	106	138	33	47	52	25
Total Income	22.2%	39,251	32,112	24,388	19,468	18,901	20,185
Cost of Materials	18%	23,718	20,093	15,939	12,701	12,051	13,788
Purchases of stock-in-trade	13.6%	1,012	891	579	225	259	245
Employee Expense	17.1%	3,385	2,890	2,124	1,689	1,539	1,432
Finance costs	41%	1,928	1,368	940	881	855	663
Depreciation and Amortization	13.5%	975	859	743	565	556	442
Other expenses	39.3%	5,811	4,173	3,219	2,568	2,720	2,613
Total Expenses	21.1%	36,504	30,133	23,284	18,629	17,987	19,104
Profit Before exceptional items and Tax	38.8%	2,746	1,979	1,104	839	914	1,081
Exceptional items before tax	65.2%	0	-1.87	-40.12	-9.36	-40.33	0
Total profit before tax	38.9%	2,746	1,977	1,064	829	874	1,081
Current tax	44.2%	1,013	703	365	250	295	363
Deferred tax	-14.6%	-88.25	-76.89	-28.64	-35.63	-76.03	-5.73
Total tax	47.4%	924	627	336	214	219	357
Total profit (loss) for period	35.9%	1,779	1,309	731	608	647	725
Other comp. income net of taxes	-193.9%	-53.47	59	2.89	116	-110.09	6.26
Total Comprehensive Income	26%	1,725	1,369	734	723	537	732
Earnings Per Share, Basic	27.9%	35.5	27.97	15.93	12.51	13.15	14.83
Earnings Per Share, Diluted	27.9%	35.5	27.97	15.93	12.51	13.15	14.83
Debt equity ratio	-	-	0.036	-	-	-	-
Debt service coverage ratio	-	-	0.029	-	-	-	-
Interest service coverage ratio	-	-	0.082	-	-	-	-

Description	(%) Q/Q	Dec-2024	Sep-2024	Jun-2024	Mar-2024	Dec-2023	Sep-2023
Revenue From Operations	-1.5%	11,135	11,302	10,407	10,042	10,114	9,933
Other Income	106.5%	65	32	41	-43.53	12	51
Total Income	-1.2%	11,200	11,334	10,448	9,999	10,126	9,984
Cost of Materials	-2.2%	6,456	6,603	6,087	6,099	5,782	6,336
Purchases of stock-in-trade	27.2%	118	93	280	176	227	148
Employee Expense	-3.1%	913	942	943	875	856	833
Finance costs	5.9%	539	509	503	513	494	483
Depreciation and Amortization	1.9%	264	259	246	269	242	237
Other expenses	-0.1%	1,842	1,843	1,725	1,537	1,507	1,435
Total Expenses	-1.5%	10,273	10,428	9,691	9,339	9,363	9,297
Profit Before exceptional items and Tax	2.3%	927	906	757	660	763	686
Exceptional items before tax	-	0	0	0	0	0	0
Total profit before tax	2.3%	927	906	757	660	763	686
Current tax	-20.9%	262	331	281	170	343	311
Deferred tax	203.1%	35	-31.98	-27.49	69	-102.19	-50.8
Total tax	-0.7%	297	299	254	239	241	260
Total profit (loss) for period	3.6%	609	588	485	412	510	416
Other comp. income net of taxes	-148.5%	-36.33	78	-29.7	-38.88	31	2.56
Total Comprehensive Income	-14%	573	666	455	373	540	418
Earnings Per Share, Basic	1%	11.91	11.8	9.7	8.15	10.08	8.132
Earnings Per Share, Diluted	1%	11.91	11.8	9.7	8.15	10.08	8.132
Debt equity ratio	-	-	-	-	-	-	-
Debt service coverage ratio	-	-	-	-	-	-	-
Interest service coverage ratio	-	-	-	-	-	-	-

Ticker	Name	Mkt Cap	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
M&M	Mahindra & MahindraPassenger Cars & Utility Vehicles	3.56 LCr	1.54 LCr	+4.45%	+36.60%	26.08	2.31	+11.21%	+12.46%
BAJAJ-AUTO	Bajaj Auto2/3 Wheelers	2.24 LCr	51.35 kCr	+0.76%	-8.02%	29.78	4.37	+17.81%	+1.79%
EICHERMOT	Eicher Motors2/3 Wheelers	1.53 LCr	19.11 kCr	+3.19%	+20.81%	34.4	8	+12.04%	+15.81%
HEROMOTOCO	Hero MotoCorp2/3 Wheelers	77.91 kCr	41.52 kCr	+6.84%	-13.40%	18.77	1.88	+10.65%	+14.99%
ATULAUTO	Atul AutoCommercial Vehicles	1.37 kCr	674.53 Cr	+11.04%	-7.56%	79.25	2.04	+30.04%	+213.38%

Description	Share	Value
Automotive Vehicles & Parts	83.2%	9.4 kCr
Financial services	14.9%	1.7 kCr
Automotive Components	2.0%	224.3 Cr
Total		11.3 kCr

Balance Sheet for TVS Motor Co.

Standalone figures (in Rs. Crores) / View Consolidated Data

Description	(%) Q/Q	Sep-2024	Mar-2024	Sep-2023	Mar-2023	Sep-2022	Mar-2022
Cash and cash equivalents	75.9%	854	486	600	234	676	329
Current investments	32.1%	215	163	228	192	130	130
Total current financial assets	21.5%	2,519	2,074	2,191	1,435	2,008	1,532
Inventories	5.1%	1,441	1,371	1,724	1,236	1,084	1,123
Current tax assets	-	0	0	0	0	15	1.4
Total current assets	16%	4,892	4,218	4,911	3,668	3,842	3,362
Property, plant and equipment	5.8%	3,643	3,442	3,328	3,260	2,937	2,940
Capital work-in-progress	12.5%	371	330	300	274	213	246
Non-current investments	10.3%	7,529	6,828	6,468	5,492	4,951	4,586
Total non-current financial assets	9.5%	7,644	6,981	6,651	5,974	5,061	4,651
Total non-current assets	8.4%	12,835	11,844	11,193	10,325	8,883	8,485
Total assets	10.4%	17,727	16,062	16,104	13,992	12,724	11,848
Borrowings, non-current	-31.1%	680	987	1,583	1,212	602	1,167
Total non-current financial liabilities	-33.2%	869	1,300	1,916	1,525	866	1,448
Provisions, non-current	8.3%	223	206	195	176	162	149
Total non-current liabilities	-22.9%	1,329	1,724	2,332	1,936	1,239	1,839
Borrowings, current	12.7%	594	527	682	1,033	721	433
Total current financial liabilities	16.9%	6,900	5,903	6,077	5,391	5,469	4,672
Provisions, current	25.2%	180	144	131	99	95	97
Current tax liabilities	-3%	33	34	43	5.93	57	0
Total current liabilities	13.8%	7,521	6,607	6,738	6,009	5,964	5,186
Total liabilities	6.2%	8,850	8,331	9,070	7,945	7,202	7,026
Equity share capital	0%	48	48	48	48	48	48
Total equity	14.8%	8,877	7,731	7,034	6,048	5,522	4,822
Total equity and liabilities	10.4%	17,727	16,062	16,104	13,992	12,724	11,848

Consolidated figures (in Rs. Crores) / View Standalone Data

Description	(%) Q/Q	Sep-2024	Mar-2024	Sep-2023	Mar-2023	Sep-2022	Mar-2022
Cash and cash equivalents	51%	3,557	2,356	2,792	1,851	2,171	1,446
Current investments	92%	312	163	228	192	130	130
Loans, current	10.7%	14,849	13,417	12,060	10,225	9,048	7,299
Total current financial assets	15.3%	20,812	18,048	16,968	13,753	12,913	10,252
Inventories	-3.4%	2,172	2,248	2,559	1,922	1,634	1,642
Current tax assets	-86%	4.21	24	0.01	4.56	15	1.42
Total current assets	12.7%	24,256	21,520	20,975	17,007	15,603	12,848
Property, plant and equipment	3.5%	4,445	4,294	4,232	4,177	3,614	4,378
Capital work-in-progress	23.4%	417	338	314	316	245	320
Investment property	2.2%	141	138	138	138	138	138
Goodwill	0%	597	597	597	597	598	569
Non-current investments	-14.1%	415	483	503	364	297	110
Loans, non-current	-3.2%	11,672	12,055	11,390	10,321	8,624	6,716
Total non-current financial assets	-3.5%	12,283	12,733	12,042	10,878	9,138	6,950
Total non-current assets	-0.1%	20,689	20,700	19,494	18,226	15,526	14,224
Total assets	6.5%	44,946	42,220	40,469	35,233	31,129	27,072
Borrowings, non-current	-3.5%	12,192	12,629	12,209	9,064	9,133	7,306
Total non-current financial liabilities	-4.5%	12,536	13,133	12,753	9,628	9,494	7,719
Provisions, non-current	8.2%	292	270	253	231	214	196
Total non-current liabilities	-4.1%	13,072	13,631	13,238	10,104	9,928	8,167
Borrowings, current	11.6%	14,128	12,657	12,101	12,562	9,057	7,992
Total current financial liabilities	11.6%	22,295	19,970	19,160	18,200	14,956	13,069
Provisions, current	22.3%	204	167	151	116	110	107
Current tax liabilities	-2.9%	34	35	71	16	64	-
Total current liabilities	10.5%	23,282	21,078	20,250	19,219	15,750	13,852
Total liabilities	4.7%	36,354	34,709	33,488	29,323	25,678	22,019
Equity share capital	0%	48	48	48	48	48	48
Non controlling interest	14.4%	833	728	660	405	381	654
Total equity	14.4%	8,592	7,511	6,981	5,910	5,451	5,053
Total equity and liabilities	6.5%	44,946	42,220	40,469	35,233	31,129	27,072

TVSMOTOR - TVS Motor Company Ltd. Share Price

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