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TVS-E PAT up 77%, Revenue up by 15% |
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Chennai, July 23, 2004: Chennai based TVS
Electronics, leaders in manufacturing computer
peripherals announced their results for the
quarter ended June 2004, today. TVS-E has
reported revenue of Rs 70.91 crores for this
quarter against the revenue of Rs 61.78 crores
in the corresponding quarter of last year,
showing a growth of about 15 %. The Profit after
Tax during the quarter is Rs.1.47 crores against
Rs.0.83 crores in the corresponding quarter last
year.
The company's focus on increasing its own
manufactured products in anticipation of growth
of the hardware industry has paid rich
dividends. The overall profit after tax improved
by 77% during this period.
Announcing the Q2 results, Gopal Srinivasan,
Director, TVS Electronics Limited said, "With PC
Shipments expected to register over 35% growth,
demand for peripherals is also expected to grow
at over 20%..Our continued focus on Printers
Business in bringing down costs resulted in
achieving higher profitability. This is also in
line with preparing the company for zero duty
environments which is hardly seven months away"
He adds, "Focussing cost improvement and new
product introductions in contract manufacturing
business will help the company grow
substantially in the months to come".
The Products & Solutions Business Group
delivered a turnover of Rs.55.89 Crores during
the quarter ended June 2004. This Group has
increased its market share in Dot Matrix
Printers to 44% as per IDC as against 38 % share
it had in the corresponding quarter last year.
The company shipped 41,000 units, which is the
highest ever in Q2 in any year. With major
orders from Tamil Nadu Police, West Bengal
Health Department, Corporation Bank & Indian
Bank among others, its revenue grew in both
Channel and Institutional sales. As indicated in
the last quarter results the company
successfully launched the entry level UPS across
the country and has already sold over 13000
units of 600 VA during the current quarter. This
Group also sold over 69000 keyboards in this
quarter retaining its leadership with a share of
23 % in value terms. The revenue from POS
Terminals was at Rs 7.9 Crs in this period
despite price erosion of over 25% over last
year's level. The list of awards in this quarter
includes the Golden Rhino award for the most
reliable Brand in both Dot Matrix Printers and
Keyboards category. The Company also was rated
No.1 in the Dot Matrix Category by the recently
published DQ -IT Giants. In addition, TVS-E was
also presented with the Partnership of
Acceptance, Choice and Excellence Award from
Ingram Micro and the Verifone Innovation Award
2004.
The Electronic Manufacturing Services Business
Group recorded revenues of Rs.40.11 crores in
the current quarter as against Rs.35.36 Crs in
the same period last year, a growth of 13%.
Revenues from external customers also showed
growth from Rs.9.14 crores in Q2 last year to
Rs.15.02 crores this quarter. Focussing on Cost
management and Customer management has helped
improve its profit before tax to Rs.1 crore as
against Rs.0.41 crores during the corresponding
period last year. With the IT hardware market
growing at over 35% and Zero duty environment
fast approaching, domestic manufacturing will
grow significantly. The EMS business group is
investing in building capabilities to
manufacture new product lines in the PC
accessories segment in the next few quarters. |
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