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TVS-E Delivers 19 % Growth in 2003 - PAT Grows 66 % |
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Chennai based TVS Electronics; leaders in
manufacture of computer peripherals announced
their results for the year 2003, today. TVS-E
has delivered a revenue growth of 19% in 2003,
which takes the year revenue to Rs 262 Crores.
The company has got back to growth mode in 2003
after near flat revenues in 2002 and 2001.The
Profit after Tax during the year has grown to Rs
361 lakhs against Rs 218 in the previous year,
showing a growth of 66 %. Its sales revenue for
Q 4 was Rs 64.64 Crores against Rs. 59.87 Crores
over the corresponding quarter last year. PAT
for the quarter stands at Rs.59 Lakhs against Rs
63 Lakhs of the corresponding quarter last year.
TVS eTechnology Ltd completed the merger
formalities of the erstwhile TVS Electronics Ltd
with itself and adopted TVS Electronics Ltd as
its new name consequent to merger. Hence, for
the purpose of better understanding, the
combined financials of the entities prior to
merger have been used as reference for last
year. Listing formalities for the merged Entity
has been completed.
The Products & Solutions Business Group
delivered a turnover of Rs.52.15 Crores, a
growth of 20 % over corresponding quarter last
year. With this the annual turnover has touched
Rs 215 crores, a growth of 27 % over 2002. The
POS products in the point of transaction area
did well to add Rs. 44 Crores to the top line.
Besides growth in Revenue through Channel, there
were also strong institutional sales of
printers. The company, as part of the transition
to the new Distribution model, has now appointed
its third National Distributor to optimise its
Channel bandwidth for meeting the growing demand
for its products. With the successful launch of
TVS Proton, increased Channel engagement,
successful institutional sales this Group has
reached 40 % market share in the Dot Matrix
Printer market in India as compared 31% as at
2002 end. This Group also sold over 2.40 lakh
keyboards in 2003 delivering a turnover of Rs 18
crores which represents 22 % of the Keyboard
market in value terms. TVS Electronics has been
recognized among Top 3 Indian IT Brands as per
PC Quest Users' Choice Award 2003. The company
has also been acknowledged as the Best Service
Brand for IT Products in India by DQCI based on
a survey conducted. The company also been rated
as the Most Admired Company by Channel Research
News (CRN) and as Top 3 Channel Gurus by CRN.
The Electronic Manufacturing Services Business
Group grew mainly from significant increase in
inter-segment revenues. Revenue from external
customers was Rs.12.49 Crores in this quarter
taking the year 2003 revenue to Rs 47.09 crores,
a decline of 8 % over previous year.
Postponement in the roll out of Conditional
Access System (CAS) for Cable TV across the
country continued to delay the revenue
opportunities from Set Top Box manufacturing.
During the year two important relationships for
contract manufacturing were signed up and the
impact of the same on the financials is expected
during the next few quarters. Supplies have
commenced against the Purchase orders for
contract manufacturing received from a Global
Medical Electronics Company and Own Design based
UPS Manufacturing (ODM) from another global
Client. As a part of its Cost Management
Initiative, a China office has recently been
opened for leveraging global sourcing
opportunities and the same is operational now.
The company received ELCINA award for
outstanding achievement in exports, this year
also.
The company continues to be successful in
substantially reducing the interest costs by
leveraging the opportunities in the debt market.
Announcing the Q4 results, Mr. Gopal Srinivasan,
Director, TVS Electronics Limited said,
"PC
Penetration is improving with expected PC
Shipment of over 2.5 Million this year.
Tele-density is growing at 40%. Therefore, the
domestic IT industry is getting ready to see
robust growth. With the range of products for
printing, computing and power management, TVS-E
is positioning itself to emerge as a dominant
player in providing Products and Solutions for
automating the Point of Retail transaction.
Investments are being committed for preparing
the company to be ready to operate in a Zero
Duty Regime which is expected soon. "
He adds," The expected surge in Set Top Box
manufacturing is getting pushed further,
delaying revenue realisation for contract
manufacturing. With the global focus on
outsourcing, demand for contract manufacturing
of ICT Hardware will grow. We are continuing to
target global clients for contract manufacturing
opportunities from Board to HLA level. With
addition of two more orders from global clients,
revenue from EMS business is expected to show
significant growth in the next few quarters. New
investments are planned for enhancing the
capacity and efficiency for handling expected
high volume assembly of ICT products consequent
to the recent reductions announced in Excise and
Customs Tariffs." |
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