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TVS-E grows overall Dot Matrix Market, PAT up by 10% |
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Chennai, April 26, 2004: Chennai based TVS
Electronics, leaders in manufacturing computer
peripherals announced their results for the
quarter ended March 2004, today. TVS-E has
reported revenue of Rs 58.21 crores for this
quarter against the revenues of Rs 67.71 crores
in the corresponding quarter of last year,
showing a decline of about 14 %. The Profit
after Tax during the quarter is Rs.134 Lakhs
against Rs.122 Lakhs in the corresponding
quarter last year.
The Company's focus on its Printer Business, in
anticipation of growth in hardware industry paid
rich dividends. The company achieved a growth of
16% in this line of business over the
corresponding quarter last year. The share of
revenue from traded products was substantially
less during this period.
The Products & Solutions Business Group
delivered a turnover of Rs.46.77 Crores in this
quarter. The Printer business contributed Rs
40.72 crores, and has shown consistent growth in
the last four quarters. This Group has increased
its market share to 45 % in Dot Matrix Printers
in India against 35 % share it had in the
corresponding quarter in the last year as per
Gartner research. With major orders from Dept of
Income Tax, Andhra Pradesh Police Dept, LIC, UCO
bank & Indian bank among others, its revenue
grew in both Channel and institutional sales.
This Group also sold over 53,000 keyboards in
this quarter retaining its leadership with a
share of 24 % in value terms. Consequent to
postponement of POS Terminal deployments by
Banks, the share of revenue from this line was
small at Rs 1.25 Crs in this period as against
Rs 15.78 Crs in the previous year. The company
won many Awards and Recognitions in this
quarter. The list includes the "Stunners award
2004" by 360 magazine for excellence in Product
design for its recently launched printer TVS
Proton. It also won the "Golden Rhino award"
from IT Nation for the most reliable brand in
Dot Matrix Printers and Keyboards. The Power
products line won the "Softdisk" award for the
Best manufacturer of Offline/Line Interactive
UPS. It was also recognised as the "Channel
Guru" by CRN, for its pioneering efforts in IT
channel development.
The Electronic Manufacturing Services Business
Group recorded revenue of Rs.36.06 Crs in the
current quarter around the same level as last
year. Revenue from external customers was
Rs.11.44 Crs in this quarter. 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. As a part of its Cost Management
Initiative, the recently opened China office is
operational now. This group is focussing on
component cost reduction programs and capacity
enhancement. Its new SMT line in Chennai is
fully operational.
The company continues to be successful in
reducing the interest costs substantially, thru
leveraging debt markets and foreign exchange
opportunities.
Announcing the Q1 results, Gopal Srinivasan,
Director, TVS Electronics Limited said,
"With PC
Shipments expected to register good growth to
over 4.0 Million this year, we deliberately focussed on Printers Business, which resulted in
achieving the highest ever market share. This
focus would also help preparing the company to
be ready to operate in a Zero Duty environment
in the near future".
He adds, "the expected surge in Set Top Box
manufacturing is getting pushed further,
delaying revenue realisation for contract
manufacturing. We are continuing to target
global clients for contract manufacturing
opportunities. Revenue generation from EMS
business generally requires a longer lead time". |
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