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Press Release |
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TVS-E Maintains its Growth Trend in Q3-2003 |
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Year-to-date PAT doubles over a top-line growth
of 22%
Chennai, October 29, 2003: Chennai based TVS
Electronics; leaders in manufacture of computer
peripherals announced their Q3 results for the
year 2003, today. TVS-E has delivered a revenue
growth of 18% in Q3 2003, which takes the year
to date revenue to Rs 197 Crores, a growth of 22
% over last year. Its sales revenue for the
quarter was Rs 67.61 Crores against Rs. 57.54
Crores over the corresponding quarter last year.
PAT for the quarter stands at Rs.101 Lakhs,
showing significant improvement over Rs 27 Lakhs
of the corresponding quarter last year. The
year-to-date PAT stands at Rs 301 Lakhs, which
is almost double the PAT of last year. With
efficiencies in operations contributing to
improving the bottom line and new products
continuing to do well to help grow its top-line,
the company is well poised to further leverage
growth opportunities in the IT industry.
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
is under way and expected to be completed in the
next few weeks.
The Products & Solutions Business Group
delivered a turnover of Rs.55.88 Crores, a
growth of 26% over corresponding quarter last
year. With the successful launch of " TVS
Proton", the in-house designed, World's quickest
Bill Printer, the company has now taken its
share to 44 % in the Dot Matrix Printer market
in India. The POS products in the point of
transaction area did well to add Rs. 11.91
Crores to the top line. Besides growth in
Revenue through Channel, there were also strong
institutional sale of printers. The company has
now appointed its third National Distributor to
further build its Channel bandwidth for meeting
the growing demand for its products.
The Electronic Manufacturing Services Business
Group grew mainly with significant increase in
the inter-segment revenue. Revenue from external
customers remained almost flat at Rs.11.73
Crores. Postponement in the roll out of
Conditional Access System (CAS) for Cable TV
across the country is delaying the revenue
opportunities from Set Top Box manufacturing.
During the current quarter two important
relationships for contract manufacturing have
been signed up and the impact of the same on the
financials are expected during the next few
quarters. Purchase orders for contract
manufacturing have been 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.
The company continues to be successful in
substantially reducing the interest costs by
leveraging the opportunities in the debt market.
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 DQ Channels India based on
a survey conducted. The company received ELCINA
award for outstanding achievement in exports,
this year also.
Announcing the Q3 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 transactions. "
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." |
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About TVS Electronics: |
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TVS Electronics Limited, a part of the 90-year-old
TVS Group is one the largest manufacturer of Computer
Peripherals in the country. The range of offerings
includes Products - Dot Matrix printers, Keyboards,
Printing Supplies, Transaction Solutions, and Point
of Sale Products (PoS).
TVS-E has a large distribution and service network,
which reaches over 450 towns across the country
with two National Distributors, more than 200 Regional
Distributors and over 3,000 Authorized Dealer Partners.
The Company has manufacturing facilities in Tumkur,
Chennai and Himachal Pradesh |
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