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Press Release |
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TVS-E Profit doubles in H1, 2003 |
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Chennai, July 30, 2003: Chennai based TVS
Electronics; leaders in manufacture of computer
peripherals announced their Q2 results for the
year 2003, today. TVS-E has delivered a top line
growth of 16% in Q2 2003, which takes the H1
growth to 26% over the corresponding period of
last year. Its sales revenue for the quarter was
Rs 597 Million against Rs. 514 Million over the
corresponding quarter last year. PAT for the
quarter stands at Rs.7.9 Million, a growth of
65% over the corresponding quarter last year.
The company continues to report a growth trend
this quarter as well. With efficiencies of
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.
The Products & Solutions Business Group with
turnover of Rs.504 Million, a growth of 25% over
corresponding quarter last year. The new POS
products in the point of transaction area did
well to add Rs. 105 Million to the top line.
Besides the growth in the POS products, there
were also strong institutional sale of printers.
Growth in channel sales demonstrated the
distribution bandwidth the company has built
over years.
The Electronic Manufacturing Services Business
Group grew with significant increase in the
inter-segment revenue in this quarter. 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 second half of the year.
The company has been successful in substantially
reducing the interest costs during the quarter
leveraging the opportunities in the debt market.
Announcing the Q2 results, Mr. Gopal Srinivasan,
Director, TVS Electronics Limited said, "The PC
market is returning back to growth mode, which
is good news. However the dot matrix printer
market is yet to see the impact of this. TVS-E
through its product innovation, aggressive
channel and institutional selling has taken its
market share in the dot matrix printer market
over 38% in this quarter. TVS-E is an active
player in the point of sale (POS) transaction
automation system through its range of POS
products. This business did well in this quarter
too with Rs 105 Million being added to the
topline. The electronic manufacturing services
business group is aggressively working on
business development for few breakthroughs
during the rest of the year to increase its
topline.
As announced earlier TVS-E is merging with TVS
eTechnology Limited and consequent to that TVS
eTechnology would get renamed as TVS-E. The
procedural clearances are underway and soon the
formalities are expected to be completed." |
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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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