1. PUNE INSTITUTE OF BUSINESS
MANAGEMENT
PROJECT REPORT ON TVS MOTOR
COMPANY
JUNE 28, 2020
AKSHAT CHAUHAN
BOPE04
Inspiration in Motion

2. TVS MOTOR CMPANY 1
Table of Contents
About the Company...................................................................................................................... 2
Vision.......................................................................................................................................2
Mission ....................................................................................................................................2
Foundation............................................................................................................................... 2
History.....................................................................................................................................2
Milestone.................................................................................................................................3
Recent News About the Company.............................................................................................. 4
Annual Growth and Dividend Growth......................................................................................... 5
Marketing Mix of TVS Motors....................................................................................................6
Products offered by Company.......................................................................................................7
Scooters...................................................................................................................................7
Motorcycle............................................................................................................................... 8
Mopeds....................................................................................................................................9
Electric.....................................................................................................................................9
Three Wheelers........................................................................................................................ 9
Competitor Analysis.................................................................................................................... 10
Market Share of Top Companies FY2019 .................................................................................. 11
References................................................................................................................................. 12

3. TVS MOTOR CMPANY 2
About the Company
TVS Motor Company is the third largest 2-wheeler company in India with a revenue of over
₹18,217 crore. It has an annual sale of more than 3 million units and an annual capacity of over
4 million vehicles. TVS Motor is also the 2nd largest exporter in India with exports to over 60
Countries. The TVS Group, it is the largest company of
the group in terms of size and turnover. TVS Motor
manufactures the largest range of 2-wheelers, starting
from mopeds, to scooters, commuter motorcycles, to
racing inspired bikes like the Apache series and the
RR310. TVS Motor’s strength lies in its extensive
research and development, resulting in products that are
industry leading in terms of innovation. TVS deliver total
customer satisfaction by anticipating customer need and
presenting quality vehicles at the right time and at the
right price. The company has four manufacturing plants,
three located in India (Hosur in Tamil Nadu, Mysore in Karnataka and Nalagarh in Himachal
Pradesh) and one in Indonesia at Karawang.i
Vision
We aim to be our customers' preferred end-to-end supply chain partner and collaborator-in -
growth.
Mission
We proactively deliver value through tailored solutions that optimise our customers' business
performance and build enduring relationships.
Foundation
The Company was established by T.V. Sundaram Iyengar. He stared with the bus service in
Delhi. It was the year 1911 when he founded Sundaram Iyengar and Sons Limited. That
company was the first bus service provider in Delhi. With a large number of busses, they ruled
the bus service at that time. After the death of Mr. Sundaram, his sons took over the company.
History
In the year 1962, Sundaram Clayton came into
existence. This company was invented by the
collaboration of Sundaram company and Clayton
Dewandre Holdings of the United Kingdom. This
collaboration started making products of motors
bike brakes, compressors, and other automotive
products. For a little time, the company was
engaged in the same work about a decade, they
were manufacturing automotive products.
In the year 1978, TVS set up a plant to manufacture mopeds. It was set up at Hosur Tamil
Nadu. In the year 1980, they launched India’s first two-seater mopeds named TVS 50. In the
year 1982, the Sundaram Clayton Ltd collaborated with the Suzuki Motor Corporation who
was a Japanese auto giant of that time and even now as well.

4. TVS MOTOR CMPANY 3
Finally, after this collaboration, they started producing motorcycles in the year 1984. At the
time they worked together, they brought a wide variety of auto motives in the market. Most of
the products were launched under the name of Suzuki to have a better position in the market.
Suzuki Supra, Suzuki Samurai, Suzuki Shogun, and Suzuki Shaolin were some of the models
that were launched by the joint venture of TVS Suzuki.
These two giant Suzuki Ltd and Sundaram Clayton Ltd shared their venture for about 19 years
and in the year 2001; the collaboration came to an end. In the time they worked together, the
companies worked on designs and production of the automobiles which were suitable and
better for the Indian market.
The end of the collaboration of these two giants was a great impact on the automobile market
of the country. It turned out to be a wild attack on the market as this end of the collaboration
resulted in the departure of the Suzuki Ltd from the Indian market for about 30 months. This
company also holds the title of “first” in so many kinds of things in the Indian automobile
industry. It gave us the first indigenous scooty TVS Scooty. It also gave us the first Digital
Ignition TCS Champ. Victor which is India’s first fully indigenous motorcycle is also a model
of this company. The first motorcycle in India with ABS was Apache RTR and the first scooter
with Body Balance technology was TVS Wego.ii
Milestone
1980- TVS Motor launched India’s first two-seater 50cc moped TVS 50.
1984- The two-wheeler major became the first Indian company to introduce 100cc Indo
Japanese motorcycles.
1994- It launched India’s first indigenous scooter Ette TVS Scooty, a 100cc model.
1996- 97- Introduced India’s first catalytic converter–enabled motorcycle, the 110cc Shogun.
Launched India’s first 5 speed motorcycle, the Shaolin.
2000- Launched TVS Fiero, India’s first 150cc, 4 stroke motorcycle.
2001- Launched TVS Victor, 4 stroke 110cc motorcycle, India’s first fully indigenously
designed and manufactured motorcycle.
2002- TVS becomes the world’s first two-wheeler company to win the world’s most prestigious
recognition in Total Quality Management the Deming Award 2002. TVS wins the Technology
Award from Ministry of Science, Government of India for successful commercialization of
indigenous technology.
2004- Launched TVS Centra, a world class 4 stroke 100cc motorcycle with revolutionary VTI
engine for best in class mileage. Launched TVS Star, a 100cc motorcycle ideal for the rough
terrain. TVS wins TPM Excellence award from Japan Institute of Plant Maintenance. TVS wins
Outstanding design Excellence Award for TVS Scooty Pep.
2005- 06- TVS launches its Indonesian plant. Launched TVS Apache, which set the youth’s
imagination on fire. Apache went on to be the Bike of the year for 2006, winning six prestigious
awards.
2007- TVS Motor Company rolls out seven new products. TVS launches its Himachal Pradesh
Plant at Nalagarh.

5. TVS MOTOR CMPANY 4
2008- 09- Apache Refresh with Rear Disc Brakes was launched in December 2008. TVS Motor
company bags two coveted IT awards in September 2008 SAP ACE 2008 Award and 2008
Symantec South Asia Visionary Award. Scooty Pep was launched with balancing wheels in
August 2008. Scooty Wimbledon Collection launched in June 2008. Apache RTR FI was
launched June 2008. TVS Motor Company launched the revolutionary 125cc Flame in March
2008. TVS made by its foray into the three-wheeler market with TVS King in March 2008.
2009- TVS unveils ‘High performance’ with Apache RTR 180 in June 2009. TVS scooty
Streak was launched. TVS Flame SR 125 launched was June 2009.
2013- TVS won Silicon India Mentor Graphics Best VLSI / Embedded Design - Automotive
Award. The company and BMW Motored Signed a Cooperation Agreement. The Company
proposed to set up assembly line in Uganda.
2014- TVS launched TVS TRU4 Synthetic 10W 30 Engine Oil. The Company launches Star
HLX 125 Motorcycle in India. The Company also launched Stylish TVS Star City Asian
Network for Quality Award 2014.
2017- TVS Motor Company announced the launch of TVS Apache RR 310. The motorcycle
marks TVS Motor Company's entry into the super-premium segment both in domestic and
international markets.
2018- TVS Motor Company announced its foray in the 125cc scooter segment with the launch
of TVS NTORQ 125. Designed for the youth TVS NTORQ 125 has been developed based on
the TVS Racing pedigree and comes with the state-of-the-art CVGI-REVV 3 Valve engines.iii
Recent News About the Company
The management at TVS Motor has said that it is cautiously optimistic about demand revival
in the second half of the year, especially with the rural market improving. The company expects
its growth will be better than the industry's in both, the domestic and export markets. The
company's capex for 2020-21, would be around Rs 300 crore, as against Rs 719 core in 2019-
20. TVS Motor's two-wheeler sales declined 13.8 per cent due to consequent planned
rationalisation of BS-IV stocks.
The company's capacity utilisation in two-wheelers is quite low as of now, while it was 60-62
per cent a year ago. In the international market, the company has grown faster than the industry,
both in two-wheelers and three-wheelers. Two-wheeler exports during the quarter grew by 3.6
per cent. Three-wheeler business in the international market, was up 2.6 per cent. Company's
Indonesian arm PT TVS achieved a positive operating PBT.
During the year as a whole, the company posted a positive $0.5 million EBITDA compared to
last year's EBITDA loss of $3 million. Given the social distancing norms, two- and three-
wheelers are likely to witness healthy growth. Increased penetration of retail financing is likely
to help. The series of relief measures taken by union government will also help liquidity, and
that will have definitely an effect in the medium and long term.
Analysts from Emkay Global Financial Services Ltd reduced the FY21 volume estimate for
the company by 18 per cent to 2.4 million units, due to the lockdown. However, Emkay has
broadly retained the FY22 volume forecast at 3.3 million units. It is expecting recovery from
the second half of current fiscal, led by low base, pent-up demand and better rural sentiment.iv

6. TVS MOTOR CMPANY 5
Annual Growth and Dividend Growth
The figure shows the annual rate of increase/decrease in a company's revenue
or sales growth in terms of percentage change from the previous year. And it
is shown in the figure that there was a annual growth of 23% in 2018. And an
annual growth of 21% in 2019. The growth rate shows that the business of
the company was expanding. And the company continously focused on
research and development which result in increasing the annual growth of the
company. TVS motors continously focus on innovation. And deliver total
customer satisfaction by anticipating customer need and presenting quality
vehicles at the right time and at the right price. The affordable price and
quality vehicles result in increasing the revenue of the company and result in
Retained Earnings Growth is the percent increase / decrease of a company's
retained net income or reserves/surplus over time. A company can use
retained earnings to maintain current operations, or to invest in new
ventures. Generally speaking, retained earnings growth is accompanied by
subsequent increases in sales and profitability. The figure shows the
reserves and divideng growth of TVS motors. The figures clearly shows
that there was a increase of 21% in reserves of the company in the year
2018 and a increase of 19% in reserves of the company in the year 2019.
The company can use these reserves of the company for expanding the
company business and can focus on the research and development of the
products which result in increasing the annual growth of the company.v
2017 2018 2019
Annual Growth 135.74 166.66 201.66
19%
23%
21%
0.00
50.00
100.00
150.00
200.00
250.00
InBillions
Revenue and Net Income, EPS Growth Rate
Annual Growth
2017 2018 2019
Reserves 21.69 26.33 31.23
18%
21%
19%
0
5
10
15
20
25
30
35
InBillions
Reserves, Dividends Growth
Reserves

7. TVS MOTOR CMPANY 6
Marketing Mix of TVS Motors
TVS Motors is the third largest automobile manufacturer in India next to Hero Moto Corp and
Bajaj auto. TVS motors is belongs to TVS group which is $ 2.2 billion. It is the first company
to produce indigenous moped and enter into 100 cc two-wheeler markets with collaboration of
Suzuki. The TVS Group, it is the largest company
of the group in terms of size and turnover. TVS
Motor manufactures the largest range of Two
wheelers, starting from mopeds, to scooters,
commuter motorcycles, to racing inspired bikes.
TVS Motor’s strength lies in its extensive research
and development, resulting in products that are
industry leading in terms of innovation. TVS
deliver total customer satisfaction by anticipating
customer need and presenting quality vehicles at
the right time and at the right price. The 19-year-old relation with Suzuki was to engage in
technology transfer and design suiting to Indian market. In 2001, they had a strain in
relationship in continuing the joint venture which led to a separation.
∞ Product in the Marketing Mix of TVS Motors:
TVS motors broad product categories include Domestic range, Three wheelers,
International range. TVS motors is the only two-wheeler automobile which has its
penetration all consumer segments. They have products like Apache ATR which caters to
sports segment, TVS super XL to rural, Scooty pep to young and dynamic women, Flame
and Star City to working professional. Hence their product category meets the needs from
rural to urban life style. They also have their presence in three-wheeler segments. Recently
they launched TVS Jive which is first clutch free bike.
∞ Price in the Marketing Mix of TVS Motors
TVS motor, a unit of TVS group is which is a 100-year-old group is known for its strong
values. There pricing strategy varies according to product category and the consumer
segment. The pricing is often economical pricing with focus on quality and Indian pricing
values and sentiments.
∞ Place in the Marketing Mix of TVS Motors
TVS motors have around 2000 country wide main dealer show rooms and service stations
attached to it. Manufacturing plants of TVS are located at Hosur, Mysore, Nalagarh and
Kagawong in Indonesia. There are also sub dealers who are engaged in selling multiple
brands in their show rooms with proper agreements.
∞ Promotions in the Marketing Mix of TVS Motors
The promotional strategies involve placing brand ambassadors for each product specific to
geographic division (North India and South India). Virat Kohli, Dhoni for North India,
Actor Surya and Trisha for south India. The promotional activities include dirt bike rally,
MRF super cross championship rally promotional events in Malls etc. TVS motors majorly
concentrates on rural markets.vi

8. TVS MOTOR CMPANY 7
Products offered by Company
TVS Motor manufactures the largest range of 2-wheelers, starting from mopeds, to scooters,
commuter motorcycles, to racing inspired bikes like the Apache series and the RR310.
Scooters
 TVS Ntorq:
The TVS Ntorq 125 is the firm’s first upmarket offering in the scooter segment. It pulls
out all the stops to ensure that a Ntorq customer has the maximum bragging rights of
them all. It gets a feature list that rivals the
Honda Grazia; besides the obvious ones, it
also comes with a clock, average speed, top
speed recorder, lap timer, and service and
helmet reminders. The scooter is now
available in two variants - drum and disc.
Both systems are equipped with SBS (Synchronized Braking System). It also gets a
charging socket in the boot and a boot lamp, and an engine kill switch.
 TVS Jupiter:
The Jupiter BS6 now comes equipped with an LED headlight as compared to the
previous halogen unit. Since it’s fuel injected, it also gets a check-engine light. There is
a large 21 litre underseat storage
compartment, a sizeable 2 litre cubbyhole on
the back of the apron, as well as mobile
phone charging. The TVS Jupiter BS6
continues to be powered by the same 109.7cc
single-cylinder engine that it has always
used, but the motor is now fuel injected to
help it comply with BS6 emission norms.
Suspension duties on the TVS Jupiter are handled by a conventional telescopic fork and
3-step preload-adjustable monoshock.
 Zest 110:
The TVS Scooty Zest appeals to the fairer sex. It comes with a truck-load of features
including 3D logos, silver oak interior panels, dual-tone seats, an led drl and an underseat
storage light. TVS offers four matte colour
options - purple, blue, black, yellow and red
under the Matte series and a single turquoise
blue under the Himalayan series. The
Scooty Zest draws power from the 110cc
air-cooled engine seen on the Wego and
Jupiter. The BS4 compliant motor, which
will soon be updated to meet BS6 norms, puts out 8PS of power and 8.4Nm of peak
torque, while weighing in at just 97kg.

9. TVS MOTOR CMPANY 8
Motorcycle
 Apache RR 310:
The 312.7cc, reverse-inclined, single-cylinder, motor developed by BMW Motored
dishes out the same 34PS and 27.3Nm as it did in its BS4 avatar. TVS has taken
considerable strides to iron out the harsh
vibrations that were present on the old bike.
Thanks to ride-by-wire. The engine mounting
points have been damped better and a little
revision has been done to the engine’s
internals as well. With the inclusion of ride by
wire, TVS has also introduced four riding
maps on the RR 310 BS6. TVS claims that the
latter two modes are helpful when you want to commute and perhaps even extract better
fuel efficiency out on the highway.
 TVS Radeon:
The Radeon is TVS’ answer to the Hero Splendour. It offers quite a few features in an
effort to deliver more value to the customer. While
alloy wheels and electric start are standard, front
disc is offered only with the celebratory special
edition. The Radeon’s engine displaces nearly
110cc. This air-cooled single-cylinder, fuel-injected
motor generates 8.08bhp and 8.7Nm. The BS4
carburetted motor was claimed to deliver a mileage
of 69.3kpl which, TVS says, is up by 15 per cent after the inclusion of fuel injection
now.
 TVS Victor:
The TVS Victor is powered by a 109.7cc single-cylinder, air-cooled motor producing
9.6PS and 9.4Nm. The engine is mated to a 4-speed
transmission. Underpinnings include a telescopic
front fork and dual series spring rear shock
absorbers. For braking, it uses either a 240mm front
petal disc or a 130mm drum whereas the rear comes
with a 110mm drum. The TVS Victor BS6 will rival
the Bajaj Platina 110 H-Gear and the Hero Passion Pro BS6.
 Star City Plus:
TVS Star City Plus is built on the same platform as underpinned by Phoenix and mimics
latter in terms of design as well as styling.
Pumping out 8.28bhp at 7000rpm and 8.7Nm at
5000rpm, the 109.7cc engine comes mated to a
four-speed constant mesh transmission. The
frugal engine is claimed to return excellent fuel
economy of 86kmpl.Telescopic oil damped
forks up front and 5 step adjustable hydraulic shock absorber at rear carry out
suspension.

10. TVS MOTOR CMPANY 9
Mopeds
 TVS XL100:
The TVS XL 100 is a 100cc moped aimed at the rural markets and it is majorly known
for its durability, utility provisions and maintenance-friendly nature. In TVS’ Indian
portfolio, the Comfort XL 100 is positioned
below the Heavy Duty XL 100 variant. The
XL 100, as the name suggests, is powered by
a 100cc single-cylinder four-stroke engine
which received fuel-injection during BS6
transition. This motor produces 4.4bhp at
6,000rpm and 6.5Nm at 3,500rpm and comes
mated to a single-speed gearbox with a centrifugal wet clutch. Due to the changes related
to the new emission norms, its weight has increased by 3kgs and tips the scales at 89kgs
now.
Electric
 TVS iQube
The iQube is TVS' second electric scooter ever made after the Scooty Teenz Electric.
Unlike the Scooty though, the iQube has been built from the ground up and offers better
features, performance and range. The TVS
electric scooter will initially be sold in Bengaluru
with Trivandrum and Chennai likely to be added
to the list by mid-2020. Following this, the TVS
iQube will be sold in Pune, Hyderabad and
Delhi. The TVS iQube electric scooter features
an all-LED lighting system, a TFT instrument cluster and smartphone connectivity.
Using this, one can access features.
Three Wheelers
 TVS King:
TVS Motors chas entered the three-wheeler business with the launch of 200 cc
autorickshaw 'TVS King' in Kerala on Friday, TVS Group Marketing, Three-wheeler,
the product would initially be available for sale in Kollam and Kottayam districts of
Kerala and the company will expand its
footprint to other markets in Kerala in
the next three months. TVS King is a
futuristic product with a good
combination of power, style, comfort
and mileage and is designed for today's
cities adding the three-wheeler launched
in LPG and Petrol versions, would be
India's first 200 cc two stroke electric start. TVS Motor has invested over Rs 120 crore
with a state-of-art manufacturing plant in Tamil Nadu's Hosur, with an installed capacity
of one lakh vehicles per annum.vii

11. TVS MOTOR CMPANY
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Competitor Analysis
Name Market Cap. (In Crores) Sales Turnover Net Profit Total Assets
Bajaj Auto 82,978.89 29,918.65 5,099.98 19,925.49
Hero Motocorp 50,743.21 28,836.09 3,633.26 14,136.40
TVS Motor 18,131.70 16,423.34 592.25 5,592.72
From the above figure it is shown that Bajaj Auto and Hero Motocorp are the major competitors of TVS Motors. The Market Capitalisation of
Bajaj Auto is Rs 82,978 Crores and the Market Cap of Hero Motocorp is Rs 50,743.21 Crore and in comparison with Hero Motocorp and Bajaj
Auto the Market Cap. Of TVS Motor is 16,423 Crore. The sales turnover of Hero Motocorp for the year 2019 was Rs 29,918.65 Crore where as
the sales turnover of Bajaj Auto was Rs 28,836.09 Crore and in comparison to Bajaj Auto and Hero Motocorp the Sales Turnover of TVS Motor
for the year 2019 was Rs 16,423.34 Crore. The Net Profit of Bajaj Auto for the year 2019 was at 5,099.98 Crore and the Net Profit of Hero
Motocorp for the year 2019 was at Rs 3,633.26 Crore and in comparison to Bajaj Auto and Hero Motocorp the Net Profit of TVS Motor was Rs
592.25 Crore. The total assets of Bajaj Auto was of Rs. 19,925.49 Crore and total assets of Hero Motocorp was of Rs. 14,136.40 Crore and in
comparison to Bajaj Auto and Hero Motocorp the total assets of TVS Motor was Rs 5,592.72 Crore. Hence, the top competitors of TVS Motors
are Bajaj Auto and Hero Motocorp.viii

12. TVS MOTOR CMPANY
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Market Share of Top Companies FY2019
In terms of market share, the top two of the pack, Hero MotoCorp and Honda Motorcycles & Scooters shed some muscles to help Bajaj Auto fatten
its share in the pie size. Bajaj Auto’s market share expanded to 12 per cent in FY19 compared to 9.8 per cent in the previous years.
India's largest two-wheeler manufacturer, Hero MotoCorp maintained its pole position with a market share 35.9 per cent a loss of over one
percentage point from 36.6 per cent market share a year ago. In FY19, Hero MotoCorp sold 7,612,775 units with an increase of 3.12 per cent as
compared to 7,382,718 units dispatched in the preceding year.
The second largest two-wheeler maker Honda Motorcycle & Scooter
India also saw a decline of 2 per cent in market share over last year at
26.1 per cent. Honda market share in Indian two-wheeler space stood
at 28.6 per cent in FY17-18 as its sales contracted by 4.41 per cent to
5,520,617 units in FY18-19.
TVS retained third largest manufacturer in India with 3,136,532 units
of dispatches in FY19 and posted a growth of 9.08 per cent as
compared to 2,875,466 units in FY18. There has been a marginal
increase of 0.4 per cent in its market share of the Chennai based
company. Overall motorcycle sales grew 7.7 per cent to 13,599,678
units in fiscal ended March 31, leading to an increase of 2 per cent in
its market share to 64.2 per cent of total two-wheeler sales.
Two of the top five scooter selling companies witnessed growth while
the sales for remaining scooter manufacturers shrunk. TVS Motor and
Suzuki Motorcycles saw an increase in sales to 1,241,366 units and 615,520 units respectively. Honda Motors, which has been top scooter seller,
recorded negative sales of 3.69 per cent at 3,680,403 units. The company had sold 3,821,542 units in FY18.The negative growth has come in this
segment after almost a decade. According to analysts, the cost of ownership for scooters has increased over 10-12 per cent last year, impacting the
entire segment.ix
35.90%
26.10%
14.80%
12.00%
Market Share of Top Companies FY19
Hero Motocorp
Honda Motors
TVS Motors
Bajaj Auto
Others

13. TVS MOTOR CMPANY
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2
References
i https://www.tvsmotor.com/en/About-Us/Overview
ii http://www.autonewsreporter.com/tvs-motor-company/
iii https://www.business-standard.com/company/tvs-motor-co-8029/information/company-history
iv https://www.business-standard.com/company/tvs-motor-co-8029/news
vhttps://craytheon.com/financials/fundamental_stock_analysis_cagr_annual_growth_rate_trend_chart.php?c
ompany=TVSMOTOR
vi https://www.marketing91.com/marketing-mix-tvs-motors/
vii https://www.tvsmotor.com/en/Our-Products/Vehicles
viii https://www.moneycontrol.com/competition/tvsmotorcompany/comparison/TVS
ix https://auto.economictimes.indiatimes.com/news/two-wheelers/motorcycles/top-10-two-wheeler-makers-
in-fy19-bajaj-reports-double-digit-market-share/68808620