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Company Name: TVS Motor Co LtdCompany Ticker: TVSL INDate: 2014-04-29Event Description: Y 2014 Earnings Call

Market Cap: 43,874.29Current PX: 92.35YTD Change($): +16.4YTD Change(%): +21.593

Bloomberg Estimates - EPS Current Quarter: N.A. Current Year: 5.265Bloomberg Estimates - Sales Current Quarter: N.A. Current Year: 86156.800

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Y 2014 Earnings Call

Company Participants Pramod Kumar, Senior Vice President K N Radhakrishnan, President and Chief Executive Officer S.G. Murali, Chief Financial Officer

Other Participants Unidentified Participant Vasudev Banerjee, Analyst Ameen Pirani, Analyst Jinesh Gandhi, Analyst Srinath Krishnan, Analyst Ashwani Agarwalla, Analyst Hitesh Goel, Analyst Srinivas Rao, Analyst Mukesh Saraf, Analyst Sanjay Doshi, Analyst Bhaumik Bhatia, Analyst Arun Agarwal, Analyst Nikhil Deshpande, Analyst Kaushal Maroo, Analyst Mohan Lal, Analyst Samantha Khan, Analyst

PresentationOperatorLadies and gentlemen, good day and welcome to the TVS Motors' Q4 FY '14 Earnings Conference Call hosted byIDFC Securities. As a reminder for the duration of this conference, all participant lines will be in the listen-only mode.There will be an opportunity for you to ask questions after the presentation concludes. (Operator Instructions) Pleasenote that this conference is being recorded.

I now hand the conference over to Mr. Pramod Kumar from IDFC Securities. Thank you and over to you.

Pramod Kumar, Senior Vice PresidentHey, thanks a lot, Mohsin. Good day, everyone. Welcome to the TVS Motor Conference Call hosted by IDFCSecurities. And we have with us today, Mr. K.N. Radhakrishnan, our President and CEO; and Mr. S.G. Murali, CFOand Executive Vice President and we will start the call with a brief opening remark from the management, and thenwe'll have a quick Q&A session.Thank you. Over to you, sir.




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K N Radhakrishnan, President and Chief Executive OfficerGood afternoon and it is our pleasure to be talking to all of you. This is Radhakrishnan. The Q4 results, I'll give briefhighlights. I think, we are extremely happy that for Q4 2014, the revenue from operations grew by 21%, 1,775 crores to2,155 crores. Primarily because of the two-wheeler sales growth of 12%, we have crossed about 5.42 lakhs as againstthe 4.84 lakhs last year. And two-wheeler exports grew by 29%, which is 67,000 this year and two-wheeler domesticsales grew by 20% [ph] which 4.7 lakhs unit and three-wheeler sales grew by 53% to 21,000 this year, because in lastyear it was 14,000.

Now year as a whole, that is April to March, our revenue this year has grown by 11%, 7,962 crores is this year'srevenue vis-a-vis last year 7,169 crores. We have done 2 million two-wheelers and 80,000 three-wheelers, exports grewby 15%. The profit for Q4 is 101 crores in comparison to 63 crores, a growth of 60%. And the overall, as a year, wehave done 351 crores PBT vis-a-vis last year's PBT of 254 crores. And Profit After Tax is 261 [ph] crores as against116 crores of last year. Of course, we have provided in Q4 an extent of about 11 crores, this is to the compensation tothe dealers due to the excise duty revision from 12% to 8%.

Cash flow has been very good; we have generated about free cash flow 270 crores and interest bearing debt, that's netof cash has come down over 165 crores. And I spoke last time last quarter, Jupiter is doing extremely well in the marketand we have won practically all awards for Jupiter. NDTV Car and Bike Awards, Scooter of the year Viewer's choice,Jury choice. Scooter of the year from Zee, Scooter of the year from Motoring World and BBC TopGear India MagazineAwards.

The new two products StaR City plus will be launched soon, and TVS Zest, Scooty Zest also will be launched soon.Next year that is this year, April to March we are positive we want to gain market share this year that is our overallplan. And Indonesia, we have done about 19,500 vehicles this year, that -- the response has been very good. And thenew product launches as per planned for 2014 and 2015.

S.G. Murali, Chief Financial OfficerYeah Pramod, now, we will throw it open for question-and-answers.

Pramod Kumar, Senior Vice PresidentYeah thanks a thanks a lot. Mohsin, can you please start.

Questions And AnswersOperatorThank you very much. We will now begin the question-and-answer session. (Operator Instructions). We have the firstquestion from the line of Vasudev Banerjee from Quant Capital. Please go ahead.

Vasudev Banerjee, AnalystYeah. Congrats sir, for good set of numbers. Just had a query like if I adjust that 11 crores you gave for dealercompensation. Still the significant margin improvement this quarter was primarily because of scale benefit as yourvolumes moved up significantly being a seasonally good quarter.

So say, come Q2 and coming quarters were typically for seasonality volume tends to be on the lower side. Can weexpect margins to go back towards that 6% level or you are confident of sustaining around 6.5% going ahead?




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S.G. Murali, Chief Financial OfficerVasu, I think -- thanks for the query Vasu, but and I don't think we need to look at the quarter-on-quarter or just thequarterly margin, we need to look at a longer-term trend. And well like Radhakrishnan mentioned that we are launchingnew products, we will be coming with Scooty Zest, we will be coming with the StaR City we will continuouslyimprove the portfolio quality and we'll continuously improve the top line. And we are confident that the overallmargins for the company will suddenly go up.

Vasudev Banerjee, AnalystSure. And sir, what was the quantum of CapEx in the standalone business this year?

S.G. Murali, Chief Financial OfficerCurrent year we have capital as around 250 crores.

Vasudev Banerjee, AnalystAnd where was it allocated?

S.G. Murali, Chief Financial OfficerBasically we have a new paint plant and then of course, most of them in the new product development. And you sawthe Jupiter launched and then we have the R&D and (Technical Difficulty).

K N Radhakrishnan, President and Chief Executive OfficerAnd then the Jupiter capacity originally when we had the launch in December all of you will recollect it together withWego and Jupiter we want to do 25,000.

Vasudev Banerjee, AnalystYeah.

K N Radhakrishnan, President and Chief Executive OfficerBut we are delighted that 25,000 we revised it to 35,000; now are revised to 45,000.

Vasudev Banerjee, AnalystSure. And sir, --

S.G. Murali, Chief Financial OfficerAnd we have capacity in place. Similarly, three-wheeler capacity has also been increased. So, it's basically gonetowards the expansion of R&D.




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Vasudev Banerjee, AnalystSo broadly, with volume somewhere around this 2.1 million. Where do you see your capacity utilization presently andwhat kind of CapEx plan you have for next year?

S.G. Murali, Chief Financial OfficerWell, capacity, overall capacity, we look at it, we can produce about close to 2.8 million, 3 million two-wheelers, but asand when the new products come, the specific requirement for the new products will be met. And we will keepinvesting for the new products and that's an virtuous growth we are talking about with the brands that were doing well;sales doing well. I think we will invest for those capacity expansion.

Vasudev Banerjee, AnalystSo broadly, we can expect 250 crore kind of CapEx to continue in next --?

S.G. Murali, Chief Financial OfficerAround that level, yeah, it is likely to continue.

Vasudev Banerjee, AnalystAnd one small clarification. What was this loans and advances, short-term loans and advances figure in the consolelevel shorter by 120 crore year-on-year. Anything specific there?

S.G. Murali, Chief Financial OfficerSorry.

Vasudev Banerjee, AnalystShort-term loans and advances was up by 120 crore year-on-year at a console level?

S.G. Murali, Chief Financial OfficerConsole level, actually, the loans and borrowings have come down because, you know the energy has been divested. Sothat has gone out of the system. And by India the borrowings have actually come down by more than 150 crores and so,the standalone borrowings from the Indian the TVS balance sheet has come down, and barring that only as a significantborrowing we have within Zen-PT TVS.

Vasudev Banerjee, AnalystOkay sir. Thanks. If I have, I'll come back to queue later.




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S.G. Murali, Chief Financial OfficerThank you.

K N Radhakrishnan, President and Chief Executive OfficerThank you.

OperatorThank you. The next question is from the line of Ameen Pirani from Deutsche Bank. Please go ahead.

Ameen Pirani, AnalystYeah. Thanks sir. Thanks for taking my question. Sir, I had a question on your investments in Indonesia. So in thisquarter, you have invested around 24 crores. Is that the only amount that you have put in Indonesia this year?

S.G. Murali, Chief Financial OfficerAmeen, we have invested about 50 crores during the year.

Ameen Pirani, AnalystOkay, okay. And what was the -- whatever, cash loss or EBITDA loss in Indonesia for the full year sir?

S.G. Murali, Chief Financial OfficerIndonesia, EBITDA level is around $8 million.

Ameen Pirani, Analyst$8 million? Okay, okay. And sir, the provision that you have taken up 33 crores of your European subsidiary. But as weunderstand, this subsidiary was the only company for the Indonesian business?

S.G. Murali, Chief Financial OfficerIt is not a holding company; it's one of arm through which the investment in Indonesia was done when they planned toestablish in 2006 and 2007. And it was established both the Netherlands and the Singapore subsidiaries of TVS Motor.But at that time there was a tax study we did in the Netherlands and Indonesia, but since that was not in placed we don'tneed to have this subsidiary. And they have decided to wind up the liquidate that company. We have taken in our weapproved for the diminishing of the value of the investment in Netherlands.

Ameen Pirani, AnalystOkay. So the stage which will held through Netherlands, now held directly through TVS Pennant or?




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K N Radhakrishnan, President and Chief Executive OfficerCurrent investments are all going through TVS Motor directly.

Ameen Pirani, AnalystOkay. Understood sir. Thank you sir, I'll come back for more questions later.

K N Radhakrishnan, President and Chief Executive OfficerThanks Ameen.

OperatorThank you. The next question is from the line of is Jinesh Gandhi Motilal from Oswal Securities. Please go ahead.

Jinesh Gandhi, AnalystHi, sir. Continuing on this Indonesia investments, any indication about what kind of investments would be required inIndonesia in coming year?

S.G. Murali, Chief Financial OfficerWell the expense allows to continue Indonesia, you know the market, the product keeps changing there, so from themotor cycles of UBEC [ph], Squbec[ph] which is the 70 plus more than or 70% of the market we just launch as Squbecproduct. And we have already told about drive of the numbers, we hope that the product will well and going forwardwe expect the losses and then we share to continue. Then we come down substantially so it not be significantinvestment call from our side into Indonesia.

Jinesh Gandhi, AnalystOkay. So that would be assuming that volumes improve quite meaningfully from here on. So from average of about?

S.G. Murali, Chief Financial OfficerWe are focusing on improving the local sales as well as exports out of Indonesia.

K N Radhakrishnan, President and Chief Executive OfficerBoth we are looking at Indonesia, because as I have highlighted last time 99.9% is Japanese.

Jinesh Gandhi, AnalystRight.




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K N Radhakrishnan, President and Chief Executive OfficerSo, while it is taking little time to, the best thing is the customers are extremely happy, but this is the market wherepractically 100% is retail financing, it is sold through retail financing. We are looking at this point of time leveragingexports market, because many markets where we are present. So we are focusing concurrently exports as well as thedomestic. The primary focus is to get the losses down significantly.

Ameen Pirani, AnalystOkay. And how is the export from Indonesia doing?

K N Radhakrishnan, President and Chief Executive OfficerIt is growing. Year-after-year it is growing.

Ameen Pirani, AnalystAnd how much did we do exports from Indonesia last year?

S.G. Murali, Chief Financial OfficerI think we've done more than 10 crores.

Jinesh Gandhi, AnalystNo, in terms of volumes?

S.G. Murali, Chief Financial OfficerVolume only I've said, 10,000.

Jinesh Gandhi, Analyst10,000 so local was about 19,500 and 10,000 and was exports?

S.G. Murali, Chief Financial OfficerYeah.

Jinesh Gandhi, AnalystOkay. And sir, second question pertains to CapEx for coming financial year, FY '15, what kind of investment CapExwe should look at?

K N Radhakrishnan, President and Chief Executive Officer




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Yeah, we mentioned that just now around 250 crores is the kind of investment that we are looking at now as of now.

Jinesh Gandhi, AnalystFor FY '15?

K N Radhakrishnan, President and Chief Executive OfficerThat's right.

Jinesh Gandhi, AnalystOkay, okay. Sure. And sir lastly, you mentioned about launch of StaR City and Scooty. Are new executive segmentbike, is it on track to be launched in second half or that plans are getting delayed?

K N Radhakrishnan, President and Chief Executive OfficerNo, no. There is no delay in any of the product launches.

Jinesh Gandhi, AnalystOkay.

K N Radhakrishnan, President and Chief Executive OfficerLast time, when we launched Jupiter, we said we will be coming up with two models; one model in the economycategory or in the entry level executive category and we said the Scooty Zest will be coming. The good thing is, theexpansion of capacity and the demand for Jupiter.

Jinesh Gandhi, AnalystRight.

K N Radhakrishnan, President and Chief Executive OfficerThat is definitely helping us.

Jinesh Gandhi, AnalystSure.

K N Radhakrishnan, President and Chief Executive OfficerOtherwise, there are no delays in any of the new product launches.




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Jinesh Gandhi, AnalystOkay, okay. But there have been talks about launch of Victor or similar product in the second half?

K N Radhakrishnan, President and Chief Executive OfficerThat is second half.

Jinesh Gandhi, AnalystThat is second half? Okay, okay. Understood sir. Thanks and all the best.

K N Radhakrishnan, President and Chief Executive OfficerThank you, Jinesh.

OperatorThank you. The next question is from the line of Srinath Krishnan from Sundaram Mutual Fund. Please go ahead.

Srinath Krishnan, AnalystThank you, sir. Thanks a lot for the opportunity. Sir, this TVS StaR City which has a eco-thrust engine. So will it havethe same engine as which, I mean, which is Wego and Jupiter have at this point of time? And secondly, with about50,000 to 60,000 from similar engine family. Are you seeing any cost benefits that in terms of sourcing at this point oftime?

K N Radhakrishnan, President and Chief Executive OfficerSrinath, we'll have to wait for the launch, for the -- taking the certifications. Little premature to talk about that technicaldetails to date.

Srinath Krishnan, AnalystOkay, okay.

S.G. Murali, Chief Financial OfficerBut the engine and all those details will --

K N Radhakrishnan, President and Chief Executive OfficerOne thing I can tell you, the StaR City engine is a motor-cycle engine.

Srinath Krishnan, Analyst




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Okay, okay.

K N Radhakrishnan, President and Chief Executive OfficerThe Scooter engine and motor-cycle engines are not similar.

Srinath Krishnan, AnalystTotally different. Is it because, there are some new certicle [ph] that, it's a similar engine --

K N Radhakrishnan, President and Chief Executive OfficerNo, no. It is, it is -- the engines are different but the technology principles are similar.

Srinath Krishnan, AnalystOkay, okay. But there won't be any, I mean benefits as a result of similar technology and I think, if there is no costbenefit you will be --

K N Radhakrishnan, President and Chief Executive OfficerWhich we will, that is what Murali said during the last time, we will disclose it but the engines are different.

Srinath Krishnan, AnalystOkay, okay. Sure sir. And you had increased three-wheeler capacity --

K N Radhakrishnan, President and Chief Executive Officer(inaudible) gear in motor cycles and all the Scooters are you know auto.

Srinath Krishnan, AnalystOkay, okay. And sir, you had increased three wheeler capacity to about 1,20,000. You have done about 80,000three-wheelers this year. So in terms of growth in three-wheeler segment, what is your outlook sir for this year?

K N Radhakrishnan, President and Chief Executive OfficerWe want to -- we are looking at gaining market share next year, this year that is our focus. So as of now, we have witha suggestion capacity to meet market share growth plan.

Srinath Krishnan, AnalystFine, fine. And sir, during last year's ATM [ph], Mr. Venu Srinivasan mentioned that next two years time will be at 8%margin. I'm sure we're not clicking at the quarterly run rate of margin, but atleast in a yearly or one year outlook or exit,




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can we have an 8% margin, I mean, does this guidance stay?

K N Radhakrishnan, President and Chief Executive OfficerWell, we don't guidance on the margins Srinath, but (Technical Difficulties) that we improved top line the portfolioquality improving and we improved thrust on the exports, it will also grow, but we won't be able to give a guidance onthese margin.

Srinath Krishnan, AnalystAnd this was the guidance which was given last year sir. I'm just asking you does it stay or not?

K N Radhakrishnan, President and Chief Executive OfficerNo, no what we mentioned was, we said that it is our intension suddenly to get in your double-digit EBITDA, that'swhat we mentioned. I said that all the incentives here on the course but we won't be able to tell you what can really bethe margin on this quarter, next quarter and that kind of a quarterly milestones we will not be able to tell you at thisstage.

Srinath Krishnan, AnalystSure, thanks sir. Thanks a lot.

K N Radhakrishnan, President and Chief Executive OfficerThanks Srinath.

OperatorThank you. The next question is from the line of Kaushal Maroo from Emkay Global. Please go ahead.

Kaushal Maroo, AnalystThanks. (inaudible) tie up with BMW can you just update us on the timeline of the launch capital in queue so far andthe branding, how is it all going to be?

K N Radhakrishnan, President and Chief Executive OfficerI think project is going as per planned. I think what we said is the project is likely to be coming into the market by2015, second half that is going as per that. The remaining details we will definitely give all of you at the time of launch.

Kaushal Maroo, AnalystSir in FY '15 are we going to infuse capital into that product development or capacity for that?




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S.G. Murali, Chief Financial OfficerNo, no already we also told you that the CapEx is going on, because it is not in that year 2015, but the productdevelopment is going manufacturing set up is going on. All the related CapEx will be there last year this year and partlynext year.

Kaushal Maroo, AnalystOkay. Sir can you give us a breakup of your exports in major geographies, Latin America, Africa, Southeast Asia, whatpercentage of the sales costs with these geographies.

S.G. Murali, Chief Financial OfficerIn two wheeler or three wheeler?

Kaushal Maroo, AnalystTwo wheeler.

S.G. Murali, Chief Financial OfficerTwo wheeler is mostly Africa.

Kaushal Maroo, AnalystOkay and in three wheeler?

K N Radhakrishnan, President and Chief Executive OfficerThree wheeler is also mostly Arica, little bit in Latin America, then Sri Lanka, Bangladesh.

Kaushal Maroo, AnalystSo can we say more than 70% of the exports is to Africa?

K N Radhakrishnan, President and Chief Executive OfficerYeah.

Kaushal Maroo, AnalystOkay, thank you sir.





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Thanks --.

OperatorThank you. The next question is from the line of Nikhil Deshpande from Sharekhan. Please go ahead.

Nikhil Deshpande, AnalystSir, you have shown a very good run rate growth in exports both in two wheelers and three wheelers. Do you see thismomentum continuing and further market you've enter in exports?

S.G. Murali, Chief Financial OfficerI think in momentum we will continue primarily because our products are extremely good at this and it is accepted verywell in this market and we are -- we will, in this markets and we are looking at the markets which are not present today.Some markets we have added last year, so, overall, the same kind of market share gain, whatever that we have donethis year will definitely continue next year.

Nikhil Deshpande, AnalystBut any large markets you are planning to enter for both three-wheelers and two-wheelers?

K N Radhakrishnan, President and Chief Executive OfficerI think most of the big markets, we have entered last year. I think, it is expanding and gaining market share this year.

Nikhil Deshpande, AnalystOkay.

K N Radhakrishnan, President and Chief Executive OfficerTwo-wheeler, some more markets, we'll be entering. Some markets we have entered last year but we'll be expanding inmany of the markets.

Nikhil Deshpande, AnalystOkay. Okay sir. Thank you. That's all from me.


Operator




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Thank you. The next question is from the line of Ashwani Agarwalla from BOB Pioneer. Please go ahead.

Ashwani Agarwalla, AnalystHi sir.

K N Radhakrishnan, President and Chief Executive OfficerHi Ashwani.

S.G. Murali, Chief Financial OfficerHi.

Ashwani Agarwalla, AnalystWanted to know few basic question answers. What is the growth of the industry which you're expecting for FY '15 and'16?

K N Radhakrishnan, President and Chief Executive OfficerWe are -- see, as of now.

S.G. Murali, Chief Financial Officer'15, '16 or '14, '15, that only you are asking, (inaudible). A year after?

Ashwani Agarwalla, AnalystYeah. FY '15 and FY '16.

K N Radhakrishnan, President and Chief Executive OfficerOkay.

K N Radhakrishnan, President and Chief Executive OfficerSo you are looking at this year and next year.

Ashwani Agarwalla, AnalystYes sir.





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This year, we are expecting a moderate growth. I think, economy, we are looking at economy should do well in thesecond half. Once it starts doing well and if we get a reasonably good monsoon, I think that should help us. '15, '16 inmy opinion, at this point of time, very early but it depends upon, as we get good monsoon and good autonomousrecovery, I think this can be a great year, '15, '16.

Ashwani Agarwalla, AnalystAnd can we put on a number, maybe 10% growth, 15% or more than that?

K N Radhakrishnan, President and Chief Executive OfficerI can't give a guidance on '15, '16 but this year, you can take an average growth of around 8% to 10%, that kind of agrowth, we can look at.

Ashwani Agarwalla, AnalystOkay. And sir, of a total sales you have grown about 20 lakh vehicles. Can you give a geographical wakeup that howmuch would be in urban areas and how much would be in rural areas? Both in terms of Motor Cycle, Moped, Scooterand three-wheelers?

K N Radhakrishnan, President and Chief Executive OfficerNo. We are planning here; we sell our products across all, either, it's in -- whether it's the rural or urban. Everywhere,we keep selling.

Ashwani Agarwalla, AnalystOkay. And sir, in the last three months, there have been increase in prices of the raw materials because, when weinteracted with other automobile -- OEMs, they too are facing cost pressures in terms of raw material cost. Hello?

K N Radhakrishnan, President and Chief Executive OfficerYes Ashwin.

Ashwani Agarwalla, AnalystSir, are you facing similar cost pressures and are you being able to pass on the cost in terms of pricing?

K N Radhakrishnan, President and Chief Executive OfficerWell, so far, the last two years, everyone has been behaving responsibly and we have been taking up judicious priceincrease every quarter based on the commodity. We will continuously keep a watch on the commodity and if warranted(inaudible) will be taken.

Ashwani Agarwalla, Analyst




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Okay. And sir, how -- can we have the year advertisement cost or marketing expenses for this quarter and last twoquarters?

K N Radhakrishnan, President and Chief Executive OfficerNo. We don't give into, that kind of details. We are cautious more on the strategic and long-term thing, just we are notgetting into individual numbers on marketing.

Ashwani Agarwalla, AnalystOkay sir. Thanks.

K N Radhakrishnan, President and Chief Executive OfficerWhatever required for the brand, we'll continue to spend.

Ashwani Agarwalla, AnalystOkay sir.


OperatorThank you. The next question is from the line of Jaya Karne [ph] from Mission Market Securities. Please go ahead.

Unidentified ParticipantHello sir. Ragunanthan [ph], here.

K N Radhakrishnan, President and Chief Executive OfficerYes.

Unidentified ParticipantThank you very much for the opportunity. Sir, just couple of clarifications. One is, on this two variants which are likelyto be launched, one in Motor Cycle and Scooter. When would this be, sir? Would it be in the first quarter?

K N Radhakrishnan, President and Chief Executive OfficerFirst of all, the StaR City Plus is a completely new product.




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Unidentified ParticipantOkay.

K N Radhakrishnan, President and Chief Executive OfficerAnd Zest is a completely new product. So I won't call it as a variant and you will see the launches very soon.

Unidentified ParticipantOkay. Thank you. And second thing is, on the BMW thing. Just a clarification. When you said second half of 2015,would it be calendar year or fiscal sir?

K N Radhakrishnan, President and Chief Executive OfficerOur financial year. Normally, we have April to March.

Unidentified ParticipantYes sir.

K N Radhakrishnan, President and Chief Executive OfficerSecond half means post October.

Unidentified ParticipantSure sir. Sure sir. Thank you, sir. That's all from my side.



OperatorThank you. The next question is from the line of Hitesh Goel from Kotak Securities. Please go ahead.

Hitesh Goel, AnalystYeah. Thank you, sir. Sir, can you breakup your exports in different countries in Africa. Just wanted to sense howmuch market share do you have in those market?




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K N Radhakrishnan, President and Chief Executive OfficerOverall, we have a market share of -- from Indian exports about 14%. Last year overall, we have also about 13%, okay,overall in two-wheelers and in three-wheeler, we were around 20%.

Hitesh Goel, AnalystOkay.

K N Radhakrishnan, President and Chief Executive OfficerSo we are looking at increasing that market share. Now, if you look at country-wise, unfortunately, you can't really saycountry-wise market share because, that are Chinese -- like India, we don't have a syndicated the documents, whichagainst the country-wise volumes. But we know what we are exporting from India exactly, that's why I'm able to givethe numbers.

Hitesh Goel, AnalystOkay. No, sir. What I wanted to know is, in your mix, so in your mix, how much is Nigeria or Tanzania or Congo. So --

K N Radhakrishnan, President and Chief Executive OfficerThat way, again say that about 50% of our two-wheelers come from Africa. Now, country-by-country, I may not beable to tell you the details.

Hitesh Goel, AnalystBut, which is your largest market? Can you tell that?

K N Radhakrishnan, President and Chief Executive OfficerMarket is West Africa.

Hitesh Goel, AnalystSorry?

K N Radhakrishnan, President and Chief Executive OfficerWest Africa.

Hitesh Goel, AnalystOkay. So that was your biggest market. And in terms of three-wheelers, Egypt, Nigeria would be the --




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K N Radhakrishnan, President and Chief Executive OfficerNigeria is the biggest market.

Hitesh Goel, AnalystSorry.

K N Radhakrishnan, President and Chief Executive OfficerNigeria is the biggest market.

Hitesh Goel, AnalystNigeria, the biggest market. And just one more question. After the ban on two-wheeler motor cycles in Nigeria, haveyou seen a shift from two-wheelers to three-wheelers in Nigeria? Are you seeing that trend?

K N Radhakrishnan, President and Chief Executive OfficerBan is there only in certain cities or the certain pockets. It is not completely banned. In our opinion, definitely, we areable to see growth in three-wheeler as well as in two-wheelers. Any two-wheeler have still down, last year, it was littledown but I'm not able to give an industry number because, this number keep varying.

Hitesh Goel, AnalystOkay.

K N Radhakrishnan, President and Chief Executive OfficerSo that is the reason, I'm not able to give you an exact number.

Hitesh Goel, AnalystOkay. And finally, last question on this topic. This 20 odd percent demand also comes from Mopeds or step-throughs inAfrica, if I'm right? Are you seeing a trend shift towards Motor Cycle in that market, in Africa or that demand remainsthe segment?

K N Radhakrishnan, President and Chief Executive OfficerI have not seen this 20% demand coming from step-throughs. There are few markets in West Africa, we have gainedstep-throughs, but I don't know this 20% data.

Hitesh Goel, AnalystOkay. Okay, sir. Thank you.




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OperatorThank you. (Operator Instructions) The next question is from the line of Ameen Pirani from Deutsche Bank. Please goahead.

Ameen Pirani, AnalystYeah. Hi, sir. Thanks for taking my question again. I just want to clarify, so you mentioned that Indonesia volumeswere around 19,000 this year, out of which, 10,000 were exports or was it 19 plus 10,000?

K N Radhakrishnan, President and Chief Executive Officer10,000 was exports.

Ameen Pirani, AnalystSo total volumes was 19,000 or was it 29,000?

K N Radhakrishnan, President and Chief Executive Officer19,300.

Ameen Pirani, AnalystOkay. And sir, can you give a broad -- what would be like the monthly run-rate or an annual volume run-rate for you toreach EBITDA break-even?

S.G. Murali, Chief Financial OfficerWell, you need to have a monthly sale of around 6,000 numbers for a break-even in Indonesia.

Ameen Pirani, Analyst6,000 per month?

S.G. Murali, Chief Financial OfficerThat's right.

Ameen Pirani, Analyst




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Okay. Sir, and just lastly, did you take any price hikes in India in the last quarter or in the quarter, which has juststarted?

S.G. Murali, Chief Financial OfficerSo, last quarter, we dropped the price activity, I mean, because of the (inaudible) election.

Ameen Pirani, AnalystYeah. That's --

S.G. Murali, Chief Financial OfficerPrice has came down. We have just dropped the prices, so, there is no question of -- increase of prices in the last quarteralso done. So then, we reduce the prices. And current quarter, we will launch the commodity and we will take a pricehike, if required.

Ameen Pirani, AnalystOkay sir. Thank you, sir.

S.G. Murali, Chief Financial OfficerThanks, Ameen.

OperatorThank you. (Operator Instructions) The next question is from the line of Srinivas Rao from Deutsche Bank. Please goahead.

Srinivas Rao, AnalystThank you very much. My questions have been answered. Thank you.

S.G. Murali, Chief Financial OfficerThanks, Srinivas.

Srinivas Rao, AnalystYeah. Thank you, sir.

Operator




Page 22 of 37

Thank you. (Operator Instructions) The next question is from the line of Mukesh Saraf from Spark Capital. Please goahead.

Mukesh Saraf, AnalystYes, sir. Thank you for the opportunity. Actually, I just joined the call a bit later. I don't know if you have answeredthis. It's a good -- give us, if -- tell us, if you actually compensated your dealers for some of the stock they held whenyou had cut the prices?

S.G. Murali, Chief Financial OfficerYeah, Mukesh. We mentioned this, we compensated (inaudible) about 11 crores to the dealers on the consecutive salesduty reduction. That's a one-time charge that has already been fully observed in Q4.

Mukesh Saraf, AnalystOkay, okay. Okay sir. Thanks sir. That's all from me.

S.G. Murali, Chief Financial OfficerThanks, Mukesh.

OperatorThank you. The next question is from the line Sanjay Doshi from Reliance Mutual Fund. Please go ahead.

Sanjay Doshi, AnalystThanks for the opportunity and congrats for a good set of numbers. Sir, you gave us indicative CapEx for next year.Can you throw some light on possible investments for next year?

S.G. Murali, Chief Financial OfficerWell, that one may not be significant the next year. So, we will have to invest something in TVS credit, which is atwo-wheeler finance on Bharat.

And very, very small investment in Indonesia may not be significant as of now.

Sanjay Doshi, AnalystSo what was the total investment in FY '14, the year which you ended?

S.G. Murali, Chief Financial OfficerCurrent year, we had invested 50 crores in Indonesia.




Page 23 of 37

Sanjay Doshi, AnalystRight.

S.G. Murali, Chief Financial OfficerAnd 75 crores in TVS Credit Services which is a two-wheeler financer.

Sanjay Doshi, AnalystAnd next year will be significantly lower than this number? Any --

S.G. Murali, Chief Financial OfficerWe'll see, if it's required we will do that, but Indonesia investment it may not be substantial.

Sanjay Doshi, AnalystOkay. And --

S.G. Murali, Chief Financial Officer(inaudible)

Sanjay Doshi, AnalystOkay. So next year, Indonesia could be 25? Great sir. That's was my questions.

S.G. Murali, Chief Financial OfficerIt is really, it is depending on the requirement, we will do that because, that is a two-wheeler finance number. Sodepending on the growth in business, we will continue to invest that.

Sanjay Doshi, AnalystAnd do we see a need to invest in financing in Indonesia to set-up a finance firm in Indonesia?

S.G. Murali, Chief Financial OfficerThat is too early.

Sanjay Doshi, AnalystOkay sir. Understood. Thank you very much, sir.




Page 24 of 37



OperatorThank you. The next question is from the line of Samantha Khan from ICICI Prudential. Please go ahead.

Samantha Khan, AnalystGood afternoon, sir.

S.G. Murali, Chief Financial OfficerGood afternoon, Samantha. How are you?

Samantha Khan, AnalystI'm doing good, sir. Thanks a lot. Regarding the interest cost, look like it has gone up slightly Y-on-Y and Q-on-Q andyou have been saying that, you have been reducing debt. Any particular reason for this sir?

S.G. Murali, Chief Financial OfficerNo. Interest cost is all that based on the latest (inaudible) internal and finance cost includes the exchange that visionalso. So the actual interest cost on the borrowings are substantially lower. So currently as of now the borrowing as wementioned is early about 100 crores of that loan which we've taken, so the real interest cost for the bank borrowing willbe substantially lower, but it will vary due to the extent of the exchange and division make there is a loss under the newreporting requirement, it will get reported into the finance cost. Earlier it used to be retrofitting the turnover, so we willcontribute to the reporting requirement, you will find some numbers going up and down, but otherwise the interest costhave early come down.

Samantha Khan, AnalystAnd, the refresh version of Wego were suppose to be launched anytime -- it's already been launched?

S.G. Murali, Chief Financial OfficerSorry.

Samantha Khan, AnalystWego the fresh one supposed to be launched anytime -- it's already been launched or is it going to be launched in --




Page 25 of 37

S.G. Murali, Chief Financial OfficerWego is starting off. The refresh on Wego will be starting off.

Samantha Khan, AnalystOkay. Okay sir. Thank you. Thanks a lot.

S.G. Murali, Chief Financial OfficerAnd thanks, Samantha.

OperatorThank you. The next question is from the line Jaya Karne [ph] from Mission Market Securities. Please go ahead.

Unidentified ParticipantThank you, sir. Ragu here again.

S.G. Murali, Chief Financial OfficerYeah Ragu.

Unidentified ParticipantYeah sir. Sir, just wanted to understand the 11 crore compensation which was there, that is in which line item sir?

S.G. Murali, Chief Financial OfficerSir, that is also from the turnover.

Unidentified ParticipantSo basically --

S.G. Murali, Chief Financial OfficerIt was a discount to that -- they just drop down.

Unidentified ParticipantSo if I exclude this 11 crore then, your margin this quarter would be like closer to 7%. So just wanted to understandfrom you, how do you see this? Would this be a -- I mean, I understand that if you don't want to make any forward




Page 26 of 37

statement? Just wanted to understand that from the levels of 5.5%, 6%, this quarter has been a very good margin. So isit sustainable?

S.G. Murali, Chief Financial OfficerNo. Definitely, there were -- what's that like, we have been mentioning in all the conferences, previous call, the focusyou see for the topline focus, it was a mix. So you are seeing the improvement in the sales of three-wheeler, you areseeing the bigger Scooters and other things coming. Then, you're seeing the topline coming. When the top line keepsgrowing, (inaudible) percentage of sales will automatically come down.So definitely, the focus on improving the profitability will be there. But there is no point of, sort of, getting too muchexcited on the quarterly numbers whether, this quarter less that quarter is more. But we need to look at more of theannual trend whether we are on the upward gross. That is what we need to see.

Unidentified ParticipantSo above the EBITDA line, there were no one-off or extra-ordinary, right sir? This quarter?

S.G. Murali, Chief Financial OfficerNo, no. The only thing is always the dealers otherwise it's not enough.

Unidentified ParticipantSure sir. Thank you, sir. This was very helpful, sir. Thank you.

S.G. Murali, Chief Financial OfficerRagu, thank you.

OperatorThank you. (Operator Instructions) The next question is from the line of Bhaumik Bhatia from IDBI Capital. Please goahead.

Bhaumik Bhatia, AnalystHi sir. Thanks for the opportunity and I'm sorry, if I missed the number. But can you share the export's revenue numberfor Q4?

S.G. Murali, Chief Financial OfficerWhat you want, sorry.

Bhaumik Bhatia, Analyst




Page 27 of 37

Export's revenue number?

S.G. Murali, Chief Financial OfficerExport's revenue numbers, okay. One minute, Bhaumik.

Bhaumik Bhatia, AnalystYeah. Sure, sure.

S.G. Murali, Chief Financial Officer450 crores, is the revenue on exports, Bhaumik.

Bhaumik Bhatia, AnalystSorry, 450 crores?


Bhaumik Bhatia, AnalystOkay. Thanks a lot.


OperatorMr. Bhatia?

Bhaumik Bhatia, AnalystYeah. I'm done. I'm done. Thank you.

OperatorThank you. The next question is from the line of Arun Agarwal from Kotak Securities. Please go ahead.

Arun Agarwal, Analyst




Page 28 of 37

Yeah. Good evening, sir. Sir basically, could you just please share the debt figure on a standalone basis both for theinterest bearing and the non-interest bearing debt?

S.G. Murali, Chief Financial OfficerInterest bearing debt on the standalone is about 138 crores.

Arun Agarwal, Analyst138?

S.G. Murali, Chief Financial Officer130 crores, so we have cash of about 80 crores, that's (inaudible) hardly about 50 crores of interest bearing debt.

Arun Agarwal, AnalystOkay. So 50 is interest bearing debt, you are saying.

S.G. Murali, Chief Financial OfficerCorrect.

Arun Agarwal, AnalystAnd non-interest would be?

S.G. Murali, Chief Financial OfficerNon-interest, that is about close to 400 crores.

Arun Agarwal, Analyst400 crores. So your gross debt basically would be 530 crores, you are saying. Out of that 80 --

S.G. Murali, Chief Financial OfficerYeah, 530 out of which cash is about 80, balance is about 450.

Arun Agarwal, AnalystAll right. Okay sir. Thank you.

S.G. Murali, Chief Financial Officer




Page 29 of 37

Thank you.

OperatorThank you. The next question is from the line of Meenal Yegappan [ph] from BNK Securities. Please go ahead.

Unidentified ParticipantYeah. I don't know, whether you have discussed this earlier or this lead to this call. So can you explain me of what theother expense span or does it come down significantly this quarter?

S.G. Murali, Chief Financial OfficerSorry, sorry, your voice is not clearly.

Unidentified ParticipantMay I know the other expenses pack, if you'd tell like. It has come down significantly this time. Any specific reason forthis other expenses?

S.G. Murali, Chief Financial OfficerNo. Other expense was basically, as I mentioned in the past roughly about 40%, 45% variable in nature and it dependson the nature it exports is on -- and that will be greater amount of prices that is effecting, et cetera. And balance amountis and therefore predominantly it is more about marketing cost and other things. And so that, that is exactly the thing.There is no significant in these other expense or otherwise.

Unidentified ParticipantAnd in the raw materials part, was there any change in the mix?

S.G. Murali, Chief Financial OfficerSee, the last quarter it's around 349; this quarter it's around 350. There is no too much change in the other expenses perse.

Unidentified ParticipantOkay. Thank you, sir.

OperatorThank you. (Operator Instructions) --

Pramod Kumar, Senior Vice President




Page 30 of 37

Yeah. Mohsin, till then, can I ask few questions?

OperatorPlease go ahead.

Pramod Kumar, Senior Vice PresidentYeah. Sir, just want to understand, you shared your standalone debt number. What is the consolidated net debt numberright now? Interest bearing.

S.G. Murali, Chief Financial OfficerConsolidated interest bearing debt is about 330 crores.

Pramod Kumar, Senior Vice President330 crores, is it?


Pramod Kumar, Senior Vice PresidentOkay. And this things are on; your other expenditure will of course include your auto expo-related expenses as well,right?

S.G. Murali, Chief Financial OfficerYes, yes.

K N Radhakrishnan, President and Chief Executive OfficerYes, yes, yes.

Pramod Kumar, Senior Vice PresidentSo to that extent, I think, it has been pretty much under control, this quarter?

S.G. Murali, Chief Financial OfficerAll expenses are under control, Pramod. Our continuous focus is on not only controlling the other expenses, it's alwaysto improve the margins. So we always focus on raw material cost selection. We focus on the process, we focus on themarketing cost, we focus on R&D. All expenses are constantly monitored and controlled.




Page 31 of 37

Pramod Kumar, Senior Vice PresidentAnd interest expenses, sir, you said there is of, there would have forex part there. So if you can just quantify, how muchwas this and was it for the full year or was it the forex, it was only for pertaining to 4Q?

S.G. Murali, Chief Financial OfficerNo. Exchange verification will always be there. The interest quarter pertains are on that 5 crores; exchange verificationwere on that 3 crores.

Pramod Kumar, Senior Vice President3 crores of interest, the forex related non-cash expenses, right?

S.G. Murali, Chief Financial OfficerThat's right, that's right.

Pramod Kumar, Senior Vice PresidentAnd other thing was on such, I just want to understand, is Jupiter, gross margin that will the working of the margin(Technical Difficulty) --

S.G. Murali, Chief Financial OfficerWe are not able to hear you at all, Pramod.

Pramod Kumar, Senior Vice PresidentYeah, now.

S.G. Murali, Chief Financial OfficerAgain, the voice is breaking.

Pramod Kumar, Senior Vice PresidentSo can you hear me now, sir?

K N Radhakrishnan, President and Chief Executive OfficerNo. Still, the voice is breaking. It was not there.

S.G. Murali, Chief Financial Officer




Page 32 of 37

Not audible at all.

Pramod Kumar, Senior Vice PresidentYeah. (Technical Difficulty).

OperatorMr. Kumar, this is Mohsin. Just give me a moment. I think, we'll have to reconnect you. So kindly wait, while weconnect Mr. Pramod Kumar back to the call. So meanwhile, we'll take the next question from the line of Bharat Kanani[ph] from Reliance Securities. Please go ahead.

Unidentified ParticipantYes sir. Just want to know like, I missed some number regarding some, you were mentioning about dealercompensation or store like, what was the amount of that and it is included in which line item of expenses?

S.G. Murali, Chief Financial OfficerIt's 11 crores. It's reduced from the turnover.

Unidentified ParticipantReduced from the turnover. Okay. And this was basically the excise compensation that you have given to the dealers?

S.G. Murali, Chief Financial OfficerThat's right, that's right.

Unidentified ParticipantOkay, okay. Fine. Thank you, sir. Thank you so much.


Pramod Kumar, Senior Vice PresidentYeah. Sir, this is Pramod here. Am I audible now?





Page 33 of 37

Pramod Kumar, Senior Vice PresidentYeah. Sir, just wanted to understand, Jupiter has been a big success for you and there are lot of features which you haveadded, which are better than the segments. But the pricing is pretty competitive but, so does that make it a margindilutive or the gross margin level for you or you see, there is lot of value add or cost reduction which helps out platformadvantage which helps you to still make better margin than the rest of the portfolio?

S.G. Murali, Chief Financial OfficerPramod, like we mentioned, see, we don't get in the individual product wise margin. We won't be able to get into thedebit. But what is the importance of companies to improve the obsolete margins, obsolete profit of the variable is notlooking at the variable market, obsolete market is a number of units sold into the margin per unit. So what is importantis to make sure that the product is price that delivers the value for the customers and we're able to increase the sales.

So within the few months of launch, we have already crossed more than 1 lakh sales on the Jupiter. Now you heard Mr.Radhakrishnan mentioned that plus the (inaudible) sales for further. So it is suddenly adding lot of value to theportfolio, and not only that, it is (inaudible) product is that, is also bring lot more traffic into the showroom, and that isthe other launches that we -- Scooty Pep, Wego, and other things. We are confidence that we will be able to improvethe sales of the scooter portfolio.

So all details in certainly add to that bottom line ultimately.

Unidentified ParticipantAnd so on your market share aspirations, both in motor cycles and scooters for FY15, you talked about improvements,so if you can --

S.G. Murali, Chief Financial OfficerWe are looking at picking up to another couple of points in the overall market share. We are aiming for about 14% to14.5% market share in the total two wheelers.

Unidentified ParticipantSo was the 12%, we are looking at somewhere like 14% and 14.5% market share? And sir how much of this will rangeon the new executive bike which has come in second half or you are saying largely coming in from the current portfolioitself?

S.G. Murali, Chief Financial Officer(inaudible) even before that the existing, for example, 10,000 Jupiter plus 15, 000 Wego. We're extremely happy whereit is going to 45,000. So likewise, we want to liberate our existing model Star City+ is various group of products thatwe want to really leverage that.

And all of you have seen our Zest, it's a great product, so try to gain as much as momentum even in the first half itself.

Pramod Kumar, Senior Vice PresidentSounds good, sir. And thanks a lot and that's all and mostly, are there any other questions?




Page 34 of 37

K N Radhakrishnan, President and Chief Executive OfficerShall we close the call, I think?

Pramod Kumar, Senior Vice PresidentYeah, I'm just checking with Mohsin, sir, if there are any other any further question. Mohsin.

OperatorWe have a question from Bharat Kanani [ph] from Reliance securities.

K N Radhakrishnan, President and Chief Executive OfficerYeah, we can take that as the last one. Please?

Unidentified ParticipantSir just a follow up question like if you can give us a timeline of the new product launches so that would be great?

K N Radhakrishnan, President and Chief Executive OfficerTimeline, Star City, Scoot Pep, will happen in the next three months from now to within the next three months.


K N Radhakrishnan, President and Chief Executive OfficerAnd also that we will have our executive motor cycle, and there is also bigger motor cycle, which is coming end of theyear.


K N Radhakrishnan, President and Chief Executive OfficerOf course, there is a Wego refresh, which is we're getting launched into the market this month. And we will see the newcreative which will come in the next month. So I think it is a very busy year, this year from our side.

Unidentified Participant




Page 35 of 37

Okay, fair enough. Thank you, sir and all the best.

K N Radhakrishnan, President and Chief Executive OfficerYeah.

Unidentified ParticipantAnd sir before I let you go, just one question on the Bombay three wheeler permit market or the Maharashtrathree-wheeler format. How is it rapping up certain, what kind of market share do you see for this particular permits arecoming in Maharashtra?

K N Radhakrishnan, President and Chief Executive OfficerOur aim is to look at about 20%, 25% market share in the domestic three-wheeler space. So that is our internal planeven in Maharashtra.

Unidentified ParticipantSo even in Maharashtra, you will do aspects have --

K N Radhakrishnan, President and Chief Executive Officer(inaudible)

Pramod Kumar, Senior Vice PresidentOkay. Fair enough, sir. Fair enough. Thanks a lot sir and on behalf of IDFC Securities -- okay. Mohsin, are there anyfurther questions?

OperatorWe have one question now from Mohan Lal, would you like to take it?

K N Radhakrishnan, President and Chief Executive OfficerYes please.

OperatorMr. Mohan Lal from Elara Capital. Please go ahead.

Unidentified Participant




Page 36 of 37

Sir, I thank for this. Sir just wanted to know two things, one is that even if I look at the 11 crore and add back, eventhen there is a gross fall this quarter about 60 bit. And so just wanted to understand how much of it was due to productmix and how much due to the input cost?

S.G. Murali, Chief Financial OfficerEveryone, we're seeing only the EBITDA has gone up, so we don't understand that how our thing has come down. Thatis only improving.

Mohan Lal, AnalystNo. I'm asking sequentially, so Q3 had 28.2% gross margin and If I add 11 crore to top line then my gross margin is27.6 for this quarter its 60 bit lower. And the margins in the last few quarters have been 28% on average.

S.G. Murali, Chief Financial OfficerSee, the raw material cost is the positive thing, will always depend on the mix. So you can't be -- what it depends on themix is not only within the portfolio, also what is the thing depend on mobiles and scooters and motor cycles. So you arelooking at a macro number of all put together.

So I don't think that will reveal the correct story. All these said, the EBITDA has improved substantially, EBITDA ismoved up from 6.7% to 7% [ph] kind of things so that is a level you are looking at.

Mohan Lal, AnalystSure, sir. And last question was what was the loss in the Indonesian venture for this full year effort?.

S.G. Murali, Chief Financial OfficerWe mentioned that is about $9 billion.

Mohan Lal, Analyst$9 million?

S.G. Murali, Chief Financial OfficerAs EBITDA levels.

Mohan Lal, AnalystEBITDA level. TAT level, sir?

S.G. Murali, Chief Financial Officer(inaudible) published, so you can see all the numbers in the consolidate itself.




Page 37 of 37

Mohan Lal, AnalystOkay. Thanks sir.


K N Radhakrishnan, President and Chief Executive OfficerThank you --.

Pramod Kumar, Senior Vice PresidentThanks a lot sir, and I would like to thank you all the participants for taking time have a great evening, thanks a lot.Appreciate it. Bye.

K N Radhakrishnan, President and Chief Executive OfficerBye-bye.

S.G. Murali, Chief Financial OfficerBye.

Pramod Kumar, Senior Vice PresidentThanks a lot, Mohsin. Good (Ends Abruptly)

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