08/09/2012 | Press release

Consolidated financial results of Tata Motors for the quarter ended June 30, 2012

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Consolidated Financial Results for the quarter ended June 30, 2012

Mumbai: Tata Motors today reported consolidated revenues (net of excise) of Rs.43,324 crores for the quarter ended June 30, 2012, posting a growth of 30.1% over Rs.33,289 crores in the corresponding quarter of the previous year on the back of strong growth in volumes of new products and favorable market mix at Jaguar Land Rover (JLR). The Consolidated Profit before Exceptional item and Tax was Rs.3,623 crores, posting a growth of 50.8% over Rs.2,403 crores in the corresponding quarter of the previous year. The Consolidated Profit before Tax (PBT) for the quarter was Rs.3,183 crores, compared to Rs.2,346 crores for the corresponding quarter of the previous year. The Consolidated Profit/loss (after tax and post minority interest and profit in respect of associate companies) for the quarter was Rs.2,245 crores, as compared to Rs.2,000 crores in the corresponding quarter of the previous year. JLR tax expense for the quarter ended June 30, 2011, was lower consequent to utilization of past tax losses.

The Consolidated Profit for the quarter ended June 30, 2012, was impacted by Exceptional items of Rs.441 crores (loss of Rs.57 crores in corresponding period last year) on account of exchange loss (net) including on revaluation of foreign currency borrowings, deposits and loans arising from the depreciation of Indian Rupee (INR).

Tata Motors Stand-alone Financial Results for the quarter ended June 30, 2012
Tata Motors standalone revenues (net of excise) were for the quarter ended June 30, 2012 of Rs.10,586 crores as compared to Rs.11,624 crores in the corresponding period last year. Weak macroeconomic parameters, excise duty increases and poor availability of freight, resulted in pressure on volumes in the MHCV segment. Further, competitive pressures on pricing in certain commercial and passenger vehicle segments and lower volumes, impacted the operating margins. Operating margin was 7.3% for the quarter ended June 30, 2012, as compared to 8.8% for the corresponding period last year. The Operating Profit (EBITDA) stood at Rs.774 crores in the quarter ended June 30, 2012, as compared to Rs.1,020 crores in the corresponding period last year.

The PBT for the quarter ended June 30, 2012 is Rs.237 crores as compared to Rs.466 crores in the corresponding period last year and the PAT for the quarter is Rs.205 crores as compared to Rs.401 crores in the corresponding period last year. The PBT and PAT for the quarter ended June 30, 2012, were adversely impacted by exchange loss (net) including on revaluation of foreign currency borrowings, deposits and loans arising from the depreciation of Indian Rupee (INR), of Rs.161 crores (Gain of Rs.2 crores in corresponding period last year).

Tata Motors' sales (including exports) of commercial and passenger vehicles for the quarter ended June 30, 2012, stood at 190,483 units, representing a decline of 3.6%, as compared to the corresponding period last year.

In the domestic market, the Company's Commercial vehicles sales for the quarter ended June 30, 2012, stood at 114,710 units, a growth of 1.3% over the corresponding period last year. Growth was driven by small commercial vehicles and was supported by improved production through our facilities in Pantnagar and Dharwad. The Company's market share in commercial vehicles was 56.2% for the quarter ended June 30, 2012.

In the domestic market, the Company's Passenger vehicles, including Fiat and Jaguar and Land Rover vehicles distributed in India, stood at 62,619 units for the quarter ended June 30, 2012, a decrease of 9.9% over the corresponding period last year. The Company continues focus on marketing initiatives and network actions and the sales & service process. The market share in Passenger vehicles for quarter ended June 30, 2012, stood at 9.8%.

Jaguar Land Rover PLC - (figures as per IFRS)
Jaguar Land Rover Sales for the quarter ended June 30, 2012, grew 34.4% to 83,452 units. Of this, the Jaguar volumes for the period stood at 11,774 units and Land Rover volumes stood at 71,678 units. Growth in volumes was driven by sales of the new Range Rover Evoque and strong demand from China, which grew 91% year-on-year. Sales from the China region comprised 22.2% of total volumes for the quarter ended June 30, 2012, as against 15.7% for the corresponding period last year.

Revenues for the quarter ended June 30, 2012 of GBP 3,638 million, represented a growth of 34.6% over GBP 2,703 million in the corresponding quarter last year. Operating margins for the quarter ended June 30, 2012, stood at 14.5% and an Operating Profit (EBITDA) of GBP 527 million in the quarter, a growth of 45.6% over GBP 362 million in the corresponding quarter last year. Continued strong revenue and operating profit performance were supported by demand for new products, improved market mix, and favourable exchange rate environment. The PBT for the quarter is GBP 333 million (GBP 251 million in the corresponding quarter last year) and the PAT for the quarter is GBP 236 million (GBP 220 million in the corresponding quarter last year).

In August 2012, JLR declared a dividend of GBP 150 million (equivalent to Rs 1,290 crores).

Tata Daewoo
Tata Daewoo Commercial Vehicles Co. Ltd. registered net revenues of KRW 217 billion and recorded a Net profit of KRW 3 billion in the quarter ended June 30, 2012.

Tata Motors Finance
Tata Motors Finance Ltd, the Company's captive financing subsidiary, registered net revenue from operations of Rs.623 crores and reported a Profit After Tax of Rs.73 crores the quarter ended June 30, 2012.

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