OREANDA-NEWS. November 15, 2011. Tata Motors, today, reported consolidated revenues (net of excise) of Rs36,198 crore for the quarter ended September 30, 2011, posting a growth of 26.9 per cent over Rs28,519 crore in the corresponding quarter of the previous year, on the back of growth in volumes, improved product and market mix. The consolidated profit before exceptional items and tax was Rs2,709 crore, posting a growth of 13.1 per cent over Rs2,395 crore in the corresponding quarter of the previous year. The consolidated profit before tax (PBT) for the quarter was Rs2,270 crore, compared to Rs2,523 crore for the corresponding quarter of the previous year after a swing of Rs566 crore in the quarter on account of exceptional item (exceptional item of loss of` Rs439 crore in Q2 FY2011-12 vs gain of Rs127 crore in Q2 FY2010-11). The consolidated profit (after tax and post minority interest and profit in respect of associate companies) for the quarter was Rs1,877 crore, as compared to Rs2,223 crore in the corresponding quarter of the previous year.

The consolidated revenue (net of excise) for the half year ended September 30, 2011, was Rs69,486 crore posting a growth of 25.4 per cent over Rs55,399 crore in the first half last year. The consolidated profit before tax (PBT) in the first half year was Rs4,616 crore, compared to Rs4,798 crore for the corresponding period of the previous year. The consolidated profit (after tax and post minority interest and profit in respect of associate companies) for the first half year was Rs3,877 crore, as compared to Rs4,212 crore in the corresponding period of the previous year.

Tata Motors standalone financial results for the quarter and half year ended September 30, 2011

Tata Motors' gross revenue for the quarter ended September 30, 2011, was Rs14,097 crore, posting a growth of 15.4 per cent over Rs12,220 crore in the corresponding quarter of the previous year.

Revenue (net of excise) of Rs12,954 crore represented a growth of 15.2 per cent over Rs11,249 crore in the corresponding quarter of the previous year. Lower volumes in the passenger car business, higher marketing spends and overall cost pressures, including commodity price increase, resulted in a reduction in the operating margins to 7.2 per cent, and an operating profit (EBITDA) of Rs933 crore in the quarter, declining by 17.2 per cent over Rs1,127 crore in the corresponding quarter of the previous year.

During the quarter there was a swing of Rs298 crore of an exceptional item (Q2 FY2011-12 loss of Rs294 crore versus a gain of Rs4 crore in Q2 FY2010-11) as compared to the same quarter last year on account of re-valuation of foreign currency loans arising from the depreciation of the Indian Rupee (INR). After the swing of the Rs298 crore, the PBT for the quarter is Rs37 crore as compared to Rs537 crore in the corresponding quarter of the previous year. Correspondingly, the PAT for the quarter is Rs102 crore as compared to Rs433 crore in the corresponding quarter of the previous year.

The standalone revenues (net of excise) for the half year ended September 30, 2011 was Rs24,578 crore posting a growth of 14.4 per cent over Rs21,483 crore in the corresponding period of the previous year. The standalone profit before tax (PBT) in H1 FY2011-12 was Rs 503 crore, compared to Rs1,075 crore for the corresponding period of the previous year. The standalone profit after tax for H1 FY2011-12 was Rs503 crore, as compared to Rs828 crore in the corresponding period of the previous year.

Tata Motors' sales (including exports) of commercial and passenger vehicles for H1 FY2011-12, stood at 4,09,006 units, representing a growth of 2.8 per cent as compared to the corresponding period of the previous year.

In the domestic market, the company's commercial vehicles sales increased by 15.4 per cent in the H1 FY2011-12,as compared to the corresponding period of the previous year to 243,312 units. The domestic economy has been facing many macro economic headwinds in recent times with high inflation, increase in interest rates and fuel price hikes. All this resulted in a slowdown in the IIP in Q2 FY2011-12. Inspite of this downtrend, due to wide product portfolio, focussed product and market initiatives, our outperformance in the MHCV/ICV truck segment has led to increased market share of 63 per cent in H1 FY2011-12. Both, Ace family and pickup trucks demonstrated strong growth leading to market share of 59.7 per cent in the LCV truck segment. The company's market share in commercial vehicles was 59.5 per cent for H1 FY2011-12. Passenger vehicles, including Fiat and Jaguar and Land Rover vehicles distributed in India, declined by 16.1 per cent in the domestic market in H1 FY2011-12, as compared to the corresponding period of the previous year to 134,611 units. Focused initiatives in specific locations, introduction of various schemes for dealers and customers, coupled with product action like best-in-class fuel efficiency improvements have positively influenced retail sales of the Indica Vista, the Tata Indigo and the Nano. Improvement in retail sales coupled with planned reduction in offtake have resulted in stock reduction at dealerships by more than 50 per cent during H1 FY2011-12. The market share in passenger vehicles stood at 11.6 per cent for H1 FY2011-12.

Jaguar Land Rover

Jaguar Land Rover sales for H1 FY2011-12, stood at 130,090 units, representing a growth of 13.8 per cent as compared to the corresponding period of the previous year on the back of better product and market mix with strong growth in China and Russia.

Revenues of ?2,928 million represented a growth of 30.3 per cent over ?2,247 million in the corresponding quarter of the previous year. Cost pressures and impact of exchange rates resulted in a marginal reduction in the operating margins to 14.9 per cent and an operating profit (EBITDA) of ?437 million in the quarter, a growth of 17.2% over ?372 million in the corresponding quarter of the previous year. The PBT for the quarter is ?287 million (?264 million in the corresponding quarter of the previous year) and the PAT for the quarter is ?238 million (?243 million in the corresponding quarter of the previous year).

Jaguar has introduced the new 2.2 litre diesel engine in the 2012 model year Jaguar XF which has received positive response in the markets it has been launched. The much-awaited Range Rover Evoque clocked approximately 7,700 wholesale units till September 2011. 

Tata Daewoo

Tata Daewoo Commercial Vehicles Company registered net revenues of Rs902 crore, and recorded a profit after tax of Rs3 crore in the quarter ended September 30, 2011.

Tata Motors Finance

Tata Motors Finance, the company's captive financing subsidiary, registered net revenues of Rs471 crore and reported a profit after tax of Rs52 crore in the quarter ended September 30, 2011.