OREANDA-NEWS. May 31, 2012. Tata Motors reported consolidated revenues (net of excise) of Rs50,908 crore for the quarter ended March 31, 2012, posting a growth of 44.3 percent over Rs35,287 crore in the corresponding quarter of the previous year on the back of strong growth in volumes across products and markets. The consolidated profit before exceptional item and tax was Rs4,596 crore, posting a growth of 68.1 percent over Rs2,734 crore in the corresponding quarter of the previous year. The consolidated profit before tax (PBT) for the quarter was Rs4,424 crore, compared to Rs2,911 crore for the corresponding quarter of the previous year. The consolidated profit (after tax and post minority interest and profit in respect of associate companies) for the quarter was Rs6,234 crore, as compared to Rs2,638 crore in the corresponding quarter of the previous year.

The consolidated revenue (net of excise) for FY2011-12 was Rs165,655 crore posting a growth of 35.6 percent over Rs122,128 crore in the corresponding period last year. The consolidated profit before exceptional item and tax was Rs14,366 crore, posting a growth of 40.8 percent over Rs10,206 crore in the corresponding period last year. The consolidated profit before tax (PBT) for the year was Rs13,534 crore, compared to Rs10,437 crore for the corresponding period last year. The consolidated profit for the period (after tax and post minority interest and profit in respect of associate companies) was Rs13,517 crore, as compared to Rs9,274 crore in the corresponding period last year.

Tata Motors stand-alone financial results for the quarter and year ended March 31, 2012

Tata Motors stand-alone revenues (net of excise) for the quarter ended March 31, 2012, of Rs16,391 crore represented a growth of 14.4 percent over Rs14,326 crore in the corresponding period last year. Growth in volumes, and reduction in marketing costs resulted in an improvement in operating margins to 9.5 percent for the quarter ended March 31, 2012, over 8.9 percent for the corresponding period last year. The operating profit (EBITDA) stood at Rs1,561 crore in the quarter, a growth of 22.1 percent over Rs1,278 crore in the corresponding period last year.

The PBT for the quarter is Rs652 crore as compared to Rs591 crore in the corresponding period last year and the PAT for the quarter is Rs565 crore as compared to Rs573 crore in the corresponding period last year.

The stand-alone revenues (net of excise) for FY2011-12, at Rs54,307 crore posted a growth of 15.3 percent over Rs47,088 crore in the corresponding period last year. The stand-alone profit before tax (PBT) for FY2011-12 was Rs1,341 crores, compared to Rs2,197 crore for FY2010-11. The stand-alone profit after tax for FY2011-12 was Rs1,242 crore, as compared to Rs1,812 crore in FY2010-11.

The stand-alone profit before tax and profit after tax for FY2011-12 were impacted by exceptional items of Rs585 crore (Rs147 crore in FY2010-11) on account of exchange loss (net) including on revaluation of foreign currency borrowings, deposits and loans arising from the depreciation of the Indian Rupee (INR) and provision made for certain investments in 100 percent subsidiary Tata Hispano Motors Carrocera SA, Spain, arising from continuous underperformance impacted by challenging market conditions.

Tata Motors' sales (including exports) of commercial and passenger vehicles for FY2011-12, stood at 926,353 units, representing a growth of 10.7 percent as compared to the corresponding period last year.

In the domestic market, the company's commercial vehicles sales for the quarter ended March 31, 2012, stood at 155,672 units, an increase of 16.2 percent over the corresponding period last year. The commercial vehicles sales during FY2011-12 increased by 15.7 percent to 530,204 units, as compared to the corresponding period last year. The company's market share in commercial vehicles was 59.4 percent for FY2011-12.

Passenger vehicles, including Fiat and Jaguar and Land Rover vehicles distributed in India, grew by 18.1 percent to 112,470 units in the domestic market for the quarter ended March 31, 2012, as compared to the corresponding period last year. Sales for FY2011-12 grew by 4.0 percent to 333,044 units, as compared to the corresponding period last year. Focussed marketing initiatives and network actions have positively influenced sales. The market share in passenger vehicles stood at 13.1 percent for FY2011-12 largely driven by sales in the recent quarters. The market share in passenger vehicles for Q4 FY12 stood at 14.2 percent.

Jaguar Land Rover (figures as per IFRS)

Jaguar Land Rover sales for the quarter ended March 31, 2012, grew 48.2 percent to 98,021 units. Of this, the Jaguar volumes for the period stood at 14,118 units and Land Rover volumes stood at 83,903 units. The recently launched new products continue to receive positive response. The newly launched Range Rover Evoque, clocked approximately 60,217 wholesale units till March 2012. Sales from the China region grew strongly and comprised 19.0 percent of total volumes for the quarter ended March 31, 2012, as against 12.8 percent for the corresponding period last year.

Jaguar Land Rover sales for FY2011-12 stood at 314,433 units, the highest ever, representing a growth of 29.1 percent as compared to the corresponding period last year supported by new product actions and strong demand in China and other developing markets. The Jaguar volumes for the period stood at 54,039 units and Land Rover volumes stood at 260,394 units.

Revenues for the quarter ended March 31, 2012, of ?4,144 million represented a growth of 51.5 percent over ?2,735 million in the corresponding quarter last year. Operating margins for the quarter ended March 31, 2012, stood at 14.6 percent and an operating profit (EBITDA) of ?605 million in the quarter, a growth of 61.5 percent over ?375 million in the corresponding quarter last year. Continued strong revenue and profit performance was supported by volume growth, market mix, product mix and favourable exchange rates. The PBT for the quarter is ?530 million (?299 million in the corresponding quarter last year) and the PAT for the quarter is ?696 million (?262 million in the corresponding quarter last year). The PAT includes an amount of ?217 million (additional ?171 million through reserves) of previously unrecognised deferred tax assets, due to uncertainty about future recoverability which have now been recognised due to sustained improvement in business performance and certainty of future profitability outlook.

The revenues for FY2011-12, at ?13,512 million represented a growth of 36.9 percent over ?9,871 million in the corresponding period last year. Operating margins for FY2011-12 stood at 15.0 percent and an operating profit (EBITDA) of ?2,027 million, a growth of 35.0 percent over ?1,502 million in the corresponding period last year. The profit before tax (PBT) for FY2011-12 is ?1,507 million as compared to ?1,115 million for FY2010-11. The profit after tax for FY2011-12 is ?1,481 million as compared to ?1,036 million in FY2010-11.

In March 2012, JLR successfully raised bonds of ?500 million with a coupon of 8.25 percent and tenor of eight years. The full proceeds were retained at JLR for future use in the company's business. This was an opportunistic fundraising which enabled JLR reinforce its market acceptance and demonstrated the confidence of the investors while continuing to support steps taken towards strengthening capital structure and extending the debt maturity profile.

In March 2012, JLR announced that it has signed a joint venture agreement with Chery Automobile Company to build vehicles for the Chinese market which is currently under the process for regulatory approvals by the Chinese authorities.

In March 2012, JLR approved the consolidation businesses of Jaguar Cars and Land Rover into one legal entity to be named Jaguar Land Rover. The consolidation is expected to become effective later this year.

Tata Daewoo

Tata Daewoo Commercial Vehicles Company registered net revenues of KRW767 billion, and recorded a net profit of KRW3.6 billion in FY2011-12.

Tata Motors Finance

Tata Motors Finance, the company's captive financing subsidiary, registered net revenues of Rs 2,018 crore and reported a profit after tax of Rs240 crore in FY2011-12.

Dividend

The board of directors has recommended dividend of Rs4 per ordinary share of Rs2 and Rs4.10 per 'A' ordinary share of Rs2 for FY2011-12 (previous year Rs20 per ordinary share of Rs10 and Rs20.50 per 'A' ordinary share of Rs10), subject to approval of the shareholders. Tax on dividend will be borne by the company.