OREANDA-NEWS. Tata Motors reported consolidated revenues (net of excise) of Rs56,002 crore for the quarter ended March 31, 2013, a growth of 10 percent over Rs50,908 crore for the corresponding quarter of the previous year, despite a weak operating environment in the standalone business which was more than offset by strong demand, growth in volumes, favourable market mix and favourable operating foreign exchange at Jaguar Land Rover (JLR). The consolidated profit before tax for the quarter was Rs4,694 crore, as compared to Rs4,424 crore for the corresponding quarter of the previous year and the consolidated profit (after tax and post minority interest and profit in respect of associate companies) for the quarter was Rs3,945 crore as compared to Rs6,234 crore for the corresponding quarter of the previous year.

The consolidated revenue (net of excise) for FY13, was Rs188,818 crore, posting a growth of 14 percent over Rs165,654 crore for the corresponding period last year. The consolidated profit before tax for the year was Rs13,633 crore, compared to Rs13,534 crore for the corresponding period last year. The consolidated profit for the year (after tax and post minority interest and profit in respect of associate companies) was Rs9,893 crore, compared to Rs13,517 crore in the corresponding period last year.

During the quarter and year ended March 31, 2012, JLR had accounted credit of GBP225 million (Rs1,794 crore) for past income tax losses.

Tata Motors standalone financial results for the quarter and year ended March 31, 2013

The sales (including exports) of commercial and passenger vehicles for the quarter ended March 31, 2013, stood at 197,056 units, a decline of 31.1 percent as compared to the corresponding period last year. Weak macro-economic environment and competitive pressures on pricing continued to impact the operations during the quarter. Standalone revenues (net of excise) for the quarter ended March 31, 2013 stood at Rs11,068 crore, as compared to Rs16,391 crore for the corresponding quarter of the previous year. The operating margin was 3.6 percent for the quarter ended March 31, 2013, as compared to 9.5 percent in a strong quarter; corresponding period last year. Loss before tax and loss after tax for the quarter ended March 31, 2013 was Rs485 crore and Rs312 crore respectively, against the profit before tax and profit after tax of Rs652 crore and Rs565 crore respectively, for the corresponding quarter last year.

The revenues (net of excise) for FY13, were Rs44,766 crore as compared to Rs54,307 crore in the corresponding period last year. The operating margin for the year stood at 4.8 percent. Profit before tax for the year was Rs175 crore, compared to Rs1,341 crore for the corresponding period last year. The profit before tax for the period included dividend from JLR and other subsidiaries amounting to Rs1,584 crore (Rs114 crore in the corresponding period last year). The standalone profit after tax for the year was Rs302 crore, as compared to Rs1,242 crore in the corresponding period last year.

In the domestic market, the commercial vehicles sales for the year ended March 31, 2013, stood at 536,232 units, driven by the LCV segment, and the company's overall market share in commercial vehicles stood at 59.5 percent for the year. The passenger vehicles sales, stood at 229,325 units for the year ended March 31, 2013, and the overall market share stood at 8.9 percent.

Jaguar Land Rover automotive (figures as per IFRS)

JLR wholesales for the quarter ended March 31, 2013, grew 18.7 percent over corresponding period last year to 116,340 units, its strongest ever quarterly global sales performance reflective of growth across its markets. Of this, the Jaguar volumes for the period stood at 21,163 units (growth of 49.9 percent over corresponding period last year) and Land Rover volumes at 95,177 units (growth of 13.4 percent over corresponding period last year). Strong growth follows the introduction of new products, smaller engine options, and new all-wheel drive in XF and XJ.

Revenues for the quarter ended March 31, 2013, of GBP5,053 million represented a growth of 21.9 percent over GBP4,144 million during the corresponding quarter last year. Operating profit (EBITDA) at GBP856 million in the quarter, represented a growth of 41.5 percent over GBP605 million during the corresponding quarter last year. The profit before tax for the quarter ended March 31, 2013, was GBP508 million (GBP530 million in the corresponding quarter last year). Profit after tax for the quarter is GBP378 million (GBP696 million in the corresponding quarter last year).

The revenues for the year ended March 31, 2013 were GBP15,784 million as compared to GBP13,512 million in the corresponding period last year. The operating profit and margin for FY13, stood at GBP2,402 million and 15.2 percent respectively reflecting volume increase, favourable exchange rate, richer product mix supported by launch of new Range Rover, richer market mix supported by continued growth in China higher EBITDA is partially offset by increase in depreciation and amortisation and exchange on revaluation of loans, resulting in a lower growth in profit before tax .Profit before tax for year ended March 31, 2013 were GBP1,675 million (GBP1,507 million for the corresponding period last year). Profit before tax is offset by a higher tax charge, which is a consequence of the recognition of a deferred tax asset in the quarter ended March 31, 2012. Profit after tax for the year ended March 31, 2013, were GBP1,215 million (GBP1,481 million for the corresponding period last year).

JLR issued new 10-year bond of USD 500 million at 5.625 percent annually during January 2013.

TML Holdings, a wholly owned subsidiary of Tata Motors, and parent company of Jaguar Land Rover Automotive issued five year senior notes of SGD350 million at 4.25 percent during May 2013.

Tata Daewoo (figures as per Korean GAAP)

Tata Daewoo Commercial Vehicles registered net revenues of KRW824 billion and recorded a loss after tax of KRW9 billion in the year ended March 31, 2013 after considering a one time provision under Korean GAAP in consequence of a court judgment which is being contested.

Tata Motors Finance

Tata Motors Finance, the company's captive financing subsidiary, registered net revenue from operations of Rs2,890 crore and reported a profit after tax of Rs309 crore for the year ended March 31, 2013 (a growth of 29 percent over the corresponding period last year at Rs240 crore)

Dividend

Considering the overall performance and results and also having regard to the continued weak operating environment in the standalone business, the board of directors has taken a prudent view and recommended a lower dividend of Rs2 per ordinary share of Rs2 each and Rs2.10 per 'A' ordinary shares of Rs2 each for FY13 (previous year Rs4 per ordinary share of Rs2 each and Rs4.10 per 'A' ordinary shares of Rs2 each), subject to approval of the shareholders. Tax on dividend will be borne by the company.