February 14, 2012

Tata Motors' consolidated net revenue grows by 44 per cent in Q3 FY2011-12

  • Consolidated profit Rs3,406 crore (Rs2,424 crore in Q3 FY 2010-11
  • Consolidated net revenue for nine months ended December 31, 2011 crosses Rs1 lakh crore
Consolidated Financial Results for the Quarter and Nine months ended December 31, 2011

Mumbai: Tata Motors, today, reported consolidated revenues (net of excise) of Rs45,260 crore for the quarter ended December 31, 2011, posting a growth of 44 per cent over Rs31,442 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 item and tax was Rs4,658 crore, posting a growth of 68.7 per cent over Rs2,760 crore in the corresponding quarter of the previous year. The consolidated profit before tax (PBT) for the quarter was Rs4,494 crore, compared to Rs2,728 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 Rs3,406 crore, as compared to Rs2,424 crore in the corresponding quarter of the previous year.

The consolidated revenue (net of excise) for the nine months ended December 31, 2011, was Rs114,747 crore posting a growth of 32.1 per cent over Rs86,841 crore in the corresponding period last year. The consolidated profit before exceptional item and tax was Rs9,770 crore, posting a growth of 30.7 per cent over Rs7,472 crore in the corresponding period last year. The consolidated profit before tax (PBT) for the nine months ended December 31, 2011, was Rs9,110 crore, compared to Rs7,526 crore for the corresponding period last year after a swing of Rs714 crore in the period on account of exceptional item (exchange loss (net) including on revaluation of foreign currency borrowings, deposits and loans of Rs660 crore in nine months FY2011-12 versus a gain of Rs54 crore in nine months FY2010-11). The consolidated profit (after tax and post minority interest and profit in respect of associate companies) for the nine months ended December 31, 2011, was Rs7,283 crore, as compared to Rs6,636 crore in the corresponding period last year.

Tata Motors stand-alone financial results for the quarter and nine months ended December 31, 2011

Tata Motors standalone revenues (net of excise) of Rs13,338 crore represented a growth of 18.2 per cent over Rs11,280 crore in the corresponding period last year. Higher marketing spends and overall cost pressures resulted in a reduction in the operating margins to 6.7 per cent, and an operating profit (EBITDA) of Rs897 crore in the quarter, declining by 26.3 per cent over Rs1,217 crore in the corresponding period last year.

The PBT for the quarter is Rs186 crore as compared to Rs531 crore in the corresponding period last year and the PAT for the quarter is Rs174 crore as compared to Rs410 crore in the corresponding period last year.

The standalone revenues (net of excise) for the nine months ended December 31, 2011, was Rs37,916 crore posting a growth of 15.7 per cent over Rs32,763 crore in the corresponding period last year. During the period there was an impact of Rs282 crore of an exceptional item (nine months FY2011-12 loss of Rs375 crore versus a loss of Rs93 crore in nine months FY2010-11) as compared to the same 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. After the impact of exceptional item, the standalone profit before tax (PBT) for nine months FY2011-12 was Rs689 crore, compared to Rs1,606 crore for the corresponding period last year. The standalone profit after tax for nine months FY2011-12 was Rs677 crore, as compared to Rs1,239 crore in the corresponding period last year.

Tata Motors' sales (including exports) of commercial and passenger vehicles for nine months FY2011-12, stood at 640,334 units, representing a growth of 8.2 per cent as compared to the corresponding period last year. In the domestic market, the company’s commercial vehicles sales for the quarter ended December 31, 2011, stood at 131,220 units, an increase of 15.5 per cent over the corresponding period last year. The commercial vehicles sales for the nine months FY2011-12 increased by 15.5 per cent to 374,532 units, as compared to the corresponding period last year. The company's market share in commercial vehicles was 59.4 per cent for nine months FY2011-12.

Passenger vehicles, including Fiat and Jaguar and Land Rover vehicles distributed in India, grew by 33.2 per cent in the domestic market for the quarter ended December 31, 2011, as compared to the corresponding period last year to 85,963 units. Sales for the nine months FY2011-12 declined by 2 per cent to 220,574 units, as compared to the corresponding period last year. Focused network actions have positively influenced retail sales. The market share in passenger vehicles improved to 12.6 per cent for nine months FY2011-12 largely driven by sales in the recent quarter. The market share in passenger vehicles for Q3 FY2011-12 stood at 14.6 per cent.

Jaguar Land Rover

Jaguar Land Rover sales for nine months FY2011-12, stood at 216,412 units, representing a growth of 21.9 per cent as compared to the corresponding period last year supported by better product and market mix with strong growth in China and Russia. Sales for the quarter ended December 31, 2011, grew 36.7 per cent to 86,322 units supported by the overwhelming response to the recently launched Range Rover Evoque.

Revenues of £3,746 million represented a growth of 40.9 per cent over £2,658 million in the corresponding quarter last year. Strong profit performance was supported by growth in volumes and favourable products and market mix. Operating margins for the quarter ended December 31, 2011, stood at 20.1 per cent and an operating profit (EBITDA) of £752 million in the quarter, a growth of 62.8 per cent over £462 million in the corresponding quarter last year. The PBT for the quarter is £559 million (£300 million in the corresponding quarter last year) and the PAT for the quarter is £440 million (£280 million in the corresponding quarter last year).

The recently launched new products continue to receive positive response. The newly launched Range Rover Evoque clocked up approximately 32,000 wholesale units till December 2011.

Jaguar Land Rover tied up the revolving credit facility (RCF) with a consortium of banks for committed 3-5 year credit lines of £610 million which has since been upsized to £710 million. This will enable Jaguar Land Rover to have access to such funding as and when required and enable optimisation of cash balances, while strengthening the liquidity position.

Tata Daewoo

Tata Daewoo Commercial Vehicles Company registered net revenues of Rs704 crore, and recorded a net loss of Rs1 crore in the quarter ended December 31, 2011. This is mainly due to slowing down of the economy which led to lower industry sales.

Tata Motors Finance

Tata Motors Finance, the company's captive financing subsidiary, registered net revenues of Rs524 crore and reported a profit after tax of Rs71 crore in the quarter ended December 31, 2011.