Tata Motors – Q1 FY 2010-11 Standalone and Consolidated Results


The Tata Motors Group today reported consolidated revenues (net of excise) of  27,055.57 crores, posting a growth of 64.2% over 16,472.97 crores in the corresponding quarter of the previous year, with strong volume growth globally in all major markets. The Consolidated Profit before Tax (PBT) (post minority interest and profit in respect of Associate companies) for the quarter was  2,275.44 crores, compared to a Loss before Tax of  269.86 crores for the corresponding quarter last year. The Consolidated Profit after Tax (PAT) for the quarter was  1,988.73 crores, a significant turnaround from a loss of  328.78 crores in the corresponding quarter last year.

Tata Motors has reported a Basic Earnings Per Share (EPS) of  34.80 in Q1 FY2010-11 for its consolidated operations as against a Loss Per Share of  6.40 in Q1 FY2009-10. Tata Motors Stand-Alone Financial Results for the Quarter ended June 30, 2010 Tata Motors gross revenue for the quarter ended June 30, 2010, was  11,296.80 crores (quarter ended June 30, 2009:  6,930.43).

Revenues (net of excise) of  10,416.26 crores, represented a growth of 62.7% over 6,404.02 crores in the corresponding quarter last year. Volume growth, cost efficiencies and better realisations have led to a double digit operating margin of 11.28%, resulting in an Operating Profit (EBITDA) of  1,174.67 crores in the quarter (quarter ended June 30, 2009: 728.00 crores). The PBT for the quarter is 537.65 crores (quarter ended June 30, 2009: 548.04 crores, which included profit of 318.94 crores on sale of investments, which were not liable to tax) The PAT for the quarter is 395.72 crores (quarter ended June 30, 2009: 513.76 crores).

Overall economic growth, robust IIP and availability of liquidity led to robust domestic demand during the quarter, resulting in volume growth comprising both new products and the existing portfolio. In the domestic market, the company’s commercial vehicles sales increased by 38.7% to 100,186 units. The growth was mainly supported by medium and heavy commercial vehicles which grew by 62.4% year-on-year. The company’s market share in commercial vehicles was 61%.

Passenger vehicles, including Fiat and Jaguar and Land Rover vehicles distributed in India, grew by 56.0% in the domestic market to 77,858 units driven by continued overwhelming response to the Tata Indigo Manza, the Tata Indica Vista and the Tata Nano. The market share for Tata passenger vehicles for the period stood at 13.3% as compared to 11.2% in Q1 FY2009-10. Driven by the Manza, the company’s market share in the entry-midsize segment has increased substantially to 39.5% compared to 25.2% in Q1 FY 2009-10. Subsidiary Highlights

The Jaguar Land Rover business continued to show strong profitability, with increase in volumes coupled with significantly favourable currency movement in Q1 FY2010-11, reporting a Profit before Tax of GBP 233.82 million ( 1,590.25 crores). With the positive market
reception of the enhanced product range in an improved market environment as well as continued cost reduction efforts, the business was able to show sustained quarter on quarter improvement towards solid profitability in the quarter.

Wholesale volumes for Jaguar Land Rover in Q1 FY2010-11 were 57,153 units compared to 35,947 units in Q1 FY 2009-10. Its retail sales too improved favourably in the quarter, on the back of continued overwhelming response for Land Rover products and the newly launched XJ. There was a strong recovery across all the regions, with China standing out registering a growth of 104%.

Tata Daewoo Commercial Vehicles Company Limited registered a 20.9% growth in sales in the quarter. Tata Motors Finance Limited, the company’s captive financing subsidiary, reported a net profit of  23.52 crores and improved its NPA performance through better collection efficiency.