Consolidated Net Revenue grows by 36.5% in Q2 FY 2010-11
Consolidated Profit Rs. 2,223 crores (Rs. 22 crores in Q2 FY 2009-10)
Consolidated Financial Results for the Quarter and Half year ended September 30, 2010
The Tata Motors Group today reported consolidated revenues (net of excise) for the quarter ended September 30, 2010 of Rs. 28,782 crores, posting a growth of 36.5% over Rs. 21,088 crores in the corresponding quarter of the previous year, with strong volume growth globally in all major markets. The Consolidated Profit before Tax (PBT) for the quarter was Rs. 2,523 crores, compared to a PBT of Rs. 287 crores for the corresponding quarter last year. The Consolidated Profit for the period (post minority interest and profit in respect of Associate companies) for the quarter was Rs. 2,223 crores, a significant increase from a profit of Rs. 22 crores in the corresponding quarter last year.
The consolidated revenues (net of excise) for the Half year ended September 31, 2010 was Rs.55,838 crores posting a growth of 48.7% over Rs. 37,561 crores in the first half last year. The Consolidated Profit (post minority interest and profit in respect of Associate companies) for the Half year was Rs.4,212 crores as compared to loss of Rs. 307 crores in the first half last year.
Subsidiary Highlights
The Jaguar Land Rover business continued to show strong profitability, with healthy volumes in Q2 FY2010-11, reporting a Profit after Tax of GBP 238 million (Rs. 1,715 crores). Both wholesale and retail volumes, improved favorably as compared to the corresponding quarter in the prior year, on the back of improved market conditions and continued overwhelming response.
Tata Daewoo Commercial Vehicles Co. Ltd. registered a y-o-y quarterly decline of 8.5% in net revenues, mainly resulting from lower exports and ramp up state of operations in newly formed distribution company.
Tata Motors Finance Limited, the company’s captive financing subsidiary, reported a net profit of Rs. 45 crores in Q2 FY 2010-11.
Tata Motors Stand-Alone Financial Results for the Quarter and Half year ended September 30, 2010
Tata Motors gross revenue for the quarter ended September 30, 2010, was Rs. 12,475 crores (quarter ended September 30, 2009: Rs. 8,592 crores).
Revenues (net of excise) of Rs. 11,504 crores, represented a growth of 44.2% over Rs. 7,978 crores in the corresponding quarter last year. Cost pressure, supply chain bottlenecks resulted in a dip in the operating margins to 9.7%, resulting in an Operating Profit (EBITDA) of Rs. 1,118 crores in the quarter (quarter ended September 30, 2009: Rs. 1,066 crores). The PBT for the quarter is Rs.537 crores (quarter ended September 30, 2009: Rs. 907 crores, which included profit of Rs. 370 crores on sale of investments, which were not liable to tax). The PAT for the quarter is Rs. 433 crores (quarter ended September 30, 2009: Rs. 729 crores).
The standalone revenues (net of excise) for the Half year ended September 30, 2010 was Rs.21,920 crores posting a growth of 52.4% over Rs. 14,382 crores in the first half last year. The Profit for the Half year was Rs.828 crores (half year ended September 30, 2009: Rs. 1,243 crores which included profit of Rs 689 crores on sale of investments, which were not liable to tax).
Favorable macroeconomic conditions, good monsoons and good finance availability led to robust domestic demand during the quarter, resulting in volume growth across all segments. In the domestic market, the company’s commercial vehicles sales increased by 23.4% year-on-year to 110,630 units. The company’s market share in commercial vehicles was 61.1%.
Passenger vehicles, including Fiat and Jaguar and Land Rover vehicles distributed in India, grew by 35.5% year-on-year in the domestic market to 82,564 units driven by continued overwhelming response to the Tata Indigo Manza, the Tata Indica Vista and the Tata Nano. The market share in passenger vehicles stood at 14.06% as compared to 12.86% in H1 FY2009-10. Driven by the Manza, the company’s exit market share in the entry-midsize segment has increased substantially to 42.7% compared to 25% in September, 2009.
