TATA: Consolidated Financial Results for the Quarter and Nine months ended December 31, 2011







Published by Gerald Ferreira Date: February 14, 2012
Categories: TATA Financial, Tata

  • Consolidated Net Revenue grows by  44% in Q3 FY 2011-12
  • Consolidated Profit Rs.3,406 crores (Rs. 2,424 crores in Q3 FY 2010-11)
  • Consolidated Net Revenue for Nine months ended December 31, 2011 crosses Rs 1  lakh crores

Consolidated  Financial Results for the Quarter and Nine months ended December 31, 2011

Tata Motors today reported  consolidated revenues (net of excise) of Rs.45,260 crores for the quarter ended  December 31, 2011, posting a growth of 44.0% over Rs.31,442 crores 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  Rs.4,658 crores, posting a growth of 68.7% over Rs.2,760 crores in the  corresponding quarter of the previous year. The Consolidated Profit before Tax  (PBT) for the quarter was Rs.4,494 crores, compared to Rs.2,728 crores 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 Rs.3,406 crores, as compared to Rs.2,424 crores in the  corresponding quarter of the previous year.

The  consolidated revenue (net of excise) for the Nine months ended December 31,  2011, was Rs.114,747 crores posting a growth of 32.1% over Rs.86,841 crores in  the corresponding period last year. The Consolidated Profit before Exceptional  item and Tax was Rs 9,770 crores, posting a growth of 30.7 % over Rs.7,472  crores in the corresponding period last year. The Consolidated Profit before  Tax (PBT) for the Nine months ended December 31, 2011 was Rs.9,110 crores,  compared to Rs.7,526 crores for the corresponding period last year after a  swing of Rs.714 crores in the period on account of Exceptional item (Exchange  loss (net) including on revaluation of foreign currency borrowings, deposits  and loans of Rs.660 crores in Nine months FY 2011-12 vs. gain of Rs.54 crores  in Nine months FY 2010-11).

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 Rs.7,283 crores, as compared to Rs.6,636  crores 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 Rs.13,338 crores represented a  growth of 18.2% over Rs.11,280 crores in the corresponding period last year.  Higher marketing spends and overall cost pressures, resulted in a reduction in  the operating margins to 6.7%, and an Operating Profit (EBITDA) of Rs.897  crores in the quarter, declining by 26.3% over Rs.1,217 crores in the  corresponding period last year.

The PBT  for the quarter is Rs.186 crores as compared to Rs.531 crores in the corresponding  period last year and the PAT for the quarter is Rs.174 crores as compared to  Rs.410 crores in the corresponding period last year.

The  standalone revenues (net of excise) for the Nine months ended December 31,  2011, was Rs.37,916 crores posting a growth of 15.7% over Rs.32,763 crores in  the corresponding period last year. During the period there was an impact of  Rs.282 crores of an Exceptional item (Nine months FY 2011-12 loss of Rs.375  crores versus a loss of Rs.93 crores in Nine months FY 2010-11) 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 (INR). After the impact of Exceptional item, the  Standalone Profit before Tax (PBT) for Nine months FY 2011-12 was Rs. 689  crores, compared to Rs.1,606 crores for the corresponding period last year. The  Standalone Profit After Tax for Nine months FY 2011-12 was Rs.677 crores, as  compared to Rs.1,239 crores in the corresponding period last year.

Tata  Motors' sales (including exports) of commercial and passenger vehicles for Nine  months FY 2011-12, stood at 640,334 units, representing a growth of 8.2% 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% over the corresponding  period last year. The commercial vehicles sales for the Nine months FY 2011-12  increased by 15.5% to 374,532 units, as compared to the corresponding period  last year. The Company's market share in commercial vehicles was 59.4% for Nine  months FY 2011-12.

Passenger vehicles, including Fiat and Jaguar and Land Rover  vehicles distributed in India, grew by 33.2% 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 FY 2011-12 declined by 2.0% 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% for Nine months FY 2011-12 largely driven by sales in the  recent quarter. The market share in Passenger vehicles for Q3 FY 2011-12 stood  at 14.6%.

Jaguar Land Rover PLC

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

Revenues  of GBP 3,746 million represented a growth of 40.9% over GBP 2,658 million in  the corresponding quarter last year. Strong profit performance was supported by  growth in volumes and favorable products and market mix. Operating margins for  the Quarter ended December 31, 2011, stood at 20.1% and an Operating Profit (EBITDA)  of GBP 752 million in the quarter, a growth of 62.8% over GBP 462 million in  the corresponding quarter last year. The PBT for the quarter is GBP 559 million  (GBP 300 million in the corresponding quarter last year) and the PAT for the  quarter is GBP 440 million (GBP 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 approximately  32,000 wholesale units till December 2011.

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

Tata  Daewoo

Tata  Daewoo Commercial Vehicles Co. Ltd. registered net revenues of Rs.704 crores,  and recorded a Net loss of Rs.1 crore in the quarter ended December 31, 2011.  This is mainly due to slowing down of economy which led to lower industry  sales.

Tata  Motors Finance

Tata  Motors Finance Ltd, the Company's captive financing subsidiary, registered net  revenues of Rs.524 crores and reported a Profit After Tax of Rs.71 crores in  quarter ended December 31, 2011.

The  Financial Results for the  quarter ended December 31, 2011, are  enclosed.