Tuesday, November 15, 2011

Tata Motors Q2 Profit Drops On One-Time Forex Loss

Tata Motors Ltd., reported a lower net profit for the second quarter, both on consolidated and stand-alone basis, on one-time forex loss.



The Mumbai-based company posted a second-quarter consolidated net profit of Rs.1,877.33 crore or Rs.5.75 per share, compared with the Rs.2,222.99 crore or Rs.7.26 per share in the second quarter of 2011. Net profit and earning per shares fell by 16 percent and 11 percent, respectively.

The profit for the quarter included a forex loss of Rs.438.96 crore, compared with a gain of Rs.127.64 crore in the corresponding quarter last year on revaluation of foreign currency-borrowing, deposits and loans.

Its net revenue during the quarter rose by 27 percent to Rs.35,938.47 crore from the Rs.28,309.93 crore in the year-ago quarter, on the back of growth in volumes, improved product and market mix. "Other operating income" during the quarter was Rs.259.07 crore, compared with the Rs.209.29 crore in the prior-year's quarter.

During the quarter, the company sold 211,400 vehicles, comprising 130,126 units of commercial vehicles, 65,082 units of passenger cars and utility vehicles as also export of 16,192 vehicles. In the preceding-year quarter, it sold 207,645 units that comprised 110,603 units of commercial vehicles, 82,591 passenger cars and utility vehicles besides exporting 14,451 units.

For the first six months, Tata Motors posted a consolidated net profit of Rs.3,876.95 crore, down by eight percent from the Rs.4,211.72 crore in the first half of last year. Total revenue, including "other operating income", was Rs.69,486.34 crore, while it reported Rs.55,399.32 crore for the six months ended September 30 of last year, an increase of 25 percent.



Stand-alone Results

On a stand-alone basis, the company posted the second-quarter net profit of Rs.102.02 crore or Re.0.40 per share, compared with the Rs.432.70 crore or Rs.1.63 per share in the second-quarter of 2011. Net profit and earnings per share fell by 76 percent and 75 percent, respectively.

The stand-alone results for the quarter included a one-time charge of Rs.294.20 crore, compared with a gain of Rs.3.78 crore on revaluation of foreign currency-borrowings, deposits and loans.

Its net revenue during the quarter rose by 15 percent to Rs.12,886.18 crore from Rs.11,194.42 crore in the year-ago quarter, while "other operating income" totaled Rs.67.62 crore, compared with the Rs.54.46 crore in the prior-year's quarter.

For the first six months, Tata Motors posted a stand-alone net profit of Rs.503.30 crore, compared with the Rs.828.42 crore for the comparable period last year, registering a 39 percent decline. Total revenue, including "other operating income", was Rs.24,557.94 crore, up by 14 percent from the Rs.21,483.03 crore for the six months ended September 30 of last year.

The total number of vehicles sold during Apr.-Sept. 2011 was 409,006 units, compared with the 397,949 for the comparable period last year.

Jaguar Land Rover sales for H1FY12 stood at 130,090 units, representing a growth of around 14 percent over last year, on the back of better product and market mix with strong growth in China and Russia, it said.

Source: RTT News

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