Tata Motors Q3 net up 41% on strong JLR sales‎

CEO of Jaguar Land Rover Ralf Speth, Managing Director of India Operations for Tata Motors P.M. Telang and CFO of Tata Motors C.Ramakrishnan (Left to Right) attend a news conference to announce Tata Motors Q3 Result

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.

Source: Tata Motors

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

Tata Motors Ltd to announce Q2 results on Nov 14, 2011; Analysts Estimates

A meeting of the Board of Directors of Tata Motors Ltd will be held on November 14, 2011, to consider the audited Standalone Results as well as the unaudited Consolidated results (with limited review) for the second quarter ended September 30, 2011 of the Accounting Year 2011-2012 (Q2).

Tata Motors Sept qtr PAT seen up at Rs 2134.1 cr: Emkay

Emkay Global Financial Services has come out with its earning estimates on automobiles sector for the quarter ended September 2011. According to the research firm, Tata Motors September quarter net sales are expected to go up by 20.7% at Rs 34741.4 crore, year-on-year, (YoY) basis.

The company's net profit is expected to go up 1.1% at Rs 2134.1 crore on YoY basis.

Tata Motors Sept qtr PAT seen up at Rs 2325 cr: KRChoksey

KRChoksey has come out with its earning estimates on automobiles sector for the quarter ended September 2011. According to the research firm, Tata Motors September quarter net sales are expected to go up by 16% at Rs 31188 crore, year-on-year, (YoY) basis.

The company's net profit is expected to go up 17% at Rs 2325 crore on YoY basis.

Tata Motors Sep qtr PAT seen at Rs 1973cr: Angel Broking

Angel Broking has come out with its earning estimates on automobile sector for the quarter ended September 2011. According to the research firm, Tata Motors September quarter net sales are expected to go up by 21% at Rs 34581 crore, year-on-year (YoY) basis.

The company's net profit is expected to go down by 11.2% at Rs 1973 crore on YoY basis.



Source: MoneyControl

Tata Motors - Q1FY12 Standalone & Consolidated Result

Tata Motors Limited

NSE: TATAMOTOR

BSE:  500570

NYSE: TTM

Nasdaq: TTM

Standalone & Consolidated result for the Q1 FY12.

Standalone Result

• The standalone gross revenue of the Tata Motors Ltd increased 14.4 % to Rs. 12925 Cr for the quarter ended 30th Jun 2011 against Rs. 11297 Cr for the quarter ended 30th Jun 2010. But the same is significantly lower by 17.9% than the previous quarter (Quarter ending 31st Mar 2011 has net sales of Rs. 14,632 Cr).  
• The standalone net profit of the Tata Motors increased insignificantly by 1.4% to Rs. 401.28 Cr for the quarter ended 30th Jun 2011 against Rs. 395.72 Cr for quarter ended 30th Jun 2010. But the same is significantly lower by  30.0 % than the previous quarter (Quarter ended 31st Mar 2011 has net profit of Rs. 573 Cr).

Our analysis on standalone result of Tata Motors:

1. The standalone revenue & net profit has always declined for Tata Motors in the first quarter of the Financial Year in the past 4 Years. Hence it is not a major issue.
2. Tata Motors said cost pressures, including commodity price increase, resulted in a reduction in the operating margins to 8.4% (against 11.28 % in the same quarter of previous financial year),  and an Operating Profit (EBITDA) of Rs. 999 crores in the quarter, declining by 15.0% over Rs. 1,175 crores in the corresponding quarter of the previous year.
3. Tata Motors' sales (including exports) of commercial and passenger vehicles for the quarter stood at 197,606 units, representing a growth of 3.8 %.
4. In the domestic market, commercial vehicles sales increased 13 per cent to 113,186 units as against 100,186 units in the same quarter of previous financial year. The company's market share in commercial vehicles reduced to 60.1% as against 61% in the same quarter of the previous financial year.
5. In the domestic market, Passenger vehicles sales (including Fiat, Jaguar & Land Rover vehicles) declined  10.7 % to 69,529 units as against 77,858 units in the same quarter of previous financial year. The company's market share in commercial vehicles reduced to 11.9 % as against 13.3 % in the same quarter of the previous financial year. 

Consolidated Result

• The net revenue of the group increased by 24.1 % to Rs. 33572 Cr for the quarter ended 30th Jun 2011 as against Rs. 27056 Cr for the quarter ended 30th Jun 2010. But the same has declined against the previous quarter by 6.1 % (Net sales for the quarter ending 31st Mar 2011 stood at Rs. 35848 Cr).
• The net profit of the group increased by 0.55 % to Rs. 1999.62 Cr for the quarter ended 30th Jun 2011 as against Rs. 1988.73 Cr for the quarter ended 30th Jun 2010. Net profit declined by 24.47 % QoQ (Net profit for the quarter ending 31st Mar 2011 stood at Rs. 2638 Cr).

Our analysis on consolidated result of Tata Motors:

1. Similar to the standalone case, the net profit of the group has always declined in the first quarter of the financial year from past 3 yrs, though this may be the biggest fall. 
2. JLR revenue rose 19.9% to 2.712 billion Pounds in Q1 FY12 against 2.262 billion Pounds in Q1 FY11. Cost pressures and impact of exchange rates resulted in a marginal reduction in the operating margins to 15.1%. EBITDA rose 16.9% to 408 million pounds in Q1 June 2011 over Q1 June 2010. Profit after tax fell 3.09% to 219 million pounds in Q1 June 2011 over Q1 June 2010. 
3. n May 2011, JLR successfully completed issue of 7-year and 10-year Bonds aggregating GBP 1 Billion, part of which has been used for refinancing of existing loans and general corporate purposes.
4. A new vehicle assembly plant was inaugurated in Pune, India, in May 2011. The facility at present is assembling Land Rover's Freelander 2 vehicles supplied in Complete Knock Down (CKD) form, from the Halewood manufacturing plant in Liverpool.
5. Tata Daewoo Commercial Vehicles Company reported net revenues of Rs. 880 crore and a profit after tax of Rs. 16 crore for Q1 June 2011.  
6. Tata Motors Finance, the company's captive financing unit, reported net revenue of Rs. 240 crore and a profit after tax of Rs. 49 crore for Q1 June 2011.
7. JLR sold 62090 units in quarter against 57,153 units (rise of 8.63 %).
8. Jaguar has announced the new 2.2 litre diesel engine in the 2012 model year Jaguar XF and has also confirmed its decision to build the C-X75 hybrid supercars. The much awaited Range Rover Evoque, being launched in September 2011, has received significant expression of interest and around 18,000 bookings. It already received the "Car of the Year" award from the UK's largest auto magazine, AutoExpress.
9. The company incurred heavy more marketing expenses in the quarter for the promotion of new vehicle Range Rover Evoque.