Consolidated Financial Results for the Quarter and Nine months ended December 31, 2012
Tata Motors today reported Consolidated revenues (net of excise) of Rs.46,090 crores for the quarter ended December 31, 2012, a growth of 1.8% over Rs.45,260 crores for the corresponding quarter of the previous year, on the back of strong demand, growth in volumes and favourable market mix at Jaguar Land Rover (JLR). The Consolidated Profit Before Tax for the quarter was Rs.2,668 crores, as compared to Rs.4,494 crores for the corresponding quarter of the previous year and the Consolidated Profit (after tax and post minority interest and profit in respect of associate companies) for the quarter was Rs.1,628 crores as compared to Rs.3,406 crores for the corresponding quarter of the previous year.
The Consolidated revenue (net of excise) for the Nine months ended December 31, 2012, was Rs.1,32,816 crores, posting a growth of 15.7% over Rs.1,14,747 crores for the corresponding period last year. The Consolidated Profit Before Tax for the Nine months ended December 31, 2012, was Rs.8,939 crores, compared to Rs.9,110 crores for the corresponding period last year. The Consolidated Profit (after tax and post minority interest and profit in respect of associate companies) for the Nine months ended December 31, 2012, was Rs.5,947 crores, compared to Rs.7,283 crores for the corresponding period last year.
Tata Motors Standalone Financial Results for the Quarter and Nine months ended December 31, 2012
The sales (including exports) of commercial and passenger vehicles for the quarter ended December 31, 2012, stood at 2,05,291 units, a decline of 11.3% as compared to the corresponding period last year. Weak macro-economic environment and competitive pressures on pricing, continued to impact the operations during the quarter. The revenues (net of excise) for the quarter ended December 31, 2012, stood at Rs.10,630 crores, as compared to Rs.13,338 crores for the corresponding quarter of the previous year. The operating margin was 2.2% for the quarter ended December 31, 2012, as compared to 6.7% for the corresponding quarter last year. Loss Before Tax and Loss After Tax for the quarter ended December 31, 2012 was Rs.601 crores and Rs.458 crores, respectively, against the Profit Before Tax and Profit After Tax of Rs.186 crores and Rs.174 crores, respectively, for the corresponding quarter last year.
The revenues (net of excise) for the Nine months ended December 31, 2012, were Rs.33,698 crores as compared to Rs.37,916 crores in the corresponding period last year. The Operating margin for the Nine months ended December 31, 2012, stood at 5.2%. Profit Before Tax and Profit After Tax for Nine months ended December 31, 2012, was Rs.660 crores and Rs.614 crores, respectively, against Rs.689 crores and Rs.677 crores, respectively, for the corresponding period last year. The Profit Before Tax for the period included dividend from Jaguar Land Rover and other subsidiaries amounting to Rs.1,575 crores (Rs.105 crores in the corresponding period last year).
In the domestic market, the commercial vehicles sales for the quarter ended December 31, 2012, stood at 1,38,963 units, driven by the LCV segment, and the Company’s overall market share in commercial vehicles improved sequentially and stood at 62.6% for the quarter. The passenger vehicles sales, stood at 54,675 units for the quarter ended December 31, 2012, and the overall market share in passenger vehicles stood at 8.4% for the quarter and 10.1% for the period ended December 2012.
Jaguar Land Rover Automotive plc – (figures as per IFRS)
JLR wholesales for the quarter ended December 31, 2012, grew 9.9% over corresponding period last year to 94,828 units. Of this, the Jaguar volumes for the period stood at 15,043 units and Land Rover volumes at 79,785 units. Growth in volumes is driven by continued strong demand from China and sales of Range Rover Evoque and Freelander.
Revenues for the quarter ended December 31, 2012, of GBP 3,804 million represented a growth of 1.5% over GBP 3,749 million during the corresponding quarter last year. Operating profit (EBITDA) stood at GBP 533 million in the quarter, as compared to GBP 639 million during the corresponding quarter last year. Operating margin for the quarter ended December 31, 2012, stood at 14.0%, lower than a strong quarter a year ago, reflecting product mix, the ongoing effect of higher marketing costs compared to the low levels experienced in Q3 of the prior year, launch costs of the all-new Range Rover, run out of the earlier Range Rover, and continued growth in product investments and related costs to support future business growth. The Profit Before Tax for the quarter ended December 31, 2012, was GBP 404 million (GBP 509 million in the corresponding quarter last year). Profit After Tax for the quarter is GBP 296 million (GBP 393 million in the corresponding quarter last year).
The revenues for the Nine months ended December 31, 2012, were GBP 10,730 million as compared to GBP 9,367 million in the corresponding period last year. The Operating margin for the Nine months ended December 31, 2012, stood at 14.4%. Profit Before Tax and Profit After Tax for Nine months ended December 31, 2012, were GBP 1,168 million and GBP 837 million, respectively, against GBP 976 million and GBP 785 million, respectively, for the corresponding period last year. Continued strong revenue and operating performance were supported by strong demand for our products, favourable market mix and exchange rate environment and was partially offset by the model mix.
JLR issued new 10 year bond of USD 500 million at 5.625% p.a. during January 2013.
Tata Daewoo
Tata Daewoo Commercial Vehicles Co. Ltd. registered net revenues of KRW 175 billion and recorded a Profit After Tax of KRW 586 million in the quarter ended December 31, 2012.
Tata Motors Finance
Tata Motors Finance Ltd, the Company’s captive financing subsidiary, registered net revenue from operations of Rs.757 crores and reported a Profit After Tax of Rs.84 crores the quarter ended December 31, 2012.
