Tata Motors group net revenues up 24 percent

The Tata Motors Group reported consolidated revenues (net of excise) of Rs 33,572 crore for the quarter ended June 30, 2011, posting a growth of 24.1 percent over Rs 27,056 crore in the corresponding quarter of the previous year. Consolidated Profit before Tax (PBT) for the quarter was Rs 2,346 crores, compared to Rs 2,275 crore for the year-earlier period. The Consolidated Profit (After Tax and post minority interest and profit in respect of Associate companies) for the quarter was Rs 2,000 crore as compared to Rs 1,989 crore in the corresponding quarter of the previous year.

In terms of stand-alone results for the quarter, Tata Motors' sales (including exports) of commercial and passenger vehicles stood at 197,606 units, up 3.8 percent as compared to the corresponding quarter of the previous year. In domestic markets, CV sales increased by 13. percent over the year-earlier quarter of the previous year to 113,186 units. CV marketshare was 60.1 percent.

Passenger vehicles, including Fiat and JLR vehicles distributed in India, declined by 10.7 percent over the year-earlier period to 69,529 units. The market share in passenger vehicles stood at 11.9 percent.

Gross revenues for the quarter were Rs 12,925 crore, 14.4 percent over Rs 11,297 crore in the corresponding quarter of the previous year. Revenues (net of excise) of Rs 11,898 crore grew 14.2 percent over Rs 10,416 crore in the year-earlier period.

Cost pressures, including commodity price increase, resulted in a reduction in the operating margins to 8.4 percent, and an operating profit (EBITDA) of Rs 999 crore in the quarter, declining by 15 percent over Rs 1,175 crore in the corresponding quarter of the previous year.

PBT for the quarter was Rs 466 crore as compared to Rs 538 crore in the corresponding quarter of the previous year. PAT was Rs 401 crore as compared to Rs 396 crore in the corresponding quarter of the previous year. JLR sales for the quarter ended June 30, 2011, stood at 62,090 units, up 4.9 percent over the year-earlier period due to strong growth in China and Russia. In May 2011, JLR successfully completed issue of 7-year and 10-year Bonds aggregating pound sterling one billion, part of which has been used for refinancing of existing loans and general corporate purposes. While a new vehicle assembly plant has been inaugurated in Pune, Jaguar has announced the new 2.2 litre diesel engine in the 2012 model year Jaguar XF and has confirmed its decision to build the C-X75 hybrid supercars. The Range Rover Evoque, to be launched in September 2011, has received about 18,000 bookings.