The automaker's reported 2 percent fall in consolidated net profit to Rs 3,507.54 crore in the third quarter ended December, due to weaker sales mix and higher depreciation costs.
11 Feb 2016 | 3487 Views | By Autocar Professional Bureau
Tata Motors today reported 2 percent fall in consolidated net profit to Rs 3,507.54 crore in the third quarter ended December, due to weaker sales mix and higher depreciation costs.
The company had posted a consolidated net profit of Rs 3,580.72 crore in the same period a year ago. ...
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Tata Motors today reported 2 percent fall in consolidated net profit to Rs 3,507.54 crore in the third quarter ended December, due to weaker sales mix and higher depreciation costs.
The company had posted a consolidated net profit of Rs 3,580.72 crore in the same period a year ago. Net sales in the third quarter of 2015-16 were up 3.71 percent at Rs 71,686.12 crore, as against Rs 69,121.61 crore in the year-ago period.
The company said its profit was lower due to weaker sales mix (both model and market), higher depreciation and amortisation expenses, non recurrence of an annual China tax rebate (received in the third quarter of 2014-15, but in current year it was received only in the first quarter of 2015-16) and other items in the Jaguar Land Rover business.
Tata Motors standalone financial results for Q3 FY2016
During the quarter, M&HCV segment continued its growth trajectory with volume growth of 14.8% Y-o-Y on the back of the continued replacement demand, initial fleet expansion demand and better profitability of the freight operators.
The strong growth in M&HCV has led to the overall revenue of the Company increasing to Rs 10,001 crores with a growth of 10.4% Y-o-Y.
While the overall LCV segment continued to decline, several segments of the LCV, both in goods and passenger carrier segment, witnessed positive growth momentum during the quarter. SCV segment (which is part of LCV), though declined during the quarter, the automaker said.
The sales (including exports) of commercial and passenger vehicles for the quarter ended December 31, 2015, stood at 123,295 units, a decline of 3.3%, as compared to the corresponding quarter last year. The standalone business continued to be in the red though with the loss after tax for the quarter ended Rs 201 crore, against Rs 2,123 crore.
JLR revenue hit by slow offtake in China
Jaguar Land Rover wholesales were were 137,631 units and 128,643 units up 12.6% and 15.3% Y-o-Y, respectively. China JV wholesales and retails for the quarter were 12,830 units and 9,010 units.
Revenues for the quarter stood at £5,781 million (Rs 56,977 crore), compared to £5,879 million (Rs 57,943 crore) for the corresponding quarter last year. Operating profit (EBITDA) for the quarter was £834 million (Rs 8,220 crore), compared to £1,096 million (Rs 10,802 crore) for the corresponding quarter last year reflecting the overall higher wholesales, offset by lower sales in China primarily driven by the localisation of Evoque and Discovery Sport production and softer sales mix as well as non recurrence of an annual China tax rebate (received in Q3 FY 15 but in current year it was received in Q1) and other items.
JLR’s profit after tax was £440 million (Rs 4,338 crore) for the quarter ended December 31, 2015 compared to profit after tax of £593 million (Rs 5,847 crore) in the corresponding quarter last year.
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