Tata’s consolidated revenues up 30 percent

August 8: Tata Motors has reported consolidated revenues (net of excise) of Rs 43,324 crores for the quarter ended June 30, 2012, up 30.1 percent over Rs 33,289 crore in the year-earlier quarter on the back of strong growth in sales numbers of new products and favorable market mix at Jaguar Land Rover (JLR).

The Consolidated Profit before Exceptional item and Tax was Rs 3,623 crore, up 50.8 percent over Rs 2,403 crore in the year-earlier quarter. Consolidated PBT was Rs 3,183 crore, compared to Rs.2,346 crores for Q1 of 2011-12. The Consolidated Profit/loss (after tax and post minority interest and profit in respect of associate companies) for the quarter was Rs 2,245 crore as compared to Rs 2,000 crore in the corresponding quarter of the previous year. JLR tax expense for the quarter ended June 30, 2011, was lower consequent to utilization of past tax losses.

The Consolidated Profit for Q1 was impacted by exceptional items of Rs 441 crore (loss of Rs.57 crore in corresponding period last year) on account of exchange loss (net) including on revaluation of foreign currency borrowings, deposits and loans arising from the depreciation of the rupee.

Tata Motors standalone revenues (net of excise) were for the quarter ended June 30, 2012 of Rs 10,586 crores as compared to Rs 11,624 crores in the corresponding period last year. Weak macroeconomic parameters, excise duty increases and poor availability of freight affected volumes in the MHCV segment. Further, pressures on pricing in certain CV and passenger vehicle segments and lower volumes impacted operating margins.

The PBT for Q1 was Rs 237 crore as compared to Rs 466 crore in the corresponding period last year and the PAT for the quarter is Rs 205 crore as compared to Rs 401 crore in the corresponding period last year. The PBT and PAT for the quarter ended June 30, 2012, were adversely impacted by exchange loss (net) including on revaluation of foreign currency borrowings, deposits and loans arising from the depreciation of the rupee of Rs 161 crore.

Sales and exports of commercial and passenger vehicles for the quarter stood at 190,483 units, down 3.6 percent, as compared to the corresponding period last year. In the domestic market, the commercial vehicles sales for the quarter ended June 30, 2012, stood at 114,710 units, a growth of 1.3 percent over Q1 of last year. Growth was driven by small commercial vehicles. In the domestic market, Passenger vehicles, including Fiat and JLR distributed in India, stood at 62,619 units for the quarter ended June 30, 2012, a decrease of 9.9 percent over the corresponding period last year. The market share in passenger vehicles for quarter ended June 30, 2012, stood at 9.8 percent