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Annual Results Financial Year 2000-01 Press kit

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June 14, 2001

AUDITED STATEMENT OF FINANCIAL RESULTS FOR THE YEAR ENDED MARCH 31, 2001

Particulars
Rs. Crores
   
FY 2000-2001
FY 1999-2000
1 Vehicle Production:(in Nos.)
  Commercial vehicles
95060
114876
  Utility vehicles & Passenger Cars
75971
89681
   
171031
204557
2. Vehicle Sales:(in Nos.)
  Commercial vehicles
82718
103171
  Utility vehicles & Passenger Cars
71880
82769
  Exports
15917
13425
 
(Rupees Crores)
3 Net Sales/Income from operations
8095.79
8789.91
4 Other Income
68.43
171.23
5 Total Expenditure
  (a) (Increase) / Decrease in stock in trade
(56.67)
(154.14)
  (b) Consumption of Raw Materials & Components
4728.07
5086.54
  (c) Staff Cost
608.15
702.28
  (d) Excise Duty
1292.24
1487.82
  (e) Other expenditure
1094.56
1052.87
  (f) Sub Total 5(a) to 5(e)
7666.35
8175.37
6 Profit/(Loss) before Interest, Depreciation & Amortisation [3+4-5]
497.87
785.77
7 Interest    
  (a) Gross Interest
498.91
539.06
  (b) Adjustment /Transfer to Capital Account
(55.33)
(119.38)
  (c) Net Interest
443.58
419.68
8 Amortisation of Deferred Revenue Expenditure
137.36
82.62
9 Depreciation
347.37
342.61
10 (Loss)/Profit for the year before extraordinary/exceptional items [6-7-8-9]
(430.44)
(59.14)
11 Extraordinary/Exceptional Items
  (a) Power Cost relating to Previous years
(48.99)
  (b) Employee Sesheettion Cost
(16.71)
  (c) (Adjustment) / Profit on Sale of Undertaking
(4.20)
134.34
  (d) Sub Total 11(a) to 11(c)
(69.90)
134.34
12 Profit/(Loss) After Tax [10-11]
(500.34)
75.20
13 Provision for Taxation
4.00
14 (Loss)/Profit After Tax [12-13]
(500.34)
71.20
15 Transfer From General Reserve
353.65
16 Investment Allowance (Utilised) Reserve Written Back
11.20
21.55
17 Balance Brought Forward From Previous Year
135.49
130.77
18 Amount Available For Appropriations [14+15+16+17]
0.00
223.52
19 Paid-up Equity Share Capital (Face value of Rs. 10 each)
255.90
255.90
20 Reserves excluding Revaluation Reserve
2997.88
3498.22
21 Basic and diluted EPS Rupees
2.78
22 Aggregate of Non-Promoter Shareholding
  – Number of Shares
191006447
197619136
  – Percentage of shareholding
74.65%
77.24%
23 Export Turnover (at F.O.B. value)
722.75
609.03
  US $ M
155.03
139.62

Notes:

  1. The market for Commercial Vehicles was adversely affected by the continued economic slow down, coupled with the effects of increase in sales tax for vehicles under the sales tax rationalization as also the substantial increase in diesel prices. The growth in Passenger Car market was also adversely affected. As a result, the Company’s total income for the year ended March 31, 2001 dropped to Rs.8164.22 crores, as against Rs.8961.14 crores in the previous financial year. The profit before interest, depreciation and amortisation was consequently lower at Rs.497.87 crores for the year as against Rs.785.77 crores for the previous financial year.

  2. With a higher amortisation charge of Rs.54.74 crores and extraordinary charges of Rs.69.90 crores, as against an extraordinary gain of Rs.134.34 crores in the previous year, the Company reported a loss of Rs.500.34 crores, against a profit after tax of Rs.71.20 crores in the previous year.

  3. During the year the Company intensified its efforts in the areas of cost reduction, quality enhancement and manpower rationalization, achieving a total cost saving of Rs.255 crores and an additional Rs.41 crores in gross interest outflow through tighter control on inventories and receivables.

  4. The Indica V2 launched in January 2001 has been highly successful and the Company believes that this would have a positive impact in the years ahead. The Tata Sumo regained its position as the largest selling multi utility brand in the country. In the Commercial Vehicle market, the Company launched a 25 tonne truck, which is now the largest selling in its category.

  5. The Company’s exports showed a growth of 19% over the previous year and accounted for 9% of the total sales turnover.

  6. While the economic situation in the future cannot be predicted, the Company is continuing its aggressive cost reduction programmes and new product offerings in the Passenger and Commercial Vehicle markets.

  7. In view of the losses incurred by the Company, the Board of Directors have not recommended Dividend for the year.

  8. The Annual General Meeting of the Company will be held on August 14, 2001 to consider the accounts for 2000-01.

Tata Motors Limited

RATAN N TATA
Chairman

Mumbai, June 14, 2001

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