May 19, 2004
Highest ever revenues, profits and sales volumes
PAT at Rs.810.34 crores grows by 170%. Revenues up 42.9%
Total dividend of 80% (including interim dividend of 40%)
Tata Motors reported a Profit Before Tax of Rs.438.42 crores in the quarter ended March 31, 2004, an increase of 88.7% over Rs.232.38 crores in the same period last year. Revenues, including Excise Duty, increased by 35.3% to Rs.4859 crores. Profit After Tax for the quarter was Rs.292.47 crores, representing an increase of 112.6%.
Commercial vehicle sales in the domestic market for the quarter were 47,579 nos., an increase of 41.7% over the same period last year. Passenger vehicle sales in the domestic market of 42,801 units represented a growth of 19.8% over the corresponding period last year.
Sustained economic growth and buoyant market conditions enabled the Company to record its highest ever revenues and profits with sales volume of 3,14,259 vehicles for the year ended March 31, 2004.
Total revenues, including Excise Duty, for the year ended March 31, 2004 improved by 42.9% to Rs.15493.52 crores (Previous year Rs.10840.70 crores). Higher revenues and continued improvement in fiscal management enabled the Company post an operating profit of Rs.1881.80 crores as against Rs.1139.41 crores in 2002-03. The Company reported a Profit Before Tax of Rs.1292.34 crores as against Rs.510.37 crores in the previous year. The Profit After Tax was Rs.810.34 crores, after provision of Rs.482 crores for current and deferred tax (Previous year: Profit After Tax of Rs.300.11 crores).
Commercial vehicle sales in the domestic market for the year were 1,52,195 nos., a growth of 43.7% over last year. The Company gained market shares across all segments, with a year-end market share of 58.5%, an increase of 2.9%. Sales of Passenger vehicles at 1,40,018 vehicles, represented an increase of 34.4% over the previous year. The Company’s market share in the overall passenger vehicle segment, stood at 15.5% against 14.7% in the previous fiscal. The Tata Indigo has remained a market leader since its launch in December 2002.
The Company exported 22,046 vehicles during the year, an increase of 124.8% over 9,809 vehicles sold in the corresponding period last year.
During the year the Company completed the acquisition of Daewoo Commercial Vehicle Company, which is Korea’s second largest truck maker, with a market share of approximately 25% in the domestic heavy truck market.
In view of the Company’s performance, the Board of Directors has recommended a final dividend of Rs.4/- per share, bringing the total dividend for the year to Rs.8/- per share, including interim dividend of Rs.4/- per share declared on January 22, 2004.
The Annual General Meeting of the Company will be held on July 8, 2004 to consider the accounts for FY 2003-04.
The audited financial results of the Company for the quarter and the year ended March 31, 2004 are enclosed.