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Tata Motors reported a growth of 10% in Consolidated Net Revenue for Q2FY18 at Rs. 70,156 crores and a growth of 195% in Consolidated PAT at Rs. 2,502 crores
Key Highlights:
Tata Motors Ltd today declared Consolidated Financial Results for the Quarter and Half Year ended September 30, 2017 – as per Ind-AS
Consolidated Results – For the Quarter ended September 30, 2017
Tata Motors reported Consolidated Revenue (net of excise) of Rs.70,156 crores in Q2FY18 as against Rs.63,577 crores for the corresponding quarter last year, though lower by Rs. 2,393 crores due to translation impact from GBP to INR.
Consolidated Profit before tax for the quarter was Rs. 3,081 crores, against Rs. 999 crores for the corresponding quarter last year. Consolidated Profit after tax (post profit / loss in respect of joint ventures and associated companies) for the quarter was Rs. 2,502 crores against Rs. 848 crores for the corresponding quarter last year, though lower by Rs. 112 crores due to translation impact from GBP to INR.
Consolidated Results – For the Half Year ended September 30, 2017
Tata Motors reported Consolidated Revenue of Rs. 128,807 crores in H1FY18 against Rs. 128,692 crores for the corresponding period last year. The Consolidated Profit before tax (before exceptional item) was Rs.3,198 crores against Rs.3,071 crores for the corresponding period last year. Post the exceptional items, the Consolidated Profit before and after tax (post profit / loss in respect of associated companies) for H1FY18 was Rs.6,818 crores and Rs.5,702 crores, respectively, as against Rs.3,551 crores and Rs.3,109 crores, for the corresponding period last year.
Tata Motors Standalone Results*- For the Quarter and Half Year ended September 30, 2017
The sales (including exports) of commercial and passenger vehicles stood at 152,979 units in Q2FY18, a growth of 13.8%, as compared to Q2FY17, with an impressive growth across segments – 28% in MHCV, 35% in ILCV, 38% in SCV and pick-ups. The passenger vehicles grew by 14.4% versus the corresponding quarter last year.
The revenues (net of excise) for Q2FY18 stood at Rs. 13,400 crores, as compared to Rs. 10,311 crores for the corresponding quarter last year, a growth of 30%. Operating profit (EBITDA) for Q2FY18 was Rs. 971 crores versus Rs. 336 crores for Q2FY17, a growth of 189%, with operating margin for Q2FY18 at 7.2%. Loss before and after tax for the quarter was at Rs. 266 crores and Rs. 295 crores, against loss before and after tax of Rs. 609 crores and Rs. 631 crores, respectively, for the corresponding quarter last year.
For the half year ended September 30, 2017, the revenue was Rs. 22,607 crores against Rs. 20,704 crores for the corresponding period last year, a growth of 9%. Loss before tax for H1FY18 was Rs. 733 crores against Rs. 571 crores for the corresponding period last year. Loss after tax for H1FY18 was Rs. 762 crores as against Rs. 605 crores for the corresponding period last year.
In order to accelerate the growth momentum and to bring the business back to profitability, Tata Motors took the transformation journey to the next level with business turnaround as an immediate priority. With Q1 performance below expectations, Tata Motors witnessed a month-on-month growth in sales and market share in Q2 outperforming the industry and reaching highest sales in Sep’17 in PV since November 2012 and in CV since June 2014.
The Commercial Vehicles business market share grew by 1.7% (Y-o-Y) and 3.9% (Q-o-Q) on the back of newly launched products, increased acceptance of SCR technology, improved stakeholders’ engagement and aggressive market activation, well complemented at back end by steep ramp-up of production. Positive market sentiments post the GST regime, government funding in infrastructure development and restrictions on overloading with a higher demand of high tonnage vehicles contributed to the growth story.
In Passenger Vehicles business, new products like Tiago, Tigor and Hexa continue to drive sales momentum. Tata Nexon, the newly launched compact SUV has received overwhelming response from the market and added to the positive excitement.
Mr. Guenter Butschek, MD & CEO Tata Motors, said, “After a challenging first quarter, Tata Motors has demonstrated impressive results with month-on-month growth in sales and market share, enabled by a slew of new product launches and customer centric initiatives. With our turnaround plan in full action, we are seeing encouraging results and we will continue to drive sustainable profitable growth to meet our future aspirations.”
Jaguar Land Rover Automotive PLC – (figures as per IFRS)
Higher sales and profits reflect the continued ramp-up of new models such as the Range Rover Velar, Land Rover Discovery, Jaguar XF Sportbrake, Jaguar F-PACE and, in China, the Jaguar XFL. Retail sales grew 5.1% to 149,690, with increases in China (27.4%) and the US (5.1%) offsetting lower sales in the UK and Europe. The EBITDA margin was 11.8% and EBIT margin was 5.2% in the quarter.
Dr Ralf Speth, Jaguar Land Rover Chief Executive Officer, said: “We have delivered solid growth in quarterly profit and revenues amid rising demand for our award-winning products. Although we are facing headwinds and uncertainty in some markets, Jaguar Land Rover is well positioned to deliver further global expansion.”
As part of the company’s ongoing product offensive, manufacturing expansion and new technology programme, Jaguar Land Rover’s investment spending was more than £1 billion in the second quarter. Investment spending for the full year is expected to exceed £4 billion.
Dr Ralf Speth concluded: “Our expanding product portfolio continues to excite and surprise; coming this next quarter customers have the all-new Jaguar E-PACE and new plug-in hybrid Range Rover and Range Rover Sport to look forward to as well as a key new model from our China joint venture. Looking ahead to the rest of the year, we will continue to focus on our strategic objective of achieving profitable, sustainable growth and will continue to adapt and innovate in the current challenging market conditions.”
For the half year ended September 30, 2017:
Tata Daewoo Commercial Vehicles Co. Ltd – (figures as per Korean GAAP)
The Financial Results for the quarter ended September 30, 2017, are enclosed.
Notes:
* Tata Motors Standalone includes Joint Operations
Consolidated Net Revenue Q1 FY18 Rs.58,651 crores, Consolidated PAT Rs.3,200 crores
Consolidated Financial Results for the Quarter ended June 30, 2017 – As per Ind-AS
For the quarter ended June 30, 2017, Tata Motors reported consolidated revenues (net of excise) of Rs.58,651 crores as against Rs.65,115 crores for the corresponding quarter last year. Consolidated revenues for the quarter are lower by Rs.7,761 crores due to translation impact from GBP to INR. Consolidated Profit before tax for the quarter was Rs.3,737 crores, against Rs.2,551 crores for the corresponding quarter last year. Consolidated Profit before tax for the quarter includes one- time gain of Rs.3,609 crores (£437million) relating to the changes made to the Jaguar Land Rover pension plans.
The Operating performance broadly reflects:-
Consolidated Profit after tax (post profit / loss in respect of joint ventures and associate companies) for the quarter was Rs.3,200 crores, against the Consolidated Profit after tax (post profit / loss in respect of joint ventures and associate companies) of Rs.2,260 crores for the corresponding quarter last year. Consolidated Profit after tax (post profit / loss in respect of joint ventures and associate companies) for the quarter are lower by Rs.793 crores due to translation impact from GBP to INR.
Tata Motors Standalone Financial Results (including Joint Operations) for the Quarter ended June 30, 2017 – As per Ind-AS.
The sales (including exports) of commercial and passenger vehicles for the quarter ended June 30, 2017, stood at 111,860 units, a de-growth of 11.8%, as compared to the corresponding quarter last year, with M&HCV de-growth of 34.8% Y-o-Y , LCV growth of 0.2% Y-o-Y and passenger vehicles segment growth of 4.7% Y-o-Y. The revenues (net of excise) of the Standalone business (including Joint Operations) for the quarter ended June 30, 2017 stood at Rs.9,207 crores, as compared to Rs.10,393 crores for the corresponding quarter last year. Operating profit (EBITDA) of the Standalone business (including Joint Operations) for the quarter stood at Rs.3 crores. Loss before and after tax for the quarter ended June 30, 2017 was Rs.467 crores, against profit before and after tax of Rs.38 crores and Rs.26 crores, respectively, for the corresponding quarter last year.
In Commercial Vehicles business, across all the segments, the Company has gained month-on-month improvement in sales and market share. The Company is confident of further building on this trend with increased focus on stakeholders’ engagement and on the ground marketing activities.
In Passenger vehicles business, the Company’s new cars- Tiago, Hexa, Tigor- continue to show strong sales. The Company plans to launch, in the month of September, its new car Nexon, which is receiving positive reviews in the media.
Mr Guenter Butschek, MD & CEO Tata Motors, said, “While the first quarter results have not met our expectations, we are working with renewed focus and energy to improve performance of our Commercial and Passenger Vehicle businesses. Our focus on topline, market share growth, major cost reduction initiatives and efficiency improvements have been significantly enhanced and accelerated in the last few months. Leveraging the expected market recovery, we are confident that these initiatives will help us to present significant improvement of our financials in the coming quarters.”
Jaguar Land Rover Automotive PLC – (figures as per IFRS)
Retail sales for the quarter reached 137,463 vehicles, up 3.5% on the previous year led by the 2017 World Car of the Year, World Car Design of the Year and Women’s Car of the Year award- winning Jaguar F-PACE (up 86% year on year), following a sequence of successful market launches. Continuing strong demand was seen for well-established models such as the flagship Range Rover (up 14%) and Jaguar XF (up 22%), reflecting the successful launch of the long wheelbase model in China.
Sales were up year-on-year in China (30%) and North America (16%), while remaining stable in Europe (no change) and down in the UK (14%) including the timing impact of Vehicle Excise Duty introduced in April 2017.
Revenue for the quarter was £5.6 billion, up £244 million. Profit before tax was £595 million, up from £399 million in Q1 2016, including a £437 million one-off credit relating to recent changes designed to improve the sustainability of the Company’s defined benefit pension plans. This was offset by the expected seasonality of sales in Q1 following a strong Q4 of 2016/17, plus the continuation of launch and growth costs.
Dr Ralf Speth, Jaguar Land Rover Chief Executive Officer, said: “The foundation of our journey of sustainable, profitable growth continues to be our investment in products, plants and people as we become a technology-driven company. We continue to deliver rising volumes and revenues across the business, reflecting strong demand for new models such as the Range Rover Velar and established global award winners such as Jaguar F-PACE.”
Tata Daewoo Commercial Vehicles Co. Ltd – (figures as per Korean GAAP)
Tata Daewoo Commercial Vehicles Co. Ltd. registered net revenues of KRW 253 billion (approx. Rs.1,443 crores) and recorded a net profit of KRW 18 billion (approx. Rs.103 crores) in the quarter ended June 30, 2017.
The Financial Results for the Quarter ended June 30, 2017, are enclosed.
Statement of Consolidated Unaudited Financial Results for the Quarter ended June 30, 2017
Statement of Standalone Audited Financial Results for the Quarter ended June 30, 2017
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