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Results for Quarter Ending 30th June 2005 Press kit

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July 29, 2005

Tata Motors Turnover increases by 8.6%, Net Profit up by 22% in 1st Qtr, Exports post strong 113 % growth in volumes

Tata Motors Limited, India’s largest automotive company, today reported Revenues (net of excise) of Rs. 3878.1 crores for the Quarter ended June 30, 2005, an increase of 8.6%, compared to Rs. 3572.1 crores in the corresponding period in the previous year. Profit Before Tax was Rs. 360 crores, an increase of 18.8%, against Rs. 303 crores. Net Profit increased by 22.1% to Rs. 272.67 crores compared to Rs. 223.36 crores.

The Operating Margin for the Quarter was 12.6%, compared to the Operating Margin of 12% for the corresponding period in the previous year. This increase has been a result of cost control initiatives taken by the Company.

The results of the Quarter include the operating performance of the erstwhile Tata Finance Limited, which has been merged with the Company.

The uncertainty caused by changes in emission norms and the resultant shortages of some critical components impacted sales during the Quarter. Domestic sales of commercial vehicles stood at 37,228, a decline of 7%. The sales of Light Commercial Vehicles increased by 22% mainly due to introduction of Ace, India’s first mini truck, launched in May, which has generated an enthusiastic response. Passenger vehicles domestic sales stood at 41,191 units, an increase of 1%.

The Company exported 9,073 vehicles during the Quarter, a strong growth of 113%. Exports of commercial vehicles increased by 74%, and passenger vehicles by 241%. Exports to new markets such as South Africa and Turkey mainly contributed to this growth. The FOB value of Exports was Rs. 435.25 crores (US$ 100.01 million), an increase of 105%.

AUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2005

Particulars
Quarter ended June 30,
Year ended March, 31
   
2005
2004
2005
(A)  
(Audited)
(Audited)
(Audited)
1 Vehicle Sales:(in Nos.)      
  Commercial vehicles
37228
39877
189993
  Passenger Cars and Utility vehicles
41191
40781
179076
  Exports
9073
4260
30497
   
87492
84918
399566
2 Vehicle Production:(in Nos.)      
  Commercial vehicles
45108
45600
209886
  Passenger Cars and Utility vehicles
46887
42191
191055
   
91995
87791
400941
3 Export Turnover (at F.O.B. value) Rs. Crores
435.25
212.18
1452.69
 
US $ M
100.01
46.61
322.04
         
(B)  
(Rupees Crores)
1 Sales/Income from operations
4567.71
4242.94
20482.57
  Less: Excise Duty
689.62
670.85
3063.44
  Net Sales/Income from operations
3878.09
3572.09
17419.13
2 Total Expenditure      
  (a) (Increase) / Decrease in stock in trade and work in progress
(369.41)
(249.25)
(144.00)
  (b) Consumption of Raw Materials & Components
2881.66
2580.07
11929.48
  (c) Staff Cost
275.94
236.14
1039.34
  (d) Other expenditure
602.15
575.69
2423.22
  (e) Sub Total 2(a) to 2(d)
3390.34
3142.65
15248.04
3 Operating Profit [1-2]
487.75
429.44
2171.09
4 Other Income
58.29
41.24
166.09
5 Interest      
  (a) Gross Interest
70.63
53.60
220.77
  (b) Capitalisation of interest/Interest income
(19.62)
(12.02)
(66.62)
  (c) Net Interest
51.01
41.58
154.15
6 Product Development expenses/Amortisation (Note 2)
7.36
26.61
67.12
7 Depreciation and Amortisation
126.66
98.33
450.16
8 Profit before extraordinary/exceptional items [3+4-5-6-7]
361.01
304.16
1665.75
9 Extraordinary/Exceptional Items
  (a) Employee Separation Cost (Note 3)
1.01
1.07
4.18
  (b) Provision for diminution in value of investments
9.67
  (c) Sub Total 9(a) to 9(b)
1.01
1.07
13.85
10 Profit Before Tax [8-9]
360.00
303.09
1651.90
11 Less: Provision for Taxation
  (a) Current Tax
83.98
91.67
363.82
  (b) Deferred Tax
3.35
(11.94)
51.13
  (c) Sub Total of 11(a) and 11(b)
87.33
79.73
414.95
12 Profit After Tax [10-11]
272.67
223.36
1236.95
13 Paid-up Equity Share Capital (Face value of Rs. 10 each)
361.79
358.03
361.79
14 Reserves excluding Revaluation Reserve
3749.60
15 Basic EPS (not annualised) Rupees
7.25
6.26
34.38
  Diluted EPS (not annualised) Rupees
6.83
5.91
32.23
16 Aggregate of Non-Promoter Shareholding
  – Number of Shares
244713837
240270689
244718237
  – Percentage of shareholding
67.65%
67.12%
67.65%

Notes:

  1. Figures for the previous period have been regrouped / reclassified wherever necessary.

  2. The amalgamation of Tata Finance Limited (TFL) has been effective from the appointed date April 1, 2005. As per the Scheme:

    1. For every 100 Equity Shares of TFL, the Company will allot 8 Ordinary Shares to the Shareholders of TFL on the record date of August 12, 2005. Consequent to the above, the subscribed and issued capital of the Company will increase by 1,45,04,949 shares of Rs.10/- each which would result in approx. 4.01% dilution of the equity.

    2. To ensure uniform set of accounting policies, in respect of some of the items of the transferor company (TFL), an amount of Rs. 18.59 crores (net of deferred tax), has been adjusted to the General Reserve, in accordance with the Accounting Standard 14 read with Accounting Standard 5.

  3. In terms of the Scheme of Amalgamation (Scheme) sanctioned by the Hon’ble High Court of Judicature at Bombay, two wholly owned subsidiaries, viz. Telco Dadajee Dhackjee Ltd. (TDDL) and Suryodaya Capital and Finance (Bombay) Ltd. (SCFL), have been amalgamated with the Company with effect from April 1, 2005.

  4. For calculating the Earnings Per Share (EPS), the shares to be issued to shareholders of Tata Finance Ltd [see 2(a)] above, have been considered as required by the Accounting Standard, AS-20 on Earnings Per Share.

  5. The above financial results for the quarter ended June 30, 2005 include the results of the operations of TFL, TDDL and SCFL, for the period April 1, 2005 to June 30, 2005. The comparative figures for the quarter ended June 30, 2004 and for the year ended March 31, 2005 as shown above, do not include the result of the operations of TFL, TDDL and SCFL, and as such, the financial results for the quarter ended June 30, 2005, are not comparable to this extent.

  6. The Company is engaged mainly in the business of automobile products consisting of all types of commercial and passenger vehicles including financing thereof. These, in the context of Accounting Standard 17 on Segment Reporting, are considered to constitute one single primary segment.

  7. As on April 1, 2005, 1 Investor complaint was outstanding. The Company received 2 complaints during the said quarter and disposed off 2 complaints by June 30, 2005. There is only 1 complaint unresolved as on June 30, 2005, brought forward from the last quarter.

  8. The Statutory Auditors have carried out an audit of the results stated in (B) above for the quarter ended June 30, 2005.

The above Results have been reviewed by the Audit Committee of the Board and were taken on record by the Board of Directors at its meeting held on July 29, 2005.

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