Results for Quarter Ending 30th September 2005
October 25, 2005
Tata Motors maintains growth in Quarter II, Growth in Revenue (15%) & PAT (9%), Exports record 121% growth in volumes
Tata Motors today reported revenues (net of excise) of Rs. 4781.31 crores for the quarter ended September 30, 2005, an increase of 15.3%, compared to Rs. 4145.35 crores in the corresponding period of the previous year. Profit Before Tax was Rs. 454 crores, an increase of 6.3% over Rs. 427.21 crores, while Net Profit increased by 9.3% to Rs. 337.87 crores compared to Rs. 309.21 crores. The Operating Margin was 12.05% for the Quarter, as compared to 12.5% in the corresponding period of the previous year.
The sales volume for the Quarter at 107,066 units, grew by 12% over 95,576 units in the corresponding period last year. The company exported 13,994 vehicles during the Quarter, a strong growth of 121% over 6,333 units last year.
Half Year
The company’s revenues (net of excise) for the first half of the year 2005-06 was Rs. 8644.90 crores, an increase of 12.02%, over Rs. 7717.44 crores in the previous year. Profit Before Tax was Rs. 814 crores, an increase of 11.46% over Rs. 730.30 crores, while Net Profit increased by 14.6% to Rs. 610.54 crores compared to Rs. 532.57 crores.
The company’s sales volume for the first half at 194,558 units, grew by 7.8% over 180,494 units in the corresponding period last year. The newly launched mini-truck, Ace, a common rail engine (DICOR) powered Safari and the high-end Indigo SX range have been received well in the market.
The company exported 23,067 vehicles during the first half, a strong growth of 117.76% over 10,593 vehicles last year.
AUDITED FINANCIAL RESULTS FOR THE QUARTER/HALF YEAR ENDED SEPTEMBER 30, 2005
|
Particulars
|
Quarter ended September 30,
|
Six months ended
September 30, |
Year Ended
March 31, |
|||
|---|---|---|---|---|---|---|
|
2005
|
2004
|
2005
|
2004
|
2005
|
||
| (A) | ||||||
| 1 | Vehicle Sales:(in Nos.) | |||||
| Commercial vehicles |
50115
|
44076
|
87343
|
83953
|
189993
|
|
| Passenger Cars and Utility vehicles |
42957
|
45167
|
84148
|
85948
|
179076
|
|
| Exports |
13994
|
6333
|
23067
|
10593
|
30497
|
|
|
107066
|
95576
|
194558
|
180494
|
399566
|
||
| 2 | Vehicle Production:(in Nos.) | |||||
| Commercial vehicles |
59687
|
47628
|
104795
|
93228
|
209886
|
|
| Passenger Cars and Utility vehicles |
48166
|
48924
|
95053
|
91115
|
191055
|
|
|
107853
|
96552
|
199848
|
184343
|
400941
|
||
| (B) |
(Rupees Crores)
|
|||||
| 1 | Sales/Income from operations |
5,568.07
|
4 ,886.14
|
10,121.28
|
9 ,129.08
|
2 0,482.57
|
| Less: Excise Duty |
786.76
|
7 40.79
|
1 ,476.38
|
1 ,411.64
|
3 ,063.44
|
|
| Net Sales/Income from operations |
4,781.31
|
4 ,145.35
|
8,644.90
|
7 ,717.44
|
1 7,419.13
|
|
| 2 | Total Expenditure | |||||
| (a) (Increase) / Decrease in stock in trade and work in progress |
(116.54)
|
( 1.10)
|
( 485.95)
|
( 250.35)
|
(144.00)
|
|
| (b) Consumption of Raw Materials & Components |
3,377.62
|
2 ,801.98
|
6 ,259.28
|
5 ,382.05
|
1 1,929.48
|
|
| (c) Staff Cost |
274.23
|
2 58.99
|
5 50.17
|
4 95.13
|
1 ,039.34
|
|
| (d) Other expenditure |
669.96
|
5 65.52
|
1 ,257.61
|
1 ,141.21
|
2 ,423.22
|
|
| (e) Sub Total 2(a) to 2(d) |
4,205.27
|
3 ,625.39
|
7,581.11
|
6 ,768.04
|
1 5,248.04
|
|
| 3 | Operating Profit [1-2] |
576.04
|
5 19.96
|
1,063.79
|
9 49.40
|
2 ,171.09
|
| 4 | Other Income (Note 2) |
58.04
|
70.59
|
116.33
|
111.83
|
166.09
|
| 5 | Interest | |||||
| (a) Gross Interest |
68.27
|
54.86
|
138.9
|
108.46
|
220.77
|
|
| (b) Capitalisation of Interest and other receipts |
(22.21)
|
(15.08)
|
(41.83)
|
(27.10)
|
(66.62)
|
|
| (c) Net Interest |
46.06
|
39.78
|
97.07
|
81.36
|
154.15
|
|
| 6 | Product development cost – written off |
5.81
|
15.73
|
13.17
|
42.34
|
67.12
|
| 7 | Depreciation and Amortisation |
127.20
|
106.82
|
253.86
|
205.15
|
450.16
|
| 8 | Profit before extraordinary/exceptional items [3+4-5-6-7] |
455.01
|
428.22
|
816.02
|
732.38
|
1665.75
|
| 9 | Exceptional Items | |||||
| (a) Employee separation cost (Note 4) |
1.01
|
1.01
|
2.02
|
2.08
|
4.18
|
|
| (b) Provision for diminution in value of investments |
–
|
–
|
–
|
–
|
9.67
|
|
| (c) Sub Total 9(a) to 9(b) |
1.01
|
1.01
|
2.02
|
2.08
|
13.85
|
|
| 10 | Profit Before Tax [8-9] |
454.00
|
427.21
|
814.00
|
730.30
|
1651.90
|
| 11 | Less: Provision for Taxation | |||||
| (a) Current Tax |
101.91
|
103.25
|
185.89
|
194.92
|
363.82
|
|
| (b) Deferred Tax |
14.22
|
14.75
|
17.57
|
2.81
|
51.13
|
|
| (c) Sub Total of 11(a) and 11(b) |
116.13
|
118.00
|
203.46
|
197.73
|
414.95
|
|
| 12 | Profit After Tax [10-11] |
337.87
|
309.21
|
610.54
|
532.57
|
1236.95
|
| 13 | Paid-up Equity Share Capital (Face value of Rs. 10 each) |
376.30
|
359.10
|
376.30
|
359.10
|
361.79
|
| 14 | Reserves excluding Revaluation Reserve |
3749.60
|
||||
| 15 | Basic EPS (not annualised) Rupees |
8.98
|
8.63
|
16.23
|
14.90
|
34.38
|
| Diluted EPS (not annualised) Rupees |
8.46
|
8.07
|
15.29
|
13.99
|
32.23
|
|
| 16 | Aggregate of Non-Promoter Shareholding | |||||
| – Number of Shares |
247228908
|
240765835
|
247228908
|
240765835
|
244718237
|
|
| – Percentage of shareholding |
65.71%
|
67.16%
|
65.71%
|
67.16%
|
67.65%
|
|
Notes:
Figures for the previous period have been regrouped/reclassified wherever necessary.
The Company has alloted 1,45,04,949 Ordinary shares on August 18, 2005, to the Equity shareholders of erstwhile Tata Finance Limited, as per the Scheme of Amalgamation approved by the Hon’ble High Court of Judicature at Bombay.
During the quarter, the Company funded its indirect subsidiary Tata Technologies US, for an amount of GBP 53.5 Million (Rs. 411.42 Crores), for the acquisition of INCAT International PLC., a UK based company, engaged in the business of Product Lifecycle Management, engineering and design, IT software and infrastructure services and solutions.
The above financial results for the quarter/half year ended September 30, 2005 include the results of the operations of Tata Finance Limited (TFL), Telco Dadajee Dhackjee Limited (TDDL) and Suryodaya Capital and Finance (Bombay) Limited (SCFL), for the period April 1, 2005 to September 30, 2005. The comparative figures for the quarter/half year ended September 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/half year ended September 30, 2005, are not comparable to this extent.
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, issued by the Institute of Chartered Accountants of India, are considered to constitute one single primary segment.
As on July 1, 2005, 1 Investor complaint was outstanding. The Company received 100 complaints during the said quarter and disposed off 29 complaints by September 30, 2005. There were 72 complaints unresolved as on September 30, 2005, out of which 71 complaints pertain to non-receipt of dividend.
The Statutory Auditors have carried out an audit of the results stated in (B) above for the quarter and half year ended September 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 October 25, 2005.
