Results for Quarter Ending 30th September 2008
October 31, 2008
Tata Motors Limited’s Net Revenue at Rs.7078.85 crores PAT Rs.346.99 crores in 2nd Qtr 2008-09
Tata Motors today reported a 6.1% increase in revenues (net of excise) to Rs.7078.85 crores for the quarter ended September 30, 2008, compared to Rs.6672.65 crores in the corresponding quarter last year.
Profit before Tax (before notional loss on foreign exchange valuation) was Rs.643.03 crores, an increase of 8.9%, compared to Rs.590.34 crores in the corresponding quarter last year. After considering notional exchange valuation loss of Rs.285.02 crores (compared to a notional gain of Rs.30.85 crores in the corresponding quarter last year) reflecting the volatility in foreign exchange rates impacting the company’s long-term funds raised through issue of Foreign Currency Convertible instruments, Profit before Tax was Rs. 358.01 crores, a decline of 42.4%, compared to Rs. 621.19 crores in the corresponding quarter last year. Profit after Tax (after notional loss on foreign exchange valuation) was Rs.346.99 crores, a decline of 34.1% compared to Rs.526.84 crores in the corresponding quarter last year.
Tata Motors’ sales volume for the quarter (including exports) at 135,037 vehicles declined by 1.1% over 136,573 in the corresponding quarter last year. Tata Motors’ new products are growing at a faster rate and have helped partially counter the difficult market environment. Among them are several models of M&HCV trucks and buses, LCV passenger carriers like Magic, Winger and buses, and passenger vehicles, like the Indigo CS, Sumo Grande and the recently launched new generation Indica Vista.
In commercial vehicles, Tata Motors has held market share at 61.5% year to date. While new products have helped the company to hold market share in the M&HCV category, LCV passenger carriers have registered strong gains. In passenger vehicles, the company’s market share is 12.8% year to date. The company has made strong gains in volumes and market share in the entry mid-size sedan segment, and while growing volumes in utility vehicles has virtually held market share. The Indica Vista has met with an encouraging response since its introduction in August 2008, and is expected to improve the company’s overall industry market share and volumes as well as in its respective segment as production gets ramped up.
The automobile industry remains severely impacted with continued lack of financing and high interest rates. The quarter was also impacted by high input costs, and the company is aggressively pursuing its cost reduction initiatives.
The company has taken possession of the site at Sanand (Gujarat) for its Nano plant. Pre-construction activities have begun.
Half Year
The company’s revenues (net of excise) was Rs.14007.29 crores in the first half, a growth of 10% compared to Rs.12729.47 crores in the first half last year. Profit before Tax (before notional loss on foreign exchange valuation) was Rs.1188.00 crores, an increase of 21.6%, compared to Rs.976.58 crores in the first half last year. After considering notional exchange valuation loss of Rs.484.90 crores (compared to a notional gain of Rs.236.74 crores in the corresponding period last year) reflecting the volatility in foreign exchange rates impacting the company’s long-term funds raised through issue of Foreign Currency Convertible instruments, Profit before Tax was Rs.703.10 crores, a decline of 42.1% over Rs.1213.32 crores in the first half last year, while Profit after Tax (after notional loss on foreign exchange valuation) was Rs.673.10 crores, a decline of 32.3% over Rs.993.60 crores in the first half last year.
The audited financial results of the company for the quarter ended September 30, 2008, are enclosed.
Audited Financial Results for the Quarter / Half Year Ended September 30, 2008
Consolidated Results
