07:00 pm, Monday 30 May 2016

Consolidated Net Revenue grows to Rs. 2,75,561 crores in FY 2015-16

Consolidated PAT stood at Rs. 11,024 crores in FY 2015-16

Consolidated Financial Results for the Quarter and Year ended March 31, 2016

For the quarter ended March 31, 2016, Tata Motors reported consolidated revenues (net of excise) of Rs. 80,684 crores as against  Rs. 67,778 crores for the corresponding quarter last year. This broadly reflects: –

  • In Jaguar Land Rover business-Strong sales in all the regions- UK, Europe, North America, China and other Overseas markets, and
  • In Standalone business-Continued robust volume growth in M&HCV segment and start of volume growth in the LCV segment

Consolidated Profit before tax (before exceptional item) for the quarter was Rs. 5,957 crores, against Rs. 2,932 crores for the corresponding quarter last year broadly due to –

Stronger operating performance in both standalone as well as Jaguar Land Rover business and lower net finance expenses partly offset by higher depreciation and amortization expenses, adverse revaluation of EUR payables and one time reserves and charges of Rs. 1,580 crores (£166 million) for the industry-wide recall in the United States of potentially faulty airbags supplied by Takata, doubtful debts and previously capitalized investment in the Jaguar Land Rover business.

Further, exceptional items for the quarter includes further insurance and other recoveries of Rs. 555 crores on account of the vehicles damaged at Tianjin Port explosion in Jaguar Land Rover business.

Post the exceptional items, the Consolidated Profit before tax for the quarter was Rs. 6,561 crores, against Rs. 2,771 crores for the corresponding quarter last year.

Consolidated Profit after tax (post minority interest and profit / loss in respect of associate companies) for the quarter was Rs. 5,177 crores, against the Consolidated Profit after tax (post minority interest and profit / loss in respect of associate companies) of Rs. 1,717 crores for the corresponding quarter last year.

For the year ended March 31, 2016, the Consolidated revenue (net of excise) was Rs. 2,75,561 crores against Rs. 2,63,159 crores for the corresponding period last year. The Consolidated Profit before tax (before exceptional item) for the year ended March 31, 2016 was Rs. 16,100 crores against Rs. 21,887 crores for the corresponding period last year. Post the exceptional items, the Consolidated Profit before and after tax (post minority interest and profit / loss in respect of associate companies) for the year ended March 31, 2016 was Rs. 13,981 crores and Rs. 11,024 crores, as against Rs. 21,703 crores and Rs. 13,986 crores for the corresponding period last year.

Tata Motors Standalone Financial Results for the Quarter and Year ended March 31, 2016

During the quarter, M&HCV continued its growth trajectory with volume growth of 26.6% Y-o-Y during the quarter on the back of the continued replacement demand, initial fleet expansion demand, infrastructure spending and better profitability of the freight operators. LCV segment of the Company also started showing growth trend with a growth of 11.8% Y-o-Y during the quarter. Exports of the Commercial vehicles also grew 26.6% Y-o-Y during the quarter. The strong growth in the overall CV sales (including exports) of 19.5 % Y-o-Y during the quarter, along with ongoing cost reduction and other margin improvement initiatives, led to the improvement of 530 bps Y-o-Y in the EBITDA margin of the Company.

The sales (including exports) of commercial and passenger vehicles for the quarter ended March 31, 2016, stood at 144,507 units, representing a growth of 3.9%, as compared to the corresponding quarter last year. The revenues (net of excise) for the quarter ended March 31, 2016 stood at Rs. 12,570 crores, as compared to Rs. 10,786 crores for the corresponding quarter last year. Operating profit (EBITDA) for the quarter stood at Rs. 1,022 crores with operating margin at 8.1 %. Other Income for the quarter included profit on sale of investment in subsidiary companies of Rs. 330 crores and dividend from subsidiaries of Rs. 34 crores (no profit on sale of investments in subsidiary companies and dividend from subsidiaries of Rs. 15 crores in the corresponding quarter last year). Profit before and after tax for the quarter ended March 31, 2016 was Rs. 370 crores and Rs. 465 crores, respectively, against Loss before and after tax of Rs. 1,156 crores and Rs. 1,164 crores, respectively, for the corresponding quarter last year.

The revenues (net of excise) for the year ended March 31, 2016, stood at Rs. 42,370 crores as compared to Rs. 36,302 crores in the corresponding period last year. Operating profit (EBITDA) for the year stood at Rs. 2,740 crores with operating margin at 6.5 %. Profit before and after tax for the year ended March 31, 2016 was Rs. 150 crores and Rs. 234 crores, respectively, against the Loss before and after tax of Rs. 3,975 crores and Rs. 4,739 crores, respectively, for the corresponding period last year.

Jaguar Land Rover Automotive PLC – (figures as per IFRS)

Jaguar Land Rover wholesales and retails (both excluding China JV) for the quarter were 149,895 units and 146,446 units up 19.8% and 18.9% Y-o-Y, respectively. China JV wholesales and retails for the quarter were 12,532 units and 12,367 units.

Revenues for the quarter ended March 31, 2016 were £6,594 million, compared to £5,826 million for the corresponding quarter last year. Operating performance during the quarter was very strong with Operating profit i.e EBITDA (before one-time reserve and charges) of £1,069 million (margin at 16.2%) for the quarter, compared to £1,016 million for the corresponding quarter last year. Reported Operating profit for the quarter was £903 million after one-time reserve and charges of of £166million for the industry-wide recall in the U.S. of potentially faulty airbags supplied by Takata, doubtful debts and previously capitalized investment. Operating profit (before one- time reserve and charges) in the quarter reflects the overall higher wholesales, offset by less favourable market and model mix and unfavourable FX revaluation of mainly EUR payables. Profit before tax was £577 million (after an exceptional item of £58 million of further insurance recoveries in the quarter related to Tianjin) for the quarter ended March 31, 2016 compared to £396 million in the corresponding quarter last year driven by favourable overall revaluation of unrealised FX and commodity hedges and USD debt, lower net finance expenses as well as higher China JV profitability. Share of China JV profit in Q4 FY16 was £49 million.

Profit after Tax was £472 million for the quarter ended March 31, 2016 compared to Profit after tax of £302 million in the corresponding quarter last year.     

Revenues for the year ended March 31, 2016 were £22,208 million, compared to £21,866 million in the corresponding period last year. Operating profit i.e EBITDA (before one-time reserve and charges) of £3,313 million (margin at 14.9%) for the year compared to £4,132 million in the corresponding period last year. Reported Operating profit was £3,147 million for the year after one-time reserve and charges in Q4FY16. Profit before tax for the year ended March 31, 2016 was £1,557 million (after a net exceptional charge of £157 million for the inventory impacted by the Tianjin Port explosion) compared to £2,614 million in the corresponding period last year. Profit after tax for the year was £1,312 million compared to £2,038 million in the corresponding period last year.

Tata Daewoo Commercial Vehicles Co. Ltd – (figures as per Korean GAAP)

Tata Daewoo Commercial Vehicles Co. Ltd. registered net revenues of KRW 238 billion and recorded a net profit of KRW 8 billion in the quarter ended March 31, 2016. Net revenue and net profit for the year ended March 31, 2016 stood at KRW 880 billion and KRW 46 billion, respectively.

Tata Motors Finance Ltd

Tata Motors Finance Ltd, the Company’s captive financing subsidiary, on a consolidated basis registered net revenue from operations of Rs. 887 crores and reported a Profit after tax of Rs. 207 crores for the quarter ended March 31, 2016. Net revenue from operations and Profit after tax for the year ended March 31, 2016 stood at Rs. 2,968 crores and Rs. 267 crores, respectively.

Dividend

Considering the overall performance and results, the Board of Directors recommended a dividend of Rs. 0.20 per Ordinary Share of  2/- each and Rs. 0.30  per ‘A’ Ordinary Shares of Rs. 2/- each for FY 2015-16 (previous year Rs. NIL per Ordinary share of Rs. 2 each and Rs. NIL per “A” Ordinary share of Rs. 2 each), subject to approval of the Shareholders. Tax on dividend will be borne by the Company.

The Audited Financial Results for the financial year ended March 31, 2016, are enclosed.

Statement of Consolidated Financial Results for the Quarter and Year ended March 31, 2016

Statement of Standalone Financial Results for the Quarter and Year ended March 31, 2016

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